Please help

[ItsTheSmallThings]

Long story so here it goes. Last year LL decided to sell house and offered for us to buy property at a discounted rate. Mortgage offer was in place (same price per month as current rent) all surveys done and all good to go. Turns out there was a problem with the land and house being freehold but the land being lease hold. Ll is contesting this saying he owns all the land as he has staircases up. This has been ongoing now for 12 months. All we are waiting on is the paper work to prove this. Mortgage offer ends in 3 weeks time and can not renew it. Have spoken to Mortgage advisor today who has said we can put in for another mortgage but monthly repayments will be £200 more, which is just about affordable but not comfortable. So our options are to pull out and find somewhere else to rent (this means increase in monthly rent and will be hard to save more for a deposit to buy, put in for another mortgage offer and will have to struggle for a couple of years with no guarantee the paper work will be sorted in the near future. Or hold out until paper work is sorted and see if the interest rates drop before reapplying for a mortgage, with hope LL doesn't sell in the mean time. In September we will be around £350 better off as childcare will be reduced and then next September I can increase hours at work. We have 3 weeks to decide and I really don't know what to do for the best

Just to add that if we rent somewhere else, that will mean moving out of area as live in a small town with limited rentals, and in turn means moving DD childcare and moving further away from SC and from DHs work

I would hold out for the house you are currently in, as the disadvantages of renting elsewhere are large. Although your mortgage might be £200 more, you've outlined that you can afford it and have decent prospects in the future of being able to increase your earnings.

Are you certain that the leasehold/freehold paperwork can be sorted out, and will be sorted out in the short term? Do you know what stage you're at with it, and what the remaining actions are?

Don't hold your breath for an interest rates drop, not going to happen. They've been historically low for too long and we have gargantuan debt to pay off. Interest rates will need to go up.

Apparently from what our conveyancer has stated we are awaiting 3 pieces of paper work, one for the house which is confirmed freehold and 2 for front and back garden which are apparently lease hold. No one can say how long this can take. My thoughts are to stay in current house, it's just a question of do we find another mortgage offer or wait it out as doubt LL will evict us while he has a steady income. Only problem with getting a new mortgage offer is we are restricted with credit. Really need a car and can only afford one on finance. Can't get one on finance until after we buy the house. Can hold off for a while but no guarantee how long the process is going to take.

Sorry monthly repayments will be £400 more per month not 2.