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Lease Options
(Lease Options give the holder the right to buy or sell something at an agreed price, after an agreed period. The Lease Option holder usually pays a premium to be granted the right, but does not have to exercise it.)
While Lease Options have previously been common with Commercial property deals in the UK, they are now offering gains to both Sellers & Buyers in the residential markets. While they do carry some risk, these new agreements could prove attractive for first time buyers and provide reliable tenants for frustrated Landlords.
Are you a Landlord?
Are you spending your time dealing with wine-stained carpets, blocked sinks and re-decoration? Are you worried about costly void periods? Do you want to sell your property soon? Perhaps we can offer a Solution?
Our lease option management scheme offers landlord security with income and a planned sale in 2-3 years time. Tenants on longer leases, in properties they're looking to own, are more likely to look after the property. They take over responsibility for maintenance and repairs, so ‘earning’ a share of any increased value. This forms part of their deposit and would be deducted from the purchase price, if the option to purchase is exercised at the end of the agreed period.Are you looking to buy your 1st home?
High property prices, low salaries and widespread debt mean getting on the first rung of the property ladder is only a dream for many. A lease option agreement could help you afford a deposit for your first home.
If selected to join our ‘1st Home Buyer’ scheme you would need a non-refundable consideration of around 3% of the property’s market value, much lower than the traditional deposit of 20%.
This consideration would be added to the equity earned during the rental period to form your deposit when you exercise the option to purchase.
You would be living in your dream property, paying rent for the agreed period knowing that, as long as payments were made on time, you’d be building towards a deposit at the end of the tenancy, typically 2 or 3 years.
You would also be building a proven track record for mortgage purposes.
If your situation changes during the rental period, perhaps a job transfer or loss of employment, you may give notice to end the tenancy and forfeit the option to buy.
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