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.

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 quickly (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.

To purchase your property and rent it back to you one needs to find out:
- how much your property is worth,
- how much the average rental figure in your area is, and
- the maximum rent you can afford, which may or may not be as high as the average rent.
The above information can be gathered within a couple of days, without having to visit the property initially.
Once all the information is ready, you'll be offered a rent back package that suits your affordability and figures will be discussed with you.
Once the property is viewed your offer will be confirmed. Any questions you might still have will be answered and your offer will be put in writing. You will still be under no obligation to accept the offer.
If you decide to go ahead with the sell and rent back, all the paperwork from this point onwards will be handled by the authorised company. A fast solicitor to act on your behalf can be recommended whose fees are usually covered by the buyer. The sale should take typically about 4 weeks from the time the offer is accepted.

If you would also like to buy it back in the future from us, a buy back option could be included in the offer.

Read more about Buy and Rent Back schemes or if you have any questions about rent back service please contact us on the freephone number above.