Does anyone know how much you should expect to pay a solicitor to set up a purchase option agreement? (And can you recommend a good solicitor to do it?)
I have a question lets say the property goes up a lot in value, or the owner dies and you have to deal with their kids what's to stop them pulling out of a lease option! And also what if the price falls can we pull out?
Hi Simon, I am your big fan and follower, I get massive help from your videos . You are just another top level! Keep up the good work! I have a situation, please can you help as you always do - 3 bed terrace house in east London Freehold Agreed price : 400K Upfront payment :£15K Property need refurbishment: I will spend : 30K Vendor is only agreeing 18months PLO contract I need to pay £800 per month as rent to vendor after 4 month from agreement until I buy it ( 4 months for refurbishment) After refurbishment: property will value £550K There is no mortgage now Rental value £1700 pcm after work done Questions- 1. What strategy do you recommend in this scenario ? 2. Can I get 75% LTV when refurbishment done ? 3. I don’t have enough money to show 25% deposit paid , (100K) , as I only paid 15K to vendor as deposit , will that be issue to get 75% LTV? Any suggestions will highly appreciated! Many thanks , ruhul
Thanks Simon, good advice as always. Currently putting what I have learnt about PLOs to work and negotiating multiple deals to get my portfolio started. One owner I am speaking to has an interest only mortgage which runs out within the next 4 years, so needs commitment to sell. The only way around this I can see is to remove the option, and have a guaranteed purchase after say 3 years, but retain the right transfer the agreement, i.e. sell it on if I don't want to buy it. What are your thoughts on this, and are there any other options I could suggest?
Hi Peter , looks like you will have to commit to the purchase if you wish to progress that deal. have you negotiated to deduct the option fee and the monthly rental from the price agreed ?
@@972Yvan yes, and also did suggest to remove the option and commit to the purchase in understanding the sellers predicament. Unfortunately, although the seller was keen on the idea someone swooped in with a full asking price offer mid negotiation so this one wasnt to be, so onto the next one 👍🏻
Hi Peter sorry for the delayed response. Make sure the contract is assignable and so if you don't want to buy then you can pass the deal onto someone else. Hope this helps. Kind regards Simon
very well explained . Thank you Simon
Thank you for watching Delton
Very well explained nice 1 thank you very much Mr Simon
very good clearly explained and well understood
Thank you, I have 2 landlords that have responded to my letters and will use this explanation
That's great news Jackie
How did it go?
Does anyone know how much you should expect to pay a solicitor to set up a purchase option agreement? (And can you recommend a good solicitor to do it?)
Thank you Simon
Hi Simon.
Do we write a clause to cover if they die during the contract period.?
I have a question lets say the property goes up a lot in value, or the owner dies and you have to deal with their kids what's to stop them pulling out of a lease option! And also what if the price falls can we pull out?
Hi Simon, I am your big fan and follower, I get massive help from your videos . You are just another top level! Keep up the good work!
I have a situation, please can you help as you always do -
3 bed terrace house in east London
Freehold
Agreed price : 400K
Upfront payment :£15K
Property need refurbishment:
I will spend : 30K
Vendor is only agreeing 18months PLO contract
I need to pay £800 per month as rent to vendor after 4 month from agreement until I buy it ( 4 months for refurbishment)
After refurbishment: property will value £550K
There is no mortgage now
Rental value £1700 pcm after work done
Questions-
1. What strategy do you recommend in this scenario ?
2. Can I get 75% LTV when refurbishment done ?
3. I don’t have enough money to show 25% deposit paid , (100K) , as I only paid 15K to vendor as deposit , will that be issue to get 75% LTV?
Any suggestions will highly appreciated!
Many thanks , ruhul
Hi Ruhul, would be great to hear what was the outcome of your situation, wonder if you would be open to sharing
Hi Simon, would most solicitors be farmilliar with this sort of contract? Or can u recommend someone? Cheers
Hi Simon good videos. Can you recommend a good solicitor not all aware of PLO and also a lender too. Thanks
Hi, when it is appropriate to seek legal advice during a lease option transaction?
Thanks Simon, good advice as always. Currently putting what I have learnt about PLOs to work and negotiating multiple deals to get my portfolio started. One owner I am speaking to has an interest only mortgage which runs out within the next 4 years, so needs commitment to sell. The only way around this I can see is to remove the option, and have a guaranteed purchase after say 3 years, but retain the right transfer the agreement, i.e. sell it on if I don't want to buy it. What are your thoughts on this, and are there any other options I could suggest?
Hi Peter , looks like you will have to commit to the purchase if you wish to progress that deal.
have you negotiated to deduct the option fee and the monthly rental from the price agreed ?
@@972Yvan yes, and also did suggest to remove the option and commit to the purchase in understanding the sellers predicament. Unfortunately, although the seller was keen on the idea someone swooped in with a full asking price offer mid negotiation so this one wasnt to be, so onto the next one 👍🏻
Hi Peter sorry for the delayed response. Make sure the contract is assignable and so if you don't want to buy then you can pass the deal onto someone else. Hope this helps. Kind regards Simon