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View Full Version : I want a landlord to buy a particular house to rent to me!



Colin Jones
08-02-2010, 08:41 AM
We are renting a property in Staffordshire and want somewhere bigger. The house on the end of our road is perfect, but is up for sale, and has been for a year. I figured there must be a residential property company interested in buying the house, knowing they could have a guaranteed long term tennant lined up. Does anyone know how to make this happen?

Telometer
08-02-2010, 09:39 AM
In order for this to work, you will have to be happy to pay rent of between 8% and 10% per annum of the purchase price of the property.

Fancy it?

jeffrey
08-02-2010, 09:40 AM
We are renting a property in Staffordshire and want somewhere bigger. The house on the end of our road is perfect, but is up for sale, and has been for a year. I figured there must be a residential property company interested in buying the house, knowing they could have a guaranteed long term tennant lined up. Does anyone know how to make this happen?
If you can afford the rent, why cannot you afford to buy? That's almost always better value.

tom999
08-02-2010, 09:49 AM
Does anyone know how to make this happen?If you don't have currently have enough funds for a deposit on a residential property mortgage, you may consider rent to buy (http://www.findaproperty.com/displaystory.aspx?edid=00&salerent=0&storyid=22730).

SALL
08-02-2010, 10:13 AM
We are renting a property in Staffordshire and want somewhere bigger. The house on the end of our road is perfect, but is up for sale, and has been for a year. I figured there must be a residential property company interested in buying the house, knowing they could have a guaranteed long term tennant lined up. Does anyone know how to make this happen?

How much is the property on the market for?

Colin Jones
08-02-2010, 11:01 AM
No. The house is on at £135000 (probably overpriced hence long time on the market with no sale) but open market rent would be around £550 pcm. An 8% return would take it £900 pcm upwards.

Colin Jones
08-02-2010, 11:03 AM
Tom..Thanks, have already started looking into this (rent to buy)

Telometer
08-02-2010, 11:39 AM
No. The house is on at £135000 (probably overpriced hence long time on the market with no sale) but open market rent would be around £550 pcm. An 8% return would take it £900 pcm upwards.

That might be why nobody would want to buy it then.

http://www.rapidinfo.uk.com/

Average yield on ASTs at auction was 8.5% in Q3 last year. Might have softened a little since...

westminster
09-02-2010, 00:33 AM
If you can afford the rent, why cannot you afford to buy? That's almost always better value.
Have you tried to get a mortgage lately? It's not like the old days.

Colin Jones
09-02-2010, 21:49 PM
Thanks for your references suggesting I look into a mortgage: I wound up my pub business through bankruptcy last May, so that would be out of the question for a little while. Income is back on track though so after re-establishling some financial responsibility we can look ar rent-to-buy, but until then it needs to be rent-to-rent!