A property lease option is a legally binding agreement/contract taken over a property that gives the option holder the right to buy, sell or rent the property at any time during the agreed period for the agreed price. During the agreed period the option holder will pay an agreed fixed amount of money every month for the right to control that property asset.

Given the current climate, property lease option is a very versatile and flexible tool.  As a strategy it gives you the freedom to exercise the option you have on the property or to walk away.

In a nutshell, a property lease option is a legally binding agreement. As an investor, you take over control of the property, giving you the right to buy, rent out, live in, or sell the property. We agree a timescale that the investor has as the option – this could be five, ten or even twenty years, and we also agree on the price.

During the agreed period the option holder can pay the agreed fixed amount – essentially babysitting the mortgage. As a result they have the right to control the property in any way they see fit.

It’s great if you simply want to dip your toe into the market, without the exposure to the current difficult economical climate we are in.

Wendy Patton talks about whether people are crazy to get involved with Lease Options

Julie was lucky to be asked to interview Wendy Patton today.  Wendy is the Queen of Lease Options in the US. She has done over 600 deals and is working closely with Mark Jackson from the UK. Together they have formed Lease Options Made Simple. Listen to this 20 minute audio to hear Wendy talk about Lease Options, the legalities and whether its a good investment choice. She runs through a case study and what makes a good lease option. Listen to the audio here: [audio:http://www.justdoproperty.co.uk/wp-content/uploads/2010/05/rec_wendypattonoptions_25_May_2010_18_07_161.mp3|titles=Julie interviews Wendy Patton re: Lease Options] Mark and Wendy are running  a Lease Options Made Simple event in LEEDS on June 2nd. You can register here and enter discount code discount25, which is only valid until midnight Friday 29th May. Click here for more information It would be great to hear your comments and views on what Wendy has said. Do also please share this...
Rate this blog entry:
Continue reading
504 Hits
0 Comments

Lease Options leads us to a Purple Cow!

Out of the 8 Estate and Letting agents that attended the Lease Options meeting that Mark and Julie Jackson ran for us, we are working closely with 2 agents.  This is what had been predicted prior to the meeting, so it’s all going according to plan. We are working with Clive a local Estate Agent, he’s brought 2 deals to us so far.  Unfortunately both deals didn’t fit the criteria as they were both 1 bed apartments, which, as you know are not good for investment properties.  Clive has really grasped the concept of lease options though and I’m sure they’ll be more deals coming through. We’re also working with a letting agent called Purple Cow, Claire and Francis are joint partners.  They too have really grasped the concept.  Its early days but they are already thinking of possible deals that we might be able to do. I feel that...
Rate this blog entry:
Continue reading
701 Hits
0 Comments

The Crock of Gold at the end of the Rainbow is just a fairytale!

  But the Rainbow itself is real. You must have seen one glowing brightly after a summer storm. Set against black clouds the effect is dramatic and stunning! When air-borne droplets bend and reflect light from the sun after a downpour the message is clear and reassuring; storms tire and pass. We can learn much from a rainbow. Consider the process of negotiating an Option Agreement. This can be done clearly and in a way that gives reassurance. Since Options are more about people than property, offers made by phone often fail. A rainbow lives only in the mind of the beholder, so to enjoy its beauty you must be in the right place. We established during our initial telephone conversation that the Seller is motivated to consider an offer and that the situation lends itself to an Option Agreement. We have developed trust (remember strong flour from the previous article?)...
Rate this blog entry:
Continue reading
423 Hits
0 Comments

Tenant Buyers, Breaking through the glass ceiling, The protected Lease Option, new expert writers

  Authentication required.

This is a password protected blog, please kindly enter the password into the password field below to view the blog.

Is Rent to Own Sunshine at the End of the Tunnel for First Time Buyers?

  Break-through purchasing plan excites First Time Buyers If the housing market is an orchard, then first time buyers might be described as honey bees. Vibrant and active, their role is invaluable in encouraging trees to convert blossom into ripe, succulent fruit. Dark skies, cold, and prolonged downpours complicate their task, potentially reducing the value of the harvest. In this time of unprecedented financial gloom, even a ray of sunlight would be welcome! When first time buyers start buzzing with confidence, commentators agree, we will begin to see a return to a healthy market. At Last – Sunshine! The sunshine has arrived! This exciting break-through for the UK housing market is causing quite a stir. Why? It allows the first time buyer (and not only first time buyers) to move in, settle down and start enjoying their own home without bank finance. What does that mean? It’s possible to escape the...
Rate this blog entry:
Continue reading
455 Hits
0 Comments