How a Lease Option Freed a Couple to Buy their Dream Home
Lee and Sarah, a couple in their late fifties, wanted to move from their mortgage-free 3 bedroom family terrace in a sought-after area to a bungalow Sarah had fallen in love with.
Lee was still working as a long-distance lorry driver, and his wife of 30 years, Sarah had recently received an early-retirement payout. Their property had been valued at £110,000, but had not sold as quickly as they needed in a slow market. They were afraid of missing out on the bungalow they both very much wanted to make their retirement home.
There was nothing to stop them getting a new mortgage on the bungalow, and they had a deposit. They would have preferred to sell and buy the new home outright, but after taking qualified independent advice, they decided to secure the new bungalow with a mortgage.
The purchase price, length of time between exchange and completion and a monthly amount payable direct to them was agreed for the house they were selling, and a lease option contract clearly outlining this was exchanged through solicitors.
The sellers were delighted that a fair price of £100,000 was agreed and that the house would be fully maintained and insured until completion. A monthly, guaranteed amount equal to the mortgage payment on their new bungalow was set up.
They were very happy to work with a lease option solution because it gave them the freedom they needed to move on and buy their dream home. They were not forced into selling at a price which was massively below market value.
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