A Lease Option agreed recently allows a trapped house seller to find comfort from the pain of being a tired landlord.
Janet had been a landlord for some time and unfortunately her health had been deteriorating in recent time. She needed a solution that allowed her more time to focus on restoring her health whilst maintaining an income.
Janet owned a 4 bedroom semi detached house outright and had been letting the property for £500 per calendar month for a number of years. The last tenant had just left and being a tired landlord Janet decided to sell. The market conditions didn’t allow for a quick sale at the price she felt was fair but finding and managing another tenant was the last thing any tired landlord wants.
The property was in reasonable condition and didn’t need a large amount of work to attract a new tenant. Janet had always preferred professional tenants but by accepting housing benefit for the house it was possible to increase the rent coming in to £650 per month.
The agreement gave the owner £450 pounds per month which is credited to the purchase price, which had been agreed at £120,000. With no maintenance or insurance costs to be concerned about any more this tired landlord was happy to take a reduction on the income she used to receive. A lease option provided the ideal solution for the landlord when she needed it. A lease option signed through a solicitor gave Janet the confidence to work with us and gave her the comfort she needed from the pain of being a landlord and most importantly allowed her to focus on improving her health. A lease option enabled the buyer to be pay down the purchase price every month whilst creating cash flow through the housing benefit strategy. A win, win situation was created by the harnessing the power of a lease option.
If you are a tired landlord and need the relief of being free from the burden of tenanting and maintaining a property then contact us today. The freedom you need may be found in a lease option.
What a great blog Mark. I find it fascinating how a lease otpion can make such a difference to someone like Janet. Clearly a tired landlord and in need of a rest from the vigours of being a landlord I am very impressed by how a property lease option can achieve the freedom Janet wanted.
Kate
I can imagine how Janet must feel – finding relief in a lease option. I hope she is continuing to get well.