All Topics / Legal & Accounting / Recommendations for Solictor to set up Lease option in Qld

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  • Profile photo of dotechindotechin
    Participant
    @dotechin
    Join Date: 2004
    Post Count: 6

    I have just about finalised the details for a lease option with my current landlord (I'll be purchasing the option).  This is the first time that I have done this, but I'm quite familiar with the concept as I have lots of study.  Based on the reaserch I have done, the best method is to separate the lease and the option contract.

    I have final meeting scheduled for later this week to finalise everything but we'e already everything is agreed in principle.  Just need to get it in writing before getting contracts drawn up. I'd appreciate if anyone can recommend a good solicitor that specialises in this kind of thing and a bit of an idea of what I might expect in terms of cost.

    Here's a bit of an overview, of the deal that we have structure.

    Property is in Qld.

    Lease 3 yrs 9 months.  Current rent is $370, with a rental increase of $15 approx half way through.  Current lease that we have on the property is about another 4 months, would need new lease drawn up.  I would prefer to have a lease drawn up to cover the full period with the increase factored in so that we don't get any nasty surprises.  Would also like to write in the option to sub-let the property if our needs change, that way we can convert it into an investment property rather than owner occuied.

    Option:
    Expiry 3 yrs 9 months.  (Exact date to be dermined later this week.
    Agreed purchase price $385,000
    Upfront option fee $1
    Weekly option installments $170
    With caveat on the property
    Option also needs to be assignable so that I can sell it if there is capital gains and we don't end up being in a position to exercise the option.

    Other considerations:
    Purchaser (my wife and I) to pay all outgoings, rates, body corp, water, mintenance, insurance.

    I would appreciate any further education in case there is something else that we may have missed.

    I also understand that being in Qld, we need to have purchase/sale contract in place along with the option contract.

    I look foward to receiving any recommendations.

    Regards,

    Martin

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Hi Martin

    Tom Forster from Litigation Law Queensland does a lot of Lease/Options.  He should be able to help.  Tom's contact details are:
    Tom Forster
    Litigation Law Queensland
    PO Box 777 Main Beach Qld 4217
    Phone: 0428 777 007
    Fax: 5591 5571
    Email: [email protected]

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of dotechindotechin
    Participant
    @dotechin
    Join Date: 2004
    Post Count: 6

    Thanks Paul,

    I appreciate the referral.  I'll give him a call and see if Tom is able to help in this instance.

    Regards,

    Martin

Viewing 3 posts - 1 through 3 (of 3 total)

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