How does this work

[t-mids]

Hi,

Seen this advert on gumtree and wondering how this works and is it legal ??


http://reading.gumtree.com/reading/14/26829914 .html

[Eve]

From the look of it they rent you the property for 2 years in which time some it goes into a deposit scheme and some to the Landlord and the idea is that at the end of the period you have enough deposit to get a decent mortgage, if, indeed, you can even get one even after that time.

The fact remains, what happens in you get kicked out in that time or something goes wrong and how much of a deposit you will accrue in the meantime ie what percentage and how is it looked after, is there interest or access etc... What happens if they run off with your money? Are you tied into buying their property only with the deposit?

I would look at any T&C's very carefully and would be tempted to do this only through a reputable agency with a lawyer having looked over all the paperwork.

[t-mids]

thanks