Property Lease Options
The Solution To Your Property Headache?
If you have little or no equity in your property it can be difficult to find a cash buyer. Difficult, but not impossible. However in circumstances like this is a Property Lease Options agreement may be the best option.
This is a simple, flexible and extremely quick way to help you move on from your current property. This is how it works.
A buyer will take over paying your mortgage for an agreed period (usually around 5 years)
They will maintain the property at no cost to you
They will have an option to buy your house in the future at a price they agree with you (generally the current market value)
Benefits of Property Lease Options
Property Lease Options are especially useful for homeowners if you
- Have little or no equity in your property
- Don’t need a lump sum right now
- Want to move on from your current house
- Want to get rid of the headache of mortgage payments
- Don’t want to become a landlord and deal with tenants
On the mutually-agreed date you will vacate the property and the property buyer will take over the mortgage payments. You are still the owner of the property, you just don’t have the headache of paying the mortgage.
Your property will be maintained, tenants will be installed and managed, and if the market rises the agent will have the option of buying your property at the price you agreed with them.
At that point you will normally receive a lump sum payment. So you have the immediate prospect of having no mortgage or repair bills to pay, and the opportunity to cash-in if the property market rises in the future.
In today’s economy Property Lease Options are a great help to many people who would otherwise struggle to sell their home.
Most estate agents will recommend reducing the price again and again to try and provoke interest, but if potential buyers are struggling to find a mortgage, or can’t sell their own home, no amount of cost cutting is going to solve the problem.
Property Lease Options – The Right Choice For You?
Property Lease Options are a great way to get mortgage-free for a few years, move on, and if the property market rises in the future you have the chance to receive a definite price for the house.
It’s clear to see why property lease options have become so popular in recent years.
Useful link: Property Prices Outlook at ThisIsMoney.co.uk