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What is a Lease Option?

A lease option is simple, it is a legal document giving the bearer the right, but not the obligation, to buy the property at a certain price within a certain timeframe and during that timeframe you pay the monthly rent, with or without a tenant in the property.

Lease options can be extremely flexible and you can use them in a number of different and creative ways, including an option where you rent the property out, an option which you then sell on, an option where you can add value to the property and then sell it on the open market, an option where you sell it on the open market at a later stage or you can even sell a property you already own using a lease option.

Lease options property investingThis is a case study of a two bedroom end of terrace which was a probate in need of refurbishment, we agreed a 6 month option securing the property at a discounted price but paid £300pcm to the beneficiaries to cover the outstanding bills.  We then carried out the work including a new driveway, refurbishment, new heating and landscaped the rear garden to secure a resale of £228,000.

 

 

Top tips for Lease Options:

  • Make sure you visit as many agents as possible and outline exactly what you are proposing in regards to lease options and how it can benefit them and their clients
  • Always try and meet the joint sellers
  • Get your marketing right
  • Make sure you understand the strategy before you try and execute it
  • How to apply an option

There are so many types of options available, you must make sure you understand them all and decide which is relevant to each opportunity. Although there is no mortgage required immediately, there are still costs involved and you need to ensure you understand what they are from the offset. If you get your valuations right, make sure you understand fully what your exit strategy is.

Arrange a free meeting with us today to discuss options in detail and see the costs and benefits involved in a successful lease option! Alternatively give us a call on 0118 955 9712 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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