I have come across a property that I would glady never move from again and would be very happy to rare my kids there.
I think the owner is looking for a quick sale and has also offered a rent to buy solution on the property.
Basically the property is an old cottage, asking 200k ( not too far above what I believe to be a fair price ) and if a deposit of say 20k is put down the rest can be paid over 10 years +/-.
After an initial conversation with the estate agent they reckon the property cannot be modified in any way until fully paid for and if we miss a payment we can loose all our deposit and rental/payments made.
Now I do understand from the owners point of view they don't want someone moving in and after a year or so not paying anything and this of course opens up a whole can of worms.
Heres where we are, we could put down 50 k as a deposit and the rest over 10 years but is there a contract that can be drawn up to satisfy both parties where buyer wouldn't loose deposit and owner is guaranteed security ? is it possible that these rent to buy options can work ?
I forgot to mention the payments would be interest free.