Can I Buy My Rental House From My Landlord?

Many people who find themselves renting a private property ask how to buy a house. When you rent a house from a private landlord, it’s only natural, then, to ask about rent to buy houses or how to “buy a house near me.” While private rental properties have many positive aspects, sometimes renting a flat or house can get quite tiresome. Instead, often, those who are living in a home owned by a landlord in the UK look into rent-to-buy programs or look for answers to questions like “How do I buy my house” online. If you’re living in properties for private rent, and you’re currently searching for terms like “find a rent to own house” or “How do I lease to own a house?” this guide is for you. Here, we’ll talk about how landlords selling houses work and how you could buy one of the private renting houses you’ve lived in previously.

Is Lease To Own Properties Legal?

It may first help to understand how rent-to-own houses even work. Are rent-to-buy homes legal these days? Absolutely. If you’re renting a house in the UK and consistently say, “I love my rental property,” it’s completely legal to lease to own that property. Your private landlord may rent to you now, but they may be ready to get out of private property rentals and offer what they own as rent to buy homes instead.

There are many benefits to handling it this way, too. Buying a rental property you already live in may mean avoiding certain fees. If you rent direct from your landlord, and you work with them to convert your privately rented house into a private house sale, you may be able to avoid working with an estate agent, which can save you quite a bit of money. What’s more, though, is that if you currently have a private landlord with a house to rent who is interested in selling it to you, you may be able to avoid removal costs too. You may even find that you can negotiate the asking price if you’ve been there for some time.

If You Rent Property Direct From A Landlord, Do They Have To Sell To You?

You may have heard that tenants’ rights after five years in the UK entitle you to convert your lease to rent to own housing. You may have also heard that tenants’ rights after 10 years in the UK entitle you to a rental accommodation that you can purchase. Neither of those things is true. Whether you have tenant rights after 10 years or five years, the reality is that private landlords renting houses aren’t required to do anything. As a result, buying a property you are currently renting in the UK is something nice the landlord of private rental properties can allow you to do, but buying a leased property isn’t a tenant’s right by any means.

Right To Buy Don’t Apply To Private Flat Rental Or Houses

One reason some believe that a house for private rent has to be sold to the tenants if they ask about it is the Right to Buy Programme. In this scheme, first-time buyers and those struggling to save for a deposit to get onto the property ladder are the target audience. Tenants rent a property at a reduced rent, and during that time, they’re encouraged to save for a deposit. At the end of the rental period, usually after a few years, tenants have the option to purchase the property they have been renting. The amount saved or accumulated as credit during the rental period can be used as part of the deposit for the mortgage. The right-to-buy process can be lengthy, but it can be incredibly helpful for many people.

Not all houses work that way. Homeowner rentals aren’t always through the council. Instead, sometimes private rentals deal with landlords who are just interested in private houses for rent by the owner, and in those situations, they don’t have to sell to you.

How Do You Buy A House For Rent By Owner?

If you are interested in buying a home that you’re currently renting, the best thing you can do is approach your landlord. Just speak to the landlord of your rented flat or home, and ask about an arrangement where you can either rent to own the home or buy it completely. Drop them an email or a text and ask whether they’d be interested in selling it.

If they would, the next step is to find out exactly how much the house is worth. There are several different ways to do this. One is to use a property portal like Rightmove to understand the overall history of this home’s prices. You may also want to look for the price of similar homes in the area. You can also have an independent valuation so you get a sense of what it is worth.

Once that’s done, you’ll need to obtain a mortgage unless your landlord is willing to engage in a rent-to-buy home with no deposit scheme. Most, however, will want to sell outright, as homes that are rented to own can be a bit complex for the landlord.

After you’ve talked to a broker, choose a mortgage product that makes sense for you, and then the two of you can create a contract and move forward with the sale.

Finding Rent To Buy Schemes Near Me

If asking landlords to sell properties doesn’t quite work out the way you wanted, don’t worry. There are still ways you could be buying a leased property in no time. The availability of Rent to Buy schemes can vary depending on the region and demand for affordable housing, though. The best way to find the right scheme to meet your needs is to visit the websites of your local council or housing authority. They may have details about Rent to Buy schemes specific to your area. You may also want to search for Rent Buy properties on online property portals and real estate websites. Some platforms allow you to filter searches specifically for affordable housing options and Rent to Buy schemes. You may also want to speak with local estate agents and letting agents. They may be aware of Rent to Buy schemes in the area or have access to affordable housing listings. Additionally, it may help to join social media groups and forums dedicated to affordable housing or homeownership discussions. People in these communities may share information about available Rent to Buy scheme options from a private landlord or houses for private rent that might be available for sale shortly. You can also resort to search terms like “rent to own homes near me” or “rent to buy schemes near me” to help locate properties for rent by the owner that may eventually be available for sale so you can get on the property ladder and own your own home.

If you’re currently a tenant but you hope to own a home shortly, start by asking your landlord if he or she is willing to sell. From there, you can move forward with the right course of action for you.