It's possible to come to a private agreement but the fact that he pays them rent suggests that they need the income so may be unwilling to gift it to their son which is what they would be doing if you didn't pay them full market rate for the property. The starting point is either to speak to them about what they would be willing to do and then see a solicitor to talk through the financials.

If they do gift it to him they will have to pay capital gains tax on the increase in value between the date they moved out until the date of transfer (less a few years which are allowed) and this will be based on the market value and not what you pay for it. This may be a considerable sum which would ahve to be found from their savings or other assets. He needs to consider this when speaking to them.

An alternative (and this may be what you meant in your original post) is for you to spend your money on work on the house in exchange for a period rent free. This wouldn't make the house yours but would give you a better house to live in.

Hi,

Myself and my partner wish to buy his parents house. Both parents went their seperate ways ten years ago to move in with their respective partners, leaving my partner in the house. For these ten years he has been paying rent to them, though they no longer have a mortgage. The parents have had nothing to do with the house and the up keep of the house because their son has been living there and most of their furniture and belongings are still cluttering up the house, though they have been gone for this long period of time.

We have £10k which theoretically we could out down as a deposit on a mortgage however the house needs a lot of work (new front and back windows, cladding, new electrics, redecorating every room as well as new kitchen) and if would be better if we could put this money towards fixing the house up. Is it possible to enter into a private agreement with his parents rather than get a mortgage?

What are our options financially and legally?

Many thanks for your advice.