Lease option homes work in the same way as buying a contract or lease hire car.

1. (Also known as rent to buy and rent to own property)
Author: Vanessa Atkinson
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2. Initial Payment
Lease option homes
work in the same
way as buying a
contract or lease hire
car.
You pay an initial fee
to move into the
lease option home,
just as you would
pay a fee to drive the
car away.
The fee for a house
is sometimes called
a downpayment or
an Option Fee.

3. Monthly payments
You make regular
monthly payments
typically for 24, 36 or
48 months.
Part of these
payments go
towards the
purchase price of the
lease option home.

4. Choose to Buy
At any time up to the
end of the agreement
you can choose
whether to pay a
final fee to keep the
house.
(For cars this is
known commonly as
a balloon payment).
Most people will
require a mortgage.

5. Agreements
If you are a landlord
offering a property as
a lease option home,
you will need two
contracts produced
by a lawyer that are
signed by you and
your tenant-buyer(s).
One is the rental
agreement. The
second is for the
tenant-buyer’s option
to buy during and/or
at the end of the rental
period typically for 24,
36 or 48 months.

6. Visit our website www.leaseoptionhomes.co.uk
Email us: info@leaseoptionhomes.co.uk
03/07/2013 Copyright Lease Option Homes 6