Little or No Equity but you need to sell your property
You might have bought your property for (say) £125,000, 7 years ago. You had a deposit of £15,000 and a mortgage of £110,000.
It’s now time to sell. It could be for any one of the reasons highlighted elsewhere on this site, or some other pressing urgency to move on.
So, you’ve decided to put it on the market and contacted an Estate Agent. They have sent their valuer round and now you find that the best price you can expect to get for your property is £100,000. You still have £100,000 outstanding on your mortgage. You are in Negative Equity!
Now what do you do? You can’t sell for less than £100,000 or it’s going to cost you money. But are you likely to get an offer of £100,000? You’ve also got to pay the Agents commission (1-2%), and your solicitors bill.
So how do you sell and move on?
Time to speak to A & P Property Solutions for Negative Equity Advice.
We could agree, what is called, a ‘Lease Option’ deal. What is it?
They are very flexible and can be structured to suit differing circumstances. Essentially it means that the Investor will take over your mortgage payments as well as the maintainance of your property until we can buy it in the future once the price has risen sufficiently. We would also pay legal fees for you.
This relieves you of all financial burden for the property and enables you to move on, as if you have sold your house.
This is the ‘Lease’ part of the deal, which would be agreed for a specific time period, typically 3-7 years, during which we will have an ‘Option’ to buy your property at an agreed price on that date in the future.
It is designed to be a ‘win – win’ agreement, and can be adjusted to help people with negative equity, including those with other secured loans against their property.
If you have Little or No Equity and are interested in exploring the possibilities of a ‘Lease Option’ deal, you need to submit your Application Form OR call 0151 329 2644 for a friendly, no obligation chat.