The collapse in mortgage lending following the credit crunch and the soaring cost of deposits have thwarted the hopes of many first-time buyers especially  combined with  stagnant house prices and the lack of house building.

These problems were underlined by figures from the Council of Mortgage Lenders (CML), which showed that many first-time buyers had to put aside more than a year’s pay – before tax – to afford the down payment on a home. The CML also forecast that the total value of property transactions will be around £135bn this year, down from £360bn at its pre-credit crunch peak.

1.4 million households now apparently aspire to own their own home, but many are trapped in the rental market.  

Buyers and Sellers therefore need to consider the untapped potential of the Tenant Buyer lease option.  This allows Sellers to get rent plus extra payments from the Buyer, a “super rent” if you like. Whilst the Tenant Buyer can pay rent as usual but make additional payments so they can begin to build up a deposit for the property while securing the right to buy the Property for an agreed time at an agreed price, so they are reap the benefits of any increase in value.  

If you would like to discuss the benefits of lease options and how MS Law can help you, call us on 0161 772 4500 or e-mail us on info@ms-law.co.uk.