Selling your house - renting it back?

Question

I have heard of comapnies that will buy your house and then allow you to rent it back off them. Has anyone had any experience of this? Do they give you what your property is worth? Do they charge you a fortune to rent it back off them. I need to sell the house to clear the decks. UK only thanks

Answer 1

Hi there

There are companies that will provide this service, such as rentbackmyproperty.co.uk however they typically will only give you 80 to 85% of the property's market value. You will find similar discounts to market value offered by other companies as they need to cover costs and make some profit - the question is what is reasonable?

My own view is that you should be able to get 90% or more if your property is very marketable. However there are many factors to consider such as how much rent you can afford to pay.

Beware however of the unscrupulous who will put a clause in your rent contract whereby if you fail to meet rental payments you lose the right to but back your property. These rouge companies would then evict you for non payment of rent and then sell the property on for a big profit.

Overall my advice is to be cautious and use your own solicitor, not one recommended by the 'company'.

Answer 2

2

Answer 3

Is this your only option, even with arrears you can remortgage on an interest only basis which will keep repayments low until you are back in control of your finances. Need any help e-mail me.

Answer 4

The site that do it are called "Rent Back My Property"
Best of luck

http://www.rentbackmyproperty.co.uk

Answer 5

I think rebecca is right, there must be a catch as these companies are out to make money - not really help people

Answer 6

I heard of that, there will have to be a catch somewhere. They will probably not give you the full market value of your house.