Lease Option Relief in the Face of Ill Health and Difficult Tenants
Jane, a mother in her forties living in the West Midlands, was becoming tired of managing difficult tenants. She had moved from her four bed semi detached family home into a centrally located 2 bed flat. She had suffered with a potentially fatal health issue for some years, but was amazingly positive and cheerful. Nevertheless, the stress of difficult tenants had taken its toll and she had noticed a deterioration of her health. Ideally Jane would have sold her well-cared for house straight away, but had been unable to do so at a price she considered fair and acceptable.
Financially Stable – Stressed but not Distressed!
Jane was on a sound foundation financially and had recently bought a second flat for her son to live in. With a modest mortgage on the house and no secured borrowing on either of the two flats she could have simply let the house and waited for the market to recover. But that was not what she wanted. Just the thought of having to find new tenants to live in the house and organise and pay for decorating, rubbish removal, and repairing some electrical and gas fittings was stopping her from getting on with other things, and taking away her happiness. She felt stuck.
The Simple Solution – a Lease Option
As soon as Jane heard about how lease options work, she saw it was a great solution. A fair and acceptable purchase price was agreed, the length of the term and a monthly amount payable to her lender on her behalf, and a little extra direct to her. As part of the arrangement the buyer agreed to organise and cover the costs of the necessary work and that the house would be fully maintained and insured during the term until completion.
The Benefits for Jane of a Lease Option Solution
Jane was happy to accept a delay in the completion of the sale because she did not immediately need any of her £80,000 equity. As an added bonus, our payments to the lender are reducing the balance outstanding. Jane was delighted not to have to think about organising and paying for work. It was also a relief to know that she was no longer dealing with difficult tenants, and could rely on guaranteed, regular, monthly payments. Jane is pleased to have the peace of mind she now has and is able to focus again on improving her health.