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Lease Option to Buy

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What is a Lease-Option?

A lease-option refers to a tenant having a legal agreement with another party that allows them to lease a property as a tenant for a fixed term with an option to purchase the same property at the end of the fixed term, at a price agreed at the start of the contract.

 

How you exercise your Option to Buy: 

You need to ensure that you have a mortgage offer in place before exercising your option. Click here and our recommended broker will be pleased to help you with this.

You can exercise your Option by giving notice as follows;

Example Scheme 1: If you want to Option at 2 years give your notice at 1 year and 9 months from the start date and then at any time up to 2 years and nine months, so that you can complete by the third anniversary.

Example Scheme 2: You can give notice to Option at any time after 4 years and at any time up to 5 years and nine months so that you can complete by the sixth anniversary.

Example Scheme 2a: An extension of scheme 2 but with a low start then building up to achieve the same result over the same period.

The notice period allows enough time for your solicitors to complete all the searches and necessary documentation to complete on time. Some of the above notice periods may vary dependant upon the owner of the property concerned.

Examples of the Final Sale Price to you:

Example Scheme 1: (3 years). The final sale price to the tenant is fixed in advance. To arrive at this figure we have worked out the current value and added the expected increase over the next 3 years.

Example Scheme 2: (6 years). The final sale price is based upon valuation by a chartered surveyor at the time of giving notice to take the Option.

On average the price of property in England and Wales has gone up by an average of 5% per annum in recent times. If the price goes up by more than that you have got an even better deal as you can take financial advantage of the increased value.

In the very unlikely event that property prices should drop in the meantime, then the agreed price will remain the selling base price.

A wonderful opportunity

Click here to REGISTER FOR A PROPERTY NOW

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Please Note: The Rent2Buy schemes referred to are based on the originals used directly by the operators of this website. They are used as examples for your information, however Rent2Buy properties are offered by a large number of individual investors who may use variations of this theme. Full details will be provided to you when you express an interest in a featured property. Each investor has signed up as one of our Associates before being allowed to use the facilities of this site and has agreed to a set of rules and ethical guidelines for your protection. Click here to view this agreement.
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