propertySean Posted July 31, 2014 Report Share Posted July 31, 2014 Hi all, can you please help me? I've a friend that is now a distressed landlord. I drew up a lease option to purchase the house but I'm having trouble with the calculations. I only have £6K to put down and I realise If I paid that in full I would have nothing for contingencies. Can someone please help me so that I can calculate the "term", "Option payment" any capital/contingent payment to lower the deposit using the rental and the management cost. What I know... Current market value is 120k, rental is 600pcm (tenanted) and mortgage was 90% residential with consent to rent. I wish to take over the property lock stock and barrel but i'm struggling with the figures. Thank you in advance Sean Link to comment Share on other sites More sharing options...
Richlist Posted August 1, 2014 Report Share Posted August 1, 2014 I don't understand what you mean by 'Lease Option Calculations'. If you are looking to buy then £6K deposit almost definitely will not be enough. You'll probably need a deposit of 10%-15% ie £12K - £18K. Some lenders want 20% or 25% deposit ie £24K - £30K. Link to comment Share on other sites More sharing options...
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