We’ll agree a sale price with you, usually today's market price, and agree on a period to exercise the option of between two and five years. Every seller’s situation is different, so we work out what would work best for them.
During the option period, not only do we pay the seller's mortgage, but we’re also responsible for looking after the property as if we own it. A lease option works well for people who:
don’t want to pay another mortgage payment
need to move now
have little or no equity
are about to be repossessed
don’t need all of their equity now
want a price that’s close to today's full market
don’t want to be at the mercy of the future housing market
This service is free and the process takes between 7 and 28 days, often much faster. Due to the flexible nature of a lease option, we can structure it so that it to suit each seller's unique circumstances. If this sounds like the best thing since sliced bread, all we need to know is ;
- the amount of the mortgage and monthly payment
- the name and address of the lender
- the name and address of the insurer
- the name and address of the freeholder or person to whom you pay ground rent*
- your lender’s confirmation that they will give a consent to lease**
As soon as we have this information, we’ll make a decision within 48 hours and can have everything agreed within 7 days. (We can move quicker if needed.) Once we agree a price, we’ll draw up a lease option agreement, a power of attorney to enable us to run the property, with letters that we’ll send to the lender, insurer and freeholder to let them know what we’ve agreed. The whole process is legal, quick, simple, plus it won’t won’t cost you a penny ! If you’d like to know more, call us on 01793940035
* Don’t worry if you don’t know this information, as we can get it from the Land Registry
** We can help you ask the lender for a consent to lease, so don’t worry about that either.
