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Tell me about part rent part buy! Any info appreciated

1 reply

Qwerty19 · 23/08/2019 20:20

Looking as that a possibility for the future..
Average bog standard house round here 180 to 200k
What sort of deposit.
Who do we go and see to advise?

And any experience good and bad

OP posts:
Rarfy · 23/08/2019 20:30

We have done part rent part buy. Have a look at your local housing associations, that's who they're usually with for sale.

We have only had ours a year (almost). Tbh it's a lot like renting just secure and I find the neighbours better as well. In our old rental down a back alley we always ended up with terrible neighbours in the rented house next door. Hated it.

Now we have a lovely house with a lovely garden and fantastic neighbours who all take care of their homes.

Got nothing bad to say about our experience so far. I t hi ink. They claim 5% deposit of the share you're buying and the minimum share is 25%. For example our house was 167k. We bought a 25%, due to our credit commitments we weren't able to get a mortgage with only 5% deposit and I think had to find 15% in the end so we paid just over 6k deposit.

Our housing association and I guess most other housing associations offer to pay so much towards your legal fees and in our case it was £750 which actually covered the full cost of legal fees.

You will need money for flooring and you don't get anything chucked in like dishwashers. We did have a cooker and hob.

The only downside I would say is you end up with something that if you had more choice you probably wouldn't have chosen ofr example ours is all open plan downstairs. It was marketed as a kitchen diner and utility room.

The utility room is a cupboard under the stairs with plumbing for a washing machine and only space for that and maybe a hoover. The kitchen diner would never fit a table in. There's no space for a tumble dryer. The fridge freezer may as well be in the front room. For us, it is not really suitable for family life.

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