Property Solutions to Sell Your House Fast For Market Value
You can rent out your house without a buy to let mortgage but you need to tell your lender and get a consent to let the property. Whilst it’s not illegal if you don’t get consent to let you will be in breach of your mortgage terms and the lender could withdraw the loan so you have to repay in full.
At the end of an interest only buy to let mortgage you’ll need to find a way to repay the amount borrowed, as you’ll still owe the same amount as you borrowed at the outset of the mortgage. This is unless you’ve paid off some of the capital by paying amounts in addition to the interest only amount.
In the unlikely event that the house valuation is more than purchase price, count yourself lucky as most valuers will give the purchase price as its value even if the value is higher. This is unless the accepted offer is very much a below market value offer.
How you structure a lease option contract is a key part of the lease option negotiations. You need to include the upfront payment, the term of the agreement, the monthly payment and final purchase price of the property.
The key to how you negotiate an option agreement is to begin by building a rapport with the property owner. Once you’ve built a trusting relationship with them, your next job is to create a win-win scenario that works as well for you as it does for the property owner.
An option in property is a contract that binds the seller to sell but does not bind the buyer to buy, which means the buyer has an option to buy without the obligation. Whereas the seller does not have the option to sell but is obligated, but in order for an option to be legally binding an option fee is required.
