We have been living under a lease purchase contract which ended two months ago and cannot sign another contract until after the owners divorce is final we had heard he wants to raise the price of the house and the interest rate on the lease purchase he gave us 5 yrs to find our own financing on the house and we will be able to do this next year around sept we agreed on a certain price on this house don't want to pay more it is not worth it put 3000 down 1000 closing cost have been paying his insurance on the house also paid this yrs taxes of 800 can he do this and keep all monies we have invested we have improved the home and even redid a trailer on the property for ahome for my mother he promised he would report all payments to the credit bureau so we could get our financing now but no payments have been reported we need help

A lease purchase will be renewalable so there will not be a requirement of a new lease each year,

The first lease should have been either for or automatically renewalable for the entire 5 years.
Assuming this was a 5 year lease purchase and the agreement for 5 years was in writing.

If this was merely a one year lease where you were suppose to purchase at the end of each year but there was a non formal verbal agreement to allow a new lease each year. Then that is another issue.

And on normally on lease purchase you don't normally pay any "down payment" or if you do it is merely a deposit that you get back at the end of the leases.
And you most certainly don't pay closing costs till closing, not up front.
And you also don't pay the insurance on the property, the rent should cover that

Hello t:

He SCREWED you. You NEEDED a lawyer THEN, and for SURE, you need one now.

excon