Selling my house, What is a lease-Option? What are the risks?
I have been desperately trying to sell my house but am now considering a Lease-Option in order to relocate. Can anyone explain the risks and/or recommend a lease option? Based on my home's marketed sale value I will have no equity in my property. It is also not financially viable to rent my home out and me rent elsewhere. I understand that I will remain the mortgagee of my home but the purchaser would arrange for solicitors to amend the title deeds in order to register themselves as (prospective purchaser?) and that the purchaser will take over the current mortgage payments and maintenance of my property. Then in 5-10yrs they will buy the property from me at today's market value. Can anyone answer these questions? What happens if the company/purchaser goes bust/bankrupt, can the courts force monies out of my home? If the company puts rent to buy tenants in and the tenants don't make the payments to pay the mortgage am I liable? Can I get insurance to cover this? Any info is good.
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