At Leaders we’re delighted to be able to offer another way to sell your property, without dropping the price.
If you’re looking to sell a freehold property, you could make it available for sale as a part-buy, part-rent option, similar to shared ownership.
It’s important you know that selling your home this way doesn’t affect the price you get whatsoever.
The valuation of your property, and the amount you get once the sale has completed, will be the same as if you sold it to people buying with a mortgage, or cash buyers.
However selling it with a part-buy, part-rent option could open up the interest in your property to other parties.
Specific types of buyers could use this route as an alternative to buy your property, such as a client going through a divorce. They may have the money needed for the required 25% cash deposit, but can’t secure a large enough mortgage on a single salary so could use this option instead.
Other buyers that could benefit would be older clients looking to downsize and potentially release capital, or clients looking to buy a larger property but can’t get a mortgage high enough.
If you choose to sell your property with Leaders, you will have the opportunity to sell it traditionally (to mortgage or cash buyers) but you can also opt-in to sell it with the part-buy, part-rent option too.
Typically this sort of sale has been associated with new builds, however our partner, heylo, aims to make existing properties more affordable through their Your Home scheme.
If your property were to sell as a part-buy, part-rent option, the full price would be paid for by our partner heylo, and you would get the agreed sale price as standard.
It is then heylo’s responsibility to organise selling the correct share to the buyer (e.g. 25%). heylo would retain the remaining share (75%) and the buyer would pay rent, with the view to eventually purchasing further shares up to 100% from heylo in the future.
The key thing to remember is you don’t have to do anything differently at all throughout the sale of your property. However selling your home with Leaders* and being able to opt-in for this choice when it goes on the market could open up interest from people who may not have been able to consider it before!
*This option is not available at our Gunwharf Quays, Sovereign Harbour & Brighton Marina branches.
If you require more assistance to sell your property, contact Leaders today and we will be more than happy to help.
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