Can we buy a share in the house we are renting?

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    Can we buy a share in the house we are renting?

    We are currently renting a house in a town and an area we really like and have done for the past 8 years. We are about to receive a lump sum of £150k from the sale of my Father's house which would not allow us to buy anything in the area where we live. My husband is 62 and earns a good wage (£75k), I receive a pension so I'm not sure if we could get a mortgage due to our ages. We would like to stay in the area, but as we live in a rented property, there is always the threat of having to move if the landlord wants to sell. There is currently no mortgage on the house (value around £500-£600k). Do you think it is possible to contact our landlord and ask if we could buy a share in the house which would give us some security and allow us to stay in the area? I wanted to find out whether this is feasible before making a proposition or is it a really bad idea?

    #2
    You can get a mortgage at that age.
    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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      #3
      You can ask.

      If the landlord is considering the property as an investment, they may decline, as having a share would make you entitled to a share in any future growth and prevent them from selling the property at their discretion.
      But they may welcome an opportunity to release some equity.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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        #4
        I wouldn't consider this as a landlord to be frank. It creates an enormously complex situation if (for example) if you trashed the place, or if I needed to increase rent and wanted to evict you as a part owner. Likewise it removes most of the advantages of renting from your point of view (the ability to leave if you don't need it any longer, or if you are mistreated).

        You may not want to buy your own place - as you might consider - as I do -- that renting is a better financial proposition than being a landlord if/when property prices fall or flatten. Use your money in other investments or go on many fancy holidays.

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          #5
          Originally posted by Wannadonnadoodah View Post
          You can get a mortgage at that age.
          I'm not sure we would have enough working years left to pay it off. Really not sure of the best course of action unless we moved up North and bought a house outright!

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            #6
            Yes, I certainly do like the idea of fancy holidays and my 12 year old car needs replacing

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              #7
              Originally posted by Scorry View Post
              I'm not sure we would have enough working years left to pay it off. Really not sure of the best course of action unless we moved up North and bought a house outright!
              I got a mortgage (B2Let) to age 80, based on enuf pension income etc etc .. it might make sense: (It might make sense to buy to buy2let property, maybe with mortgage, and rent that out ...)

              Good luck!
              I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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                #8
                For between £150k and £250k move to Birmingham.
                Lovely part of the world and much more affordable generally (or keep going further north and buy a small village for that).
                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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                  #9
                  You could ask the owner if they would give you a private mortgage based on your lump sum as a deposit. There is no advantage to you or the owner in having a part share but they might be happy to sell to you at market rate.

                  There are quite a few lenders who will provide mrtgages past pension age, including some well known lenders see e.g. http://www.thisismoney.co.uk/money/m...borrowers.html

                  Do consider

                  1. You currently have no responsibilities for repairs, being a houseowner has disadvantages

                  2. If you decide to buy look for somewhere that is suitable as you become more frail, perhaps a ground floor flat. Property specifically marketed at those over 60 is usually quite a bit cheaper.

                  Comment


                    #10
                    Thanks Buzzard and everyone else. I will take a look at the link. Yes, we don't have to pay for repairs and the boiler broke down this week, so the landlord had to fork out for the repair. And yes, I would probably be quite happy in a retirement place in the future to be honest - I've already started de-cluttering - now if only I could get the husband to part with some of his stuff!!

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