Lease Option Agreement

HENRYNUTTALL

Hi,

I am currently living with my parents and I have been looking into Lease Option Agreements.

I have seen an opportunity to get onto the property ladder without the mortgage deposit, essentially only paying the solicitors fees, the freehold owners mortgage for them every month, and gaining the ability to both live in and rent out the property without any obligation to buy at the end of the agreement.

I have also heard that as part of the agreement, you can agree on a final buy price at the start of the agreement, and depending on the market, potentially buy the property at a lower price than the 'end of agreement' value.

Am I correct in saying that the freehold owner essentially hands the keys over, and only makes sure they are getting paid correctly? They have no other duty over the agreed period unless I hand the keys back?

First of all, I would like to check that I have the facts right, and secondly hear any advice people have on the subject.

Thanks,

Henry

theartfullodger

This pretty much answers it...
https://www.propertytribes.com/buying-property-using-lease-options-t-127638246.html


Put it like this: I wouldn;t waste any time or money even listening to these snake-oil salesmen crooks and cheats...

System

If it sounds too good to be true it usually is.

Ask yourself this. If you were a property owner why would you do this, renting out the property for the price of the mortgage repayments with no control over it what the tenant does with it whatsoever when you can just let out the property yourself instead and get a profitable income from it?

A property owner would have to be insane to consider such a deal.