Hi all
I am currently renting my flat and thinking of selling it. Has anyone ever given their tenant first refusal to buy their property and helped them with some kind of deposit or something to help them get into the property ladder?
I figured that my tenant would be paying a similar mortgage amount to my rent but might need a helping-hand raising the deposit. I wasn’t sure if there was a way I could give her the deposit and have it added to the mortgage somewhat. It’s only a 1 bed flat of low resale value so I would never be looking at a huge amount to loan her nor would I be able to swing it through payment of ‘fixtures and fittings’ because there just wouldn’t be enough in the flat of value.
Obviously, I would go through solicitors but just putting feelers out incase it’s a really stupid idea
A mortgage company wouldn’t accept a gift from landlord and if it is added onto mortgage there is effectively no deposit.
I offer a rent to buy option on some of my tenancies. This can give the tenant the right to buy from you based on pre agreed price or formula and timescales. It gives them a chance to save up deposit and you generally get tenants who look after the place well.
Thanks for your response Richard. This sounds like a good solution. I will look into this more
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