Can any one assist me or point me in the right direction as i would like to obtain a lease option property in the Harrow, Middx (London) and surrounding areas. 3 bedroom house.

I would like to lease for the first 2-4 years, then have the option to buy the property. Im sure this option would be of great benefit to sellors, as the running of the home is with someone eles and with a sale at the end of the term.

This appears to have really taken off in the US and President Obama feels this is also a way to assist the housing market, as it is a way to save towards a deposit and possibly improve some credit problems - if any.

Are there any Landlords in the UK that have signed up to this option. From my research, there are 3 different options, including the try befor you buy.

I'm just wondering if it would be wise to still do the conventional searches via a Solicitor and Survey befor hand like normal purchases.

Not sure about the price the seller and investor agree apon, if the house is brought at market value or the value from the begining of the contract. Depends on which scheme?

There would be no point finding out after 3 years that the property has defects or offer cans of worms! I think i would still do these two things upfront befor any lease is signed.

Would be nice to know if any developers, agents, individuals have a view on this and can assist me.

I am a professional working for the Local Authority and have done so for 6 years, all referrence and details are checkable.

Many Thanks for your time and i look forward to hearing from you very soon.

Hi

I agree this is a good way to purchase property and there are landlords/property traders out there who are looking to do lease options , as an investor/landlord I am lookng at these kind of deals but unfortunately not in your area. The Berkshire property meet which meets monthly in Maidenhead or there is another one in London not sure of its name is a get together of many investors looking to do these kind of deals there are normally a few people from London it may be a useful contact source.

I don't think lease options are very common in the UK for residential property purchase but there certainly is a lot of interest at the current time due to the banking crisis and depressed market making it an ideal time for tenant buyers and investors to use this tool in property purchase.

Regards

Paul

Sorry missed part of my answer

In relation to Lease options you should have an appropriate solicitor to check any legal agreements , in terms of property searches you could do these on line or get your solicitor to do them, in terms of checking value either a survey or check www.hometrack.co.uk which has a lot of good data on actual property prices and is used by professional surveyors