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Rent to buy?

Hi, we’re based in the UK and have just seen a home that we would really love to buy. Unfortunately we just don’t have the deposit or the credit rating for a mortgage. I’ve just secured an extremely high paying job (promotion, have a stable work history) and have a new 2 year financial plan that would see us debt free and with about £25k in savings. I stupidly started looking at the type of houses we’d like to buy 2 years from now and I’ve fallen in love one! It needs A LOT of work but is okay to live in. The rent market value as it stands is probably about £500-£550 (house is for sale at £105,000) Do you think there’s any way I could approach the seller about renting to buy? Or even a contract that allowed us to rent it for 2 years then sell at the same value it is now? We would want to be able to carry out work on the property and upgrade it, then in 18-24 months, get a mortgage and buy it. If you were a seller, is this something you’d ever be interested in? Or am I dreaming? I’ve seen a few articles online about it, but I’m not sure how realistic they are. I’m also not sure how the contract would work because if we were allowed to improve the house whilst we rented it, it would be worth more when we came to buy it and the seller could technically increase the price couldn’t they? Is that just a risk I’d have to take?

The property isn’t part of a chain, so the seller won’t be waiting on this house to sell.m so they can buy their next one.

Thanks in advance!

submitted by /u/Pupdate-14
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source https://www.reddit.com/r/RealEstate/comments/k2z2lz/rent_to_buy/
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