WHAT IS A LEASE OPTION AND HOW DOES IT WORK?
Lease options are a complete different service to a cash buyer buying your property and are only suited to certain circumstances.
Is a Lease Options for you?
- Do you have little of no equity in your property?
- Are you unable to continue to finance your property or facing repossession?
If the answer to both of these questions is yes then a Lease Option could be a great solutions for you.
What is a Lease Option?
A Lease Option is a combination of a lease agreement that will allow the buyer to lease the property and this money goes towards the mortgage payments and the property service costs such as council tax and bills. The option then allows the buyer to purchase the property as a specified point in time in the future. The main benefit is that a lease option can be drawn up immediately and processed as quickly as 24 hours. This is ideal if you are facing repossession.
How does it work?
A sale price is agreed, usually at today's Market Value, which means that you do not have to drop the price! The exercise period of the option is usually between 2 and 5 years. At that time, either the option is exercised, which means that the property is sold at the value agreed, of the option is not exercised, which means that you would get your home returned to you, giving you enough time without paying the mortgage to resolve your situation. Most options however will be exercised.
If you are interested in a Lease Option, please specify this when asked:
'Please provide further information you feel may be relevant for the cash buyer ' on the property details section of our form.
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