WILL THE LANDLORD BE RESPONSIBLE FOR THE MAINTENANCE?
No. The tenant buyer would be responsible for the maintenance cost. They will treat the property as if it’s their own home from day one.
WHAT HAPPENS IF THE VALUE OF THE PROPERTY AT THE END OF THE OPTION TERM IS HIGHER OR LOWER THAN THE PRE-AGREED PRICE?
If the house price is lower you would re negotiate with the tenant buyer to the market value to enable them to qualify for a mortgage.
If the house price is higher than the pre agreed price, the tenant buyer would still purchase at the pre agreed price.
WHAT IF THE TENANT BUYER STOPS PAYING THE RENT?
Not only would they lose the option to buy the property , they would also lose the money in the client account.
WHAT WILL IT COST ME?
The landlord would pay an option arrangement fee £1,500 Plus full management fee which is 7% of the monthly rent per month.