How Does it Work?

The method we use is commonly known as "Rent to Own". The legal documentation for implementing a Rent to Own agreement is called a "Lease Option".

In essence you would agree a purchase price on a property and then RENT the property, for an agreed period of time, and then exercise the 'option' to OWN the property. The legal procedure can thereby be summarised in two stages with two sets of legal documentation that are interlinked:

RENT - Based on a standard 'Assured Shorthold Tenancy' agreement. The rental period and monthly rental is agreed from the outset. The rental period is usually 1-3 years or any other more suitable period.

OWN - The transition from renting to owning is implemented by the 'Option' agreement that states the purchase price as agreed prior to the rental period commences.

What are the next steps?

We discuss your needs and understand what is your 'ideal home',
We find you a suitable property and discuss the basis of the 'Lease Option',
You move in on an Assured Shorthold Tenancy period of 1-3 years or other period suitable to you,
You enjoy the benefits of living in a property which you can treat as your own home from the day you move in,
You purchase the property as agreed at the outset and benefit from any capital appreciation.

Further Queries

What about maintenance?
It is your obligation to maintain the property. You are also able to decorate the property to your own requirements as it essentially becomes your home after the rental period.

Will I need a solicitor?
You will have an independent solicitor during the legal process.

What if I change my mind?
You are under no obligation to buy if your circumstances change. There will be no penalties should you change your mind during the rental period.