Sellers

There are times when selling a property for cash is neither preferable nor possible:  when a property has little or no equity in it, when you are in a hurry to sell but don't want to be prey to those who will only offer you considerably less than current market value, when you have a redemption penalty on your mortgage, when you are emigrating, divorcing - any number of reasons in fact.

This is particularly the case when a seller needs to stop paying the mortgage and move on and we at HomesInAHurry can help by using a Lease Option .   Although relatively new in the UK, lease options in property have been used in the USA and Australia for over 30 years.

A lease option is a combination of a "lease" and an "option".   The lease allows a tenant-buyer (HomesInAHurry) to rent the seller's property and to become responsible for the seller's mortgage payments.   The seller can move out of the property without any further burden of mortgage payments. In return, the seller grants us the right but not the obligation to purchase the property at a specific price in the future.   This is the option part of the deal.   The agreed sale price is usually close to today's full market price and the period to exercise the option is usually between two to five years.

During the option period, apart from paying the seller's mortgage, we become responsible for looking after the property as if we own it already.   However, should we choose not to exercise the option to buy the property at the end of the period, the property would just be returned to the seller, probably with improvements made to it.   By that time, the seller would have benefitted from a long period of not paying the mortgage and the property experienced significant capital growth.   And it is worth noting that more than 90 percent of options are exercised by us.

A lease option might suit the following situations:

• The seller needs to move on immediately without further mortgage commitments
• There is little or no equity in the property
• The seller does not need a large lump sum of cash immediately to move on
• The seller wants to secure a price that is close to today's full market price regardless of the state of the housing market in the future.

This service is free and the process takes between 7 and 28 days, often much, much faster.   Due to the flexible nature of a lease option, it is possible to structure it so that it can completely adapt to any seller's unique circumstances.

Buyers

We have prepared a 3-page Special Report to show buyers how they can benefit by using a Lease Option to buy their own homes too.   Download here: Buying a House on a Lease Option .