Advice on controlling property without purchase

[T&T]

Currently looking at a property where the vendor needs the cash from the sale of the property and wants to rent back for 12 months at which point we would renovate and resell. Is there any way of doing this without taking ownership of the property and thus avoiding paying stamp duty? Any ideas on ways to legally do this?

 

[Terry_w]

Currently looking at a property where the vendor needs the cash from the sale of the property and wants to rent back for 12 months at which point we would renovate and resell. Is there any way of doing this without taking ownership of the property and thus avoiding paying stamp duty? Any ideas on ways to legally do this?

He wants cash, so you would have to purchase it or find another buyer to purchase it.

 

[Peter_Tersteeg]

If the vendor wants to get paid, you'll have to settle the property, which means stamp duty and everything else that goes with it.

 

[fernfurn]

Could you have a solicitor draw up a legally binding document that says you will pay vendor $xx cash (the deposit) and that he will pay you $xx each month to pay off the amount you lent him (i.e. the "rent") with agreed balance (balance of purchase price) due on xx date

 

[Lofty]

Hi T&T

How much cash does he need? Notice I didn't say 'want' ;-)

Cheers, Paul

 

[T&T]

Thanks for your thoughts - haven't clarified how much the vendor needs