Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
HiI have a couple of people who own holiday accomodation in Yorkshire. They are motivated to sell but can't as they can not find a buyer at the right price due to the economic climate. They are interested in possibly a long lease, lease option or another type of creative finance.Has any one had experience doing lease options or creative finance on B&B's, Hotels or Holiday Accomodation??If so I am interested in listening to your advice and learning from your experiences on how I could construct a deal.ThanksAndy
Is it in Bradford? perhaps I could help match making.
THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED. DO NOT SEND PRIVATE MESSAGES.YOU CAN REACH ME AT BESPOKE FINANCE for HMO Mortgages, Cheap Life Insurance and Limited Company Buy-to-Let on 08009202001
Yes I have some experience of this, it should be no different to any other type of lease option. It really depends what the seller and you agree to. The question to ask is why do they want to sell and if you took it over can you make it more profitable than it already is.
Do you live local to the property? This would be the deciding factor for me.
Just found this site. We are Expat Scots that are located in California and looking to do a lease option arrangement on a Guest House that we have identified in Scotland that would serve our established network in California traveling to Scotland. We have familiarity with lease option in the US but not in the UK and/or, more specifically, in Scotland. Any assistance or direction that you can provide would be greatly appreciated!
Hi AndyI have a client in Kent that does this - leases an actual trading business rather than just a rental property. It's potentially lucrative if you pick a business / property that has unrealised potential ... without the need to buy the thing in the first place (though, after a year or two of running it profitably, you may just find that a lender is interested in financing you exercising the option based on your trading history track record). Give me a bell next week & we can have a chat, and I'll connect you with the client (if they are happy to help - sure they are). Stephen Fay ACA
The Property Tax Specialists
Duncan is correct. A lease option is a lease option and the property type does not really make a difference.
What might matter in this case is the use of the property. It sounds like it is a business and someone will need to run it. The lease option structure might need to be tailored to the situation which means tied to how well the business is doing and other details. It is much less about the legal form of the documents and more about why certain terms are agreed to and then specified in the documents.
[Looks like Stephen posted while I was typing. I am highlighting more or less the same issue. A business can have a value that is largely disconnected from the property so the T&Cs for the deal should reflect the business as that is where the income will be produced.]
John CoreyFollow me on Twitter-> https://www.twitter.com/john_coreyhttps://www.ChelseaPrivateEquity.com/blogLondon RE meeting, 2nd Tuesday of the month -> meetup.com/real-estate-advice
I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
Just set up the lease how the landlord and tenant want it to be, long lease, short lease, big premium, no premium, big rent, low or no rent. If the tenant pays a premium plus rent they are less likely to do a runner and look after it better. The same principle applies with a shared ownership property (albeit residential), which is basically a lease where the premium can be bought to make the property fully freehold at a later date so you could even apply that to a commercial holiday business if you and any buyer wanted to. Sorry about the five years late reply I found it on Google sort of through the back door but the info may be of use to others.