Sell and Rent Back
- Frequently Asked Questions
Sell and rent back your home - Why sell and rent back ?
There are many reasons why our clients choose to sell and rent back. Some are in mortgage arrears or facing financial difficulties and the only way they see to sort this out is to sell their home quickly. Moving could mean major upheaval for the whole family, with parents in some cases having to change jobs and the kids needing to change schools, which makes matters worse.
Debts aren't the only reason people choose to rent back; some are simply fed up of faceless lending institutions, some have had the experience of repossession and don't want to go through it again, some see it as a way to release cash tied up in their property without the hassle of the rip-off equity release schemes found elsewhere and without the hassle of having to relocate somewhere else, and others simply like the flexibility that a sell and rent back offers.
Sell and rent back your home - Are there any costs involved ?
No, not at all. There are no costs such as legal or agency fees. We will however, retain part of your payment as a deposit. Like any rented property you'll receive this back when you leave the property or buy it back, minus any cost for any damages that may occur.
Sell and rent back your home - How much is the rent ?
Your rent will compare exactly to market rates based on similar types of property in your local area. The opinions are taken from 3 local letting agents local to your property as to the current market rent for your house.
Sell and rent back property - Will you now be my landlord ? What are your terms and conditions ?
Our contracts are based on a standard tenancy agreement (AST), and all terms and conditions will be clearly explained to you when we make our offer. We are up-front and honest; there are absolutely no hidden catches or costs. Remember, if you are unsure about any legal wording you can get your own solicitor to look over the agreement should you need to.
Sell and rent back - Can I buy back my property ?
Yes. We can agree a fixed-price for you to buy your property back. If your financial situation improves and you're able to buy your home back, we will be more than happy to help you do this.
Sell and rent back your home - How will my rent be collected ?
We'll collect your rent via a method you're comfortable with - generally: giro, direct debit, cheque. We act with honesty and discretion at all times. We ensure that all dealings between us are kept strictly private and confidential.
What are the disadvantages of selling and renting back ?
For some the one disadvantage to selling and renting back is not feeling like you own your own home any more. You won't be the legal owners. However some people would say that if you had a mortgage on your property you didn't own it anyway; the bank did!
Of course, if you do own your own home and keep up the repayments at some point you could own it free and clear and all growth or equity is yours. This is not the case with a rental arrangement.
However, you will be able to continue to treat the property just like you did when it was your own home; usually you can decorate as you wish and make improvements to the property. Many tenants expect to be there for a very long time and want to feel 'at home' - and we're happy with that!
You do not even need to tell your friends, neighbours and family about your situation. Your dealings with us are discreet and confidential; no one will know anything about the arrangement unless you tell them.
Sell and rent back your home - How long will it take ?
We usually complete the whole purchase of your property in as little as a few weeks; sooner if required.
Our past clients often remark how smoothly everything goes through. One minute they are wondering what to do next, and then they contact OK Homebuyers and just a couple of weeks later it's all sorted.
It's doesn't come as a surprise to hear our clients mention to us 'I wish I had done this sooner.'
To sell and rent back - Do I need a solicitor ?
Yes. It is always advised to seek independent legal advice from a solicitor before selling your home. This will also ensure a speedy sale.
OK Homebuyers - What if I am already facing repossession ?
Don't worry, OK Homebuyers can save the day and stop repossession from happening!
We can arrange to clear your arrears within a matter of just a few days; even the same day if required. This usually results in repossession proceedings being stopped allowing the sale to proceed at a less stressful pace.
If you need to attend court or need assistance with the legal paperwork a dedicated partner from OK Homebuyers will assist you and attend court with you if required. We can also deal directly with your lenders to take the pressure off you.
The most important thing to remember is that time is often of the essence with debts and repossessions. The sooner you contact us the sooner we can take action and the better chance we have of stopping repossession, which means no more worries or sleepless nights. Call us today!
OK Homebuyers will tailor the sell and rent back scheme to suit you, providing a short term sell and rent back solution or a long term sell and rent back solution, giving you the option. When you sell and rent back your property, OK Homebuyers will give you the option to buy back your property, once your situation improves. OK Homebuyers can provide a quick house sale and a quick property sale to help solve problems. The reason you would sell and rent back your home, house or any other property is to help you in your situation, whether It be you are in financial difficulty or need the cash quick. (London, Essex, Uk).
If you feel you require further information or having any queries then please contact us where we will be able to assist you further.
