Thankyou all for the feedback. As I stated I have not done this before and need to put a stake in the sand so to speak. (guess it was a bit high)

How about this…
Option price $480,000
Option fee .05% of the purchase price $2,400 for a 2 year option.
Option renewal for a further 2 years .25% of purchase price $1,200
Lease costs $450 with $50 per week going toward the purchase.

Summary of changes per feedback
Reduced option fees by 1/2
Reduced purchase price by $15,000 (3%)
Reduced lease payments by $25 per week
Doubled contribution toward purchase.

thanks for the next round of feedback in advance.

R