Feck feck feck!

[Mum2Fergus]

So all my plans have gone belly up! Currently renting a buy to let while saving deposit to buy...nearly there too but landlord just annoynced intention to sell giving me first refusal on it. Still to see valuation but fairly confident out of my price bracket. Deposit I have now would get me smaller house in area Im targetting or do I look for another rental while I get remaining deposit together!?

If another rental, moving costs will ear into deposit...also need to get current rental sparkling so as not to lose deposit...dont know where to start :(

[oreocrumbs]

Would you like to buy the house you are in? If so, do your homework, check out what LL paid for it, other local sold prices etc. If you can negotiate a sale between you you can knock of his EA fees and s/he might go slighlty lower for an immediate straight forward sale.

Get onto your lender/IFA and see what you are able to get mortgage wise with what you have now, then you know what you have to spend.

Scour rightmove etc, see what is available, actual sold prices etc and see what are your options to buy now.

When armed with that information you will be able to make the decision on if it is better to keep renting for another year or so, or if you can get the kind of house you want.

Also sit down and do the sums for all of the scenarios you have available, so you actually have in black and white the information you need.

[Mum2Fergus]

You're right Oreo...have gone straight into panic mode! Good point re current rental...will do some investigating on others in street...buying here would save both landllord and I money.

[oreocrumbs]

Easier said than done, but don't panic. It's crap timing as well at this point in the year if you have to move, but take one day at a time, and take control of what you can - which at the minute is finding out what your options are.

Good luck!

[minipie]

How long until you've saved the deposit you want? Landlord may not be able to sell particularly quickly especially if you drag things out negotiating to buy the place yourself, but that is a bit evil if you don't really intend to buy