P
pjmbrobe
Guest
Hello everyone,
I want to know how legally vulnerable I am in a private "rent to buy" agreement between the landlord and myself.
My landlord agreed in principal to a "rent to buy" contract.
We have to settle on a price soon and get a solicitor to draw up a contract.
It would require obtaining a mortgage after 3 years of paying rent to the landlord.
After 3 years the rent paid up to that point would be taken off the original price agreed.
My worry is that the landlord could renege on the contract shortly before the 3 years are up and I would be back at square one with no real comeback.
What legal pitfalls and how can I avoid them?
Is there a way to make a contract watertight so that I wont lose out if the landlord decides to pull a fast one before the mortgage period starts?
Please share your experiences here. I will post anything useful I find also.
Many Thanks
PJ
I want to know how legally vulnerable I am in a private "rent to buy" agreement between the landlord and myself.
My landlord agreed in principal to a "rent to buy" contract.
We have to settle on a price soon and get a solicitor to draw up a contract.
It would require obtaining a mortgage after 3 years of paying rent to the landlord.
After 3 years the rent paid up to that point would be taken off the original price agreed.
My worry is that the landlord could renege on the contract shortly before the 3 years are up and I would be back at square one with no real comeback.
What legal pitfalls and how can I avoid them?
Is there a way to make a contract watertight so that I wont lose out if the landlord decides to pull a fast one before the mortgage period starts?
Please share your experiences here. I will post anything useful I find also.
Many Thanks
PJ