Has anyone herad of this. Do they give you below market value for your house then charge you very high rent? UK answers please
2006-07-02 03:08:44 · 5 answers · asked by chazza 2 in Business & Finance ➔ Renting & Real Estate
Hi there again, further to my last update (below line ......... ). I note that someone suggested selling your house and renting privately. You could of course do this but if you want to stay in the same house and eventually buy that house back it would be difficult - so my advice below still stands. However there is one other option I have thought of.
You can approach a housing association that operates in your area. Some of these will fund schemes for shared ownership, e.g. they own 50% of the property and you rent the other 50%. I have a database of all UK Housing Associations, if you email me through this site with the town or city I will give you details of some who operate in your area.
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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'.
2006-07-02 05:25:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There are companies that do do it they give you 70% of the value of the house maximum then charge you rent at 150% market rent on a minimum 2 year tenancy. you're better off selling privately then renting a house on a proper tennancy you'll be twice as well off..
this scheme is a 'scam' like lifetime remortgages aimed at ripping off the retired and disabled who need cash but are unwilling to leave their homes...
2006-07-02 10:26:56 · answer #2 · answered by moikel@btinternet.com 3 · 0⤊ 0⤋
Our house was valued at £129,995 by the Estate Agent. We were offered £80,000. They offer about 2/3 of the asking price usually.
They don't come into your house, they just stand outside and look at the structure. We didn't even realise they came to look at ours- I think the £150 for a consultation is rubbish when they just look at the prices of others in the street, or the estate agent leaflet.
2006-07-02 14:08:23 · answer #3 · answered by Crystal 3 · 0⤊ 0⤋
Got it in one.
2006-07-02 10:10:23 · answer #4 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
Probably do, mad isn't it
2006-07-02 10:13:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋