Sell And Rent Back - What You Need To Know
What is Sell and Rent Back?
Simply put, a sell and rent back means you sell the property and rent it back from the buyer, at an agreed rental price that you can afford.
Who is Rent Back Ideal For?
A sell and rent back could be an ideal solution in the following situations:
- Financial Difficulty: those who are finding it difficult to keep up mortgage payments due to reasons outside their control (job loss, health reasons, high interest rate, etc). You don't have to lose your property if you can't keep up the mortgage payments! You will be offered a cash price to buy your property and you can carry on living in it as a tenant until you decide to move on or buy it back.
- Divorce: Separation is a stressful and painful process to go through. Quite often one party would wish to stay in the property due to an emotional attachment or to reduce the inconvenience this causes to other family members. A sale and rent back might be ideal in these scenarios.
- Emigration: There are enough things to worry about when planning to emigrate. Selling your property at the last minute, and not knowing when it will sell or if the chain will break, can add a stress factor to the planning. You can sell your property (usually within 4 weeks) and remain in it as a tenant until the time comes when you are ready to move.
- Release Equity: Sell and Rent Back can also be used by people who might want to release some equity for future plans such as starting a business overseas (with the aim of moving there), or being free to emigrate anytime to anywhere. In such cases, not having to wait for months to sell your property (and risk broken chains) could be an attractive option.
How to Get a Rent Back Offer?
- Call us and arrange a home appointment with one of our consultants.
- Discuss your requirements with our consultant during the visit.
- We will explore any other options with you while at the property or afterwards over the phone.
- Your property is valued by an independent valuer.
- You receive a firm written offer from us.
- After 14 days we send to you the offer documents for you to sign.
- Sale completes. The whole process will usually take about 4 weeks to complete
Risk Warning: If you enter into a sale and rent back agreement you are unlikely to get the market value of your home and, as a tenant, may only be able to remain there for a limited period. There may be other options available. Please ask for a Key Terms Statement.
We do NOT offer the sale and rent back arrangements anymore. These arrangements are no longer authorised by the Financial Services Authority. No company can legally offer you a sale with a rent back. However, if you’re interested in selling without renting back, please get in touch with us today as we will be able to make you an offer.