Jude Law has bought the house in Maida Vale that he has been renting for four years.

The actor is reported to have paid £3.5 million for the five-bedroom property, which he intends to completely refurbish.

According to the Daily Mail, Law plans to spend £1 million on gutting the inside of property and starting over.

It is thought that the 35-year-old''s decision to purchase the four-storey Georgian house is due to his desire to settle down and create a stable home close to his children.

"Jude is tired of being an eternal bachelor without a permanent base and is fed up with renting or living out of hotel rooms when he is filming," said an unnamed source.

"The refurb will be a significant step towards him settling down and a chance to put his mark on the house so he can call it home."

Law was reportedly interested in buying the house three years ago but decided against the move.

Since then the value of the property has increased by £1 million.