Courtyard Solicitors are specialist property solicitors who can help create a legal framework to secure lease options between a leaseholder and a freeholder.
So what is a lease option?
A lease option is a legal agreement that allows a leaseholder to control a property and generate income from it, with the right but not necessarily the obligation, to buy it later.
It is two separate agreements that are created together, and it's easier to understand when you separate them:
Lease: A monthly payment is agreed between the property owner, which enables the owner of the lease option to manage the property and rent it out to tenants for a profit.
Option: There is an agreed a price at which the property can be bought for later.
These are the main terms that need to be agreed:
The monthly payment – which is usually whatever the property owner needs to cover their mortgage and any other costs
The purchase price that you have the option to buy the property for in the future
The length of the agreement – after which you have to hand the property back if you haven't used the option to buy
The initial payment you'll give them in exchange for the option (which in law is called a consideration)
If there is a mortgage on the property, then the mortgagees consent to the agreement will need to be obtained
Fixed Fees for Lease Options
Courtyard Solicitors can offer a fixed fee of £995 + VAT and disbursements to carry out the legal work required to set up a Lease Option Agreement.*
* Subject to a straightforward property ownership situation without unusual complications