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Buying the house I currently rent


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Hi,

 

I currently live in a 3 bedroom rented property with my wife and two dogs in Leicester, we were very fortunate to find a private rented property that allowed us to have dogs in the first place. We pay £575 rent per month and having lived in rented property before this house is not up to rentable standards however the landlord is "mates" with the letting agency he uses so all is good as far as hes concerned. As I said they allow us to have dogs and pretty much allow us to do as we like with the house in terms of decorating etc so we dont complain.

 

However when we approached him to replace some of the cold single glazed windows last year he replaced two of them and told us that money was very tight and could not afford to do anymore, he also scrimped on a new boiler previously.

 

My wife is expecting a baby in 6 months and I want the house we live in to be of a good standard but we love the house were in purely for location and also has a big garden for the dogs. How would/should I go about making an offer to the landlord to buy the property and take over responsibilities of replacing doors, windows, carpets etc?

 

We do not have enough money at the moment for a mortgage so were thinking of maybe a part let part buy offer? Or maybe taking out a loan of maybe £10000 and starting him off with that, any suggestions of what to do? We really dont want to move as we wont find anywhere that lets us have pets.

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Hi Mike,

 

You are going to need legal advice to set anything up if you can go ahead with this.

 

Do you have any indication that the landlord might want to sell? Obviously if he's said that money is tight he could be happy to sell this asset.

 

Before you approach him, phone a few estate agents and ask what they think the value of the house might be taking into consideration the current state of it. Some agents are soooooo irritating and won't give you a figure over the phone. Explain that you just want a ballpark figure. Also go on to RightMove and FindAProperty and check prices there.

 

The important thing is to get legal advice before you make any offer and to make sure any contract for a part buy/part let gives you an absolute right to be in your property (obviously subject to your making payments on time, because if the landlord does agree to something like this his solicitor will be protecting his interests too.) Don't even think of entering into some kind of informal agreement or drawing up an agreement yourself as you could come very badly unstuck.

 

Hope that helps a bit.

 

DD

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Personally, the other thing that I would be concerned about is that your LL has already told you that money is tight for him. You would need to be very clear indeed on what happens to the house if he runs into serious financial difficulties in the future, especially if he has any existing credit secured on the house.

 

Another thing that you may want to look into before you get too much further into this, is whether a bank would actually even lend you £10,000 for a part share of/improvements to a house you don't own. I'm not sure that they would, myself.

"Then they came for me--and there was no one left to speak for me". Martin Niemöller

 

"A vital ingredient of success is not knowing that what you're attempting can't be done. A person ignorant of the possibility of failure can be a half-brick in the path of the bicycle of history". - Terry Pratchett

 

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