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SarahBell

Buy A Lease On A Rented House?

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http://www.rightmove.co.uk/property-for-sale/property-57881549.html

The seller is looking for offers over £4,000 in order for them to grant a lease on the property for a period of 15 Years.

How does this work?
(Buyer )
- You have the right to the rental income
- Your Name is registered at Land Registry as the Option Holder
- All rental income will belong to You
- Option for period of Loan term outstanding
- You can assign the agreement at any time
- You agree to pay the monthly mortgage amount to the owner in order for them to pay the lender
- You insure and maintain the property exactly you would your own
- Any equity uplift will be Yours once the outstanding loan is repaid
- You can complete the Purchase at any time by Paying of the Mortgage off
- You can sell at any time and benefit from any proceeds over the Mortgage Amount
- You do Not take on the existing Mortgage
- You go through No Credit Checks

(The Seller)
- Cannot mortgage, remortgage or put a charge on the property
- Cannot collect the Rental Income
- Will enter in to a power of attorney in your name so you have control over the Property
- You will be exchanging contracts, with a deferred completion up to 15 years.

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They don't say the amount of the monthly mortgage payment or the outstanding amount on the mortgage that the lessee would have to pay. As they don't wish to say, something tells me that it's pretty high. This sounds like someone needs a quick £4000.

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