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Conveyancing for Rent to Buy

  • 14-09-2009 12:18pm
    #1
    muttley-dps
    Registered Users, Registered Users 2 Posts: 71 ✭✭


    Hi Folks,

    My Fiance and I are looking at a rent to buy option to get on the property ladder due to not having a deposit ready to go.

    Prior to making an offer though, has anyone any experience with the legal side of rent to buy? Prior to making an offer was looking for some insights.

    Any inputs appreciated.

    Thanks in advance.


Comments

  • #2
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    Sorry about this, but I've never come across it, not in Ireland at least.

    Is there a financial institution offering such a deal? Frankly, it might be a good idea given the amount of empty (shoe boxes) properties luying idle in the country at the moment.

    You might clarify if someone is actually providing this service?

    The affordable housing scheme is something similar but I don't believe identical.

    Tom


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,574 ✭✭✭✭Victor


    The typical scheme is you pay rent for 2-3 years to a developer. You sign up at the start to a fixed price for the property. If the price has risen, the bumpf claims you will get it at the original price, it the price has dropped, you can walk away if you want. The rent is set off against the purchase price.

    Typically its developer-led, with various hangers on. They tend to ask for deposits up front that may not be refundable.

    I'm not saying they are bad, but they do need to be looked at very carefully.


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