Lease option
In rare instances, if you have very little or even no equity in your home, it may not be beneficial or even possible to sell your house for cash. This is a possibility if:
- Your mortgage is in arrears or you are facing repossession
- There is little or no equity in the property
- You need to move quickly
- You need to sell your house at close to the market price
However, there is still an alternative option available to you.
Used in the USA and Australia for many years, the UK is now waking up to the flexibility and convenience afforded by a lease option. How does it work? Here’s a good example:
You have a property worth £250,000 in which remains very little equity. Due to redundancy, you are finding it increasingly difficult to meet mortgage repayments and are now at the stage where you could shortly be facing repossession. You don’t have the time to put the property on the market with an estate agent and can’t sell for cash as you can’t afford to reduce the price.
Simply grant us the option to buy your property at some point in the future (usually between 5-15 years) at a price close to its full market value, based on today’s market in the future. We will then take over the mortgage payments, leaving you able to then move out if you wish.
Should we choose to buy your property during this option period, you stand to make a considerable profit, that profit being the difference between the purchase price of the house and your outstanding mortgage at the time of sale. This would not have been likely, should you have sold the house through an estate agent.
Alternatively, if we reserve the right not to sell, then the property will be returned to you at the end of the option period - often with significant improvements already made! You’ll have made considerable savings from not having to meet any more mortgage payments, and it is likely that the property will have increased in value.
CLICK HERE to Contact Rapid House Buyers today to find out how a lease option could be your ideal financial solution.