You are not wrong, it doesnt add up but the OP only wants to know if it can legally be done.
Is this possible - buying a landlord out
- Thread starter pinkyponk2
- Start date
You are not wrong, it doesnt add up but the OP only wants to know if it can legally be done.
pinkyponk2
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Well i wouldnt be able to move. Thats ok right now as i think i would like to stay there forever but thats something i should consider.
As for not being able to pay i guess an arrangement would have to be set up like a bank - repossession?
I think so.I think this is a crazy idea for all the reasons that have been suggested.
Life insurance usually does the trick.
If you want to buy the property get a mortgage. If you can't get a mortgage it's because the bank doesn't think you're a good risk. If the bank doesn't think so, the landlord would be ill-advised to take the risk.
Sybil
Life insurance usually does the trick.
If you want to buy the property get a mortgage. If you can't get a mortgage it's because the bank doesn't think you're a good risk. If the bank doesn't think so, the landlord would be ill-advised to take the risk.
Sybil
I think what the OP is really describing here is that the landlord would be selling the property to the OP for X amount and also providing a loan to the OP for the same X amount. The ex landlord could then secure the loan against the property until the loan is paid off.
Obviously these are only "bookkeeping entries" No money actually changes hands. The landlord now has a loan of X amount owing from the OP but he no longer owns a house. The OP "owns" a house but he owes X amount to the ex landlord.
Coming up with the funds to pay possible CGT might make the deal unattractive to the landlord.
Obviously these are only "bookkeeping entries" No money actually changes hands. The landlord now has a loan of X amount owing from the OP but he no longer owns a house. The OP "owns" a house but he owes X amount to the ex landlord.
Coming up with the funds to pay possible CGT might make the deal unattractive to the landlord.
The idea is an interesting one but not really feasible.
Revenue would not let him sell it to you for say €1, regardless of a monthly pay back agreement. They would set a Market Value for the house.
So CGT would need to be paid by landlord on any profit.
If he's really fed up being a landlord it'd be much easier for him to simply sell the house. Immediate cold hard cash for himself & his dependents.
Revenue would not let him sell it to you for say €1, regardless of a monthly pay back agreement. They would set a Market Value for the house.
So CGT would need to be paid by landlord on any profit.
If he's really fed up being a landlord it'd be much easier for him to simply sell the house. Immediate cold hard cash for himself & his dependents.