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Lease Options |  |
Lease Options
Do you want a place that you can call your own? A place that you can decorate your way. Somewhere you can stay as long as you want?
By registering for our scheme you could move into a place as a tenant and sign a contract giving you the option to buy the property several years later at a price agreed at the start.
Why is this a good way for me to buy a property?
At this point in time mortgages are hard to get. You need a big deposit and a top notch credit history to buy a property with a mortgage. If you rent the property for say, the first 3 years, you will get the chance to save for a deposit and ensure your credit file is as good as it can be, so in 3 years time the mortgage would be easier to obtain.
Why would a Landlord agree to enter into this kind of arrangement?
The Landlord is likely to be someone who would like to sell a property immediately, but can’t find a buyer at the moment. It might be that they have inherited the property, had to relocate or perhaps have a desire to slim down their property portfolio. This arrangement secures them a tenant who will look after the property as if it was their own and they know that is it likely that the rent will be paid on time and a sale will result in a few years time.
As tenant/buyers what would we have to do?
You would start the tenancy as normal, but the ‘option’ to buy would come at a cost. A purchase price would be agreed and a solicitor would draw up the paperwork for each party to sign.
What would happen if we did not pay the rent in time?
You may loose the right to buy the property.
What happens if after 3 years we decide not to buy?
Your are free to leave the property and the Landlord would keep the original option fee as compensation for not making a sale.
And if we decide to proceed and buy the property?
A mortgage broker would help you obtain a mortgage and you would purchase the property at the pre-agreed figure.
Why is Mckinley Residential a good organisation to administer this kind of arrangement?
We act as an intermediary in negotiating terms between vendors . We are experience letting agents and mortgage advisers and are able to take the necessary steps to provide the tenant with the best in mortgage advice.
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