July 2nd, 2010 
AndrewBrown Now is a great time to buy property, what with relatively low mortgage rates and purchase prices still much less than a few years ago. But many buyers, especially first time buyers, have problems, for example:-
- They are not confident in navigating the property market.
- .They don’t have a good credit rating, to be able to raise a mortgage.
- They can’t raise a deposit or funds to add to their mortgage funds (as you need around a 10% deposit and lenders often require that you contribute a higher proportion of purchase price).
- They also have to finance mortgage arrangement fees and, depending upon the purchase price, stamp duty land tax upfront before they even get in the property.
What if we told you there is scheme which would allow you to move into your own home, with a small deposit, make it the way you want and buy it later when you have saved enough for the required deposit?
This is possible and we can help you.
Equally Sellers, do you have a property you can’t sell through traditional methods, would you consider allowing a buyer into the property have them pay you rent and a monthly sum and then complete the deal when they have saved their full deposit with you ? We can help you too.
Please feel free to call us if you have any queries on how the schemes work or let us have your comments on our blog !!!
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I’ve been looking into buying property with attracting tenant buyers in mind .
I have 2 questions:
1. would it be better to find property and then enter a “lockout agreement” with the vendor, thus allowing me time to find a TB -and then find someone to do the conveyancing super fast if the TBs like the property ?
2. how do you stop the TB claiming an equitable interest in the property eg they stop paying rent and you start eviction proceedings or they just want to walk away from the deal after a couple of years & want some of their money back ??
regards
Barbara Carter
Dear Sir/Madam,
I am in discussion with a landlord re: the lease/purchase scheme detailed on your website.
I wonder if you would kindly either ring me on 0845 130 7263 or 07877 272815 to discuss this, or email me with a copy of any draft “contract” so that I can ensure that this confirms the information provided by the “investor”.
My own circumstances are a Bankruptcy, completed within 5 months, However no lender will touch me hence this is my only chance to purchase a property.
Thanking you in anticipation of your help;
yours faithfully,
C. A. Martin
hi Barbara
Thanks for contributing to the community here.
Happy to give some opionins on what you have written:
1. There’s noting wrong with using a lock out. T.his can be in your tool kit but, as ever, with these things i’d say remain open and see where the negotiatons with a vendor take you. If yu need super quick conveyancers- we can do that too!
2. the TB’s would usually occupy under an AST with an option to buy. If they breach either there should be the facility to terminate the option and tenancy. We address these issues in our paperwork.
Hope this helps !
Paul
Hi
This scheme may be suitable for you if, like most, you’re struggling to get bank finance.
Happy to help with any queries. Please feel free to give us a call.
Please do continue to contribute to our community!
thanks
Hi Barabara
Thanks for the contribution.
1. Nothing wrong with this way forward. You cna also do the option with the vendor first and then a second with the tenant buyer at a later date.
2. This is dealt with in oiur documentation! all techy stuff that we sort for you!
good luck with your deals!
Paul