Buying the property I currently rent

Hi everyone Hopefully I'll find some answers out there... Currently in a situation when I have rented a family home for about 5 years with a view to buying as soon as credit allows.. that time has come but rather faster than expected... all based on the sale of a business to release majority of the deposit... However, the clock started sooner and the company selling has now put a lot of pressure on us and it's a threat to loosing the house... we have been given the chance to purchase £180,000 under the value based on the fact it's to be a quick sale and we have paid substantial rent... in a nut shell we don't want to lose this property and believe if all else fails, we would like to find someone whom could benefit from a 2 year deal... with me continuing to pay a mortgage... Sounds crazy we know but if you don't ask as the saying goes! Any advice or questions welcome.

Asked on Jan 30 2017, Home Finance in Stansted | Report content

Answers (2)

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  • Not crazy at all. Do you have any idea when you will be able to raise finance for the deposit (i.e. through selling your business)? Perhaps it would be worth talking to the owner and paying some kind of deposit (based on what you can afford) to secure the house and buy yourself some time? If you do go for this latter option, make sure you work with a good solicitor to make sure everything is legally watertight.

    Answered on Feb 1 2017, Report content
  • Ross this is quite a common situation. We are often approached with such proposals to facilitate the purchase by offering a bridging facility which is what you need prior to sorting a longer term conventional mortgage.

    Answered on Feb 7 2017, Report content

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