Lease Option Agreement Tips
Looking for Lease Option Agreement tips? In this video, you’ll get an exclusive insight from one of our events. Samuel is taking some great questions from the audience regarding lease option agreements. This is a great opportunity to grab your notepad and write down the answers to these frequently asked questions regarding Lease Option Agreements. Remember, if you want to start attending such events yourself, you can sign up for the free 2-day crash course here.
What kind of solicitor fees can I expect?
Typically £750 + VAT. You can do it yourself by finding a template online but Samuel says don’t do it! The main reason is that when you cash in at the end of the lease term, the other party could pretend they didn’t understand the contract or that they signed it under duress at the time. It becomes a difficult case to fight in court and you could have just wasted years of your life. It’s always best to get your contracts drawn up professionally by a solicitor who has experience in that field. That way, if they do try to pull out there are no loopholes and you have a solid contract to fall back on.
Am I obliged to buy the house at the end?
You have the option to buy the property. That means you don’t have to purchase it. If you can see that the property is diminishing in value for whatever reason, you can walk away from it. That’s one of the great things about the lease option agreement. The landlord has to sell it to you if you want it at the end of the term but you don’t have to buy it if you don’t want to.
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