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Potential Lease Option Sale
ChampagneFever
Posts: 32 Forumite
My current tenant on a property I let due to negative equity has handed her notice in. I initially advertised the flat on gumtree and received a response from someone asking if i would consider selling. I replied to say I would but the market value isnt near what I need for outstanding mortgage. Then he replied to say he would pay my monthly mortgage (if convert to interest only), he'll be responsible for all repairs and refurb work and he'll sign an agreement that in 10 years he'll pay off the full amount on the mortgage at the end of the lease.
Has anyone had any dealing with this sort of offer?
I understand that Mortgage lendor may not approve (mortgage is residential with consent to let) and know there is risk that he might fail to pay monthly or could walk away at the end. But I would like some opinions from buyers & sellers who have used this method to buy/sell or people who know the key issues to consider.
Thanks in advance
Has anyone had any dealing with this sort of offer?
I understand that Mortgage lendor may not approve (mortgage is residential with consent to let) and know there is risk that he might fail to pay monthly or could walk away at the end. But I would like some opinions from buyers & sellers who have used this method to buy/sell or people who know the key issues to consider.
Thanks in advance
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