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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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hi there, i currently live in a privately rented property,

Resolved Question:

hi there,
i currently live in a privately rented property, and have done for many years, the landlord, needs to release some money, and has therefore suggested a part buy of the property say 25% at this time, with the option to buy more at a later date if we wish. I have expressed an interest to buy previously, therefore the option is welcomed.
however I'm struggling to find any info, as to whether 2 individuals can do this i.e. landlord , and then part owner, part tenant, therefore the question is,
can this be done ?
if so what are the mechanics of it, i.e. split deeds etc ?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

So you want to know if you can be a shared owner and the Landlord still be your Landlord?

Customer:

sort of, he needs to raise some funds and would rather i buy the property or part of it i.e. 25% rather than sell it to somebody else. i have seem loads of info regarding shared equity, but they all seem to be government schemes, therefore i need to know if there is a mechanism for 2 private individuals entering into this shared ownership arrangement.

Alex Watts :

Ok.

Alex Watts :

Then there is no problem you becoming joint owners

Alex Watts :

A Solicitor can deal with the formalities of sale and transferring a % into your name.

Alex Watts :

He would still remain Landlord and your agreement would continue.

Alex Watts :

So it can be done and a Solicitor would deal with the formalities.

Alex Watts :

Also you need a contract for you staying.

Alex Watts :

It needs to set out what happens if you don't pay your rent etc and what rights you have

Alex Watts :

But he would still be the Landlord and you would own %

Alex Watts :

Can I clarify anything for you about this today please?

Ash and other Law Specialists are ready to help you