So for a bit of background info, DO and I live in a 2 bedroom mortgaged home with little equity and no savings (so no deposit) we'd love another baby but realistically need more space first. we have looked into let to buy properties in our area but none of the houses are very nice.
Basically my plan is to get someone to buy a house that we can rent with an agreement to buy in the future.
DPs stepdad is a fairly successful man who already has a couple of rental properties as well as several businesses. A while ago he mentioned to MIL that he was thinking of helping us out with some money every month so that we could pay more off our mortgage.
If he bought a property, we could pay the mortgage (rent) with an extra couple of hundred quid on top, with say 25% to go to him and the rest saved for a "deposit". in, say 5 years time, we take the money we've saved and buy the property from him at its original value. the small amount we could get from the sale of ours (2-3k max after fees etc) could be our initial "deposit" to him. (Basically how I understand rent to buy works)
what I need help with is how to present this to him. the way I see it it's a no lose situation for him, granted he won't make a great deal of money from it but I'm hoping he'll want to help us. what are the legal requirements in regards to contracts etc? are there any down sides/what are the benefits to him?
I'll need to have all the pros and cons before I approach him, so any input appreciated
SD
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Let to Buy. does anyone have any advice? need a solid case.
17 replies
Catonkey · 14/04/2013 14:35
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