Advice wanted on long term renting / ownership

housey2014

My hubby's uncle owns an old family house. Its unlived in, but habitable. His uncle doesn't do much with it, it's the kind of place that will fall into disrepair and eventually ruin, like alot of old houses you see .

We'd like to move into it, and renovate it, as a long-term family home. It needs quite a bit of work, but nothing urgent.

We've spoken to his uncle, who is in favour of someone living in it, maintaining it and so on.

We're not sure of the steps we should take legally. The most obvious would be to buy it from uncle. However, we were wondering if there is an option to rent it from the uncle long term, treat it as our own, and then eventually own it? Sort of like paying him in installments rather than a mortgage. Is that even legal? We can afford monthly mortgage repayments, but we're a good bit off saving a deposit. Also, the deposit amount would go along way in renovations.

Any feedback appreciated.

minusthebear

I reckon a lot of parents are doing this now for their children in the 30's who can't afford to buy themselves. Buy the gaff for them, live of the rental income received from the child, leave them the house in the will. Can't see how this would be illegal but there might a question over capital gains tax which an accountant could answer very quickly for you.

The_Morrigan

OP you really need to seek legal advice in relation to this, I would suggest you contact a solicitor to discuss.