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  • FIRST POST
    • Alterastro
    • By Alterastro 16th May 18, 7:42 PM
    • 1Posts
    • 0Thanks
    Alterastro
    Can I buy a share of the property I知 renting?
    • #1
    • 16th May 18, 7:42 PM
    Can I buy a share of the property I知 renting? 16th May 18 at 7:42 PM
    Hi all
    Looking for a bit of advice...
    After a failed marriage five years ago, I had to sell my house and subsequently moved into a private rented house, where I致e been since. My landlord moved to South Africa, but we池e in regular contact and I知 a model tennant :-)
    I have a bit of a problem that I壇 like to buy somewhere, but I致e just turned 55 so my options are limited due to the mortgageable years I have left, meaning I would have to downgrade and mortgage payments would be crippling.
    I haven稚 approached my landlord, but had an idea that I could offer to buy 50% of the property i知 In (and obviously still pay a reduced rent for their share). The question is, is this feasible? What are the potential pitfalls and problems? Would I get a mortgage for 50% of a property? If my landlord or I decided we wanted out in the future, is there a market for 50% for either party?
    Otherwise, I知 not sure what to do.... do I just keep on renting privately until I can稚 work any more - and then what???
    Advice and suggestions gratefully accepted!
    Thanks
    Nick
    Last edited by Alterastro; 16-05-2018 at 7:44 PM.
Page 1
    • davidmcn
    • By davidmcn 16th May 18, 7:45 PM
    • 8,045 Posts
    • 8,316 Thanks
    davidmcn
    • #2
    • 16th May 18, 7:45 PM
    • #2
    • 16th May 18, 7:45 PM
    Would I get a mortgage for 50% of a property? If my landlord or I decided we wanted out in the future, is there a market for 50% for either party?
    Originally posted by Alterastro
    No. And your lender couldn't exactly repossess and sell 50% of the property. So it's a non-starter, assuming you need a mortgage.
    • p00hsticks
    • By p00hsticks 16th May 18, 7:47 PM
    • 6,289 Posts
    • 6,778 Thanks
    p00hsticks
    • #3
    • 16th May 18, 7:47 PM
    • #3
    • 16th May 18, 7:47 PM
    H
    Otherwise, I!!!8217;m not sure what to do.... do I just keep on renting privately until I can!!!8217;t work any more - and then what???
    Originally posted by Alterastro
    Hopefully you are building up some pension provision for when you retire ?

    Many people live in private rentals during retirement - they use your pension/savings to pay rent and if necessary claim housing benefit
    • jonnygee2
    • By jonnygee2 16th May 18, 8:04 PM
    • 96 Posts
    • 60 Thanks
    jonnygee2
    • #4
    • 16th May 18, 8:04 PM
    • #4
    • 16th May 18, 8:04 PM
    Otherwise, I!!!8217;m not sure what to do.... do I just keep on renting privately until I can!!!8217;t work any more - and then what???
    Sorry to hear about your situation.

    You'll need to buy 100% of a property somehow. Is there a cheaper area you could move to? Something small like a one bed flat you could buy? Or someone you know that you could buy together with? (done well this arrangement can work).

    If you really have no buying options, you may have to start planning retirement around this - but perhaps you'll be able to find something as you still have 12 or so years left.
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