“My House Series”…Focus on Rent to Buy Houses and Lease Options
Tuesday, February 3rd, 2009Brodie Group Ltd are currently considering offering Rent to Buy and Lease Option Schemes to potential property owners and sellers in the Farnborough area.
Such schemes are aimed at potential buyers who cannot raise a large enough deposit to purchase a property in the current climate. Instead, they rent the property for a period of time, typically three years. These potential buyers are people with good cash flow, but little in the way of savings and perhaps limited or poor credit history.
At the same time as paying rent, they pay an additional sum towards their deposit. Generally speaking, they put down a one to three per cent deposit when they take the accommodation and pay the remainder over and above the rent over 36 months.
Rent To Buy or Lease Option schemes have been widely used in the States but are in their infancy in the UK. However, given the current economic climate and the difficulty in getting finance to buy and the general stagnation of the property market, this offers an option to people who want to own their own property but at present do not have the finance.
Brodie Group would like to hear from anyone with interest or experience in these schemes in order to set up a service for people struggling with buying and selling houses in the current market.