Select the Best Way to Sell House and Rent Back
Select the Best Way to Sell House and Rent Back
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Home Page > Finance > Real Estate > Select the Best Way to Sell House and Rent Back
Select the Best Way to Sell House and Rent Back
Posted: Dec 22, 2010 |Comments: 0
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There had been a great deal of criticism surrounding sell house and rent back schemes, until the Financial Services Authority (FSA) intervened in June 2010. The FSA regulated the sell house and rent back sector, so that these deals work to the best advantage of homeowners.
Benefits of Schemes to Sell House and Rent Back
Such schemes can benefit homeowners in the following ways:
A sell house and rent back scheme protects you from the trauma of repossession. You can continue staying on as a tenant in your own home.
You can unlock the cash tied-up in your home while remaining a tenant. This equity release could help you to repay much of your mortgage debts.
A repossession hearing could burn a hole in your pocket. By opting for such a scheme you could avoid this cost.
These schemes are best for those seeking to migrate. You are saved the hassle of having to sell off your property before you leave, as you continue staying in it on rent.
Such a scheme helps to raise money for a better retirement.
The homeowner does not have to think about relocating and deal with the hassles and costs involved with moving.
You can find a deal that lets you repurchase the house when your temporary financial situation improves.
Precautions While Opting for a Sell House and Rent Back Scheme
A sell house and rent back scheme may not always be the best option. In fact, such a scheme could end up being detrimental to your financial situation. Hence, it is important to take certain precautions before opting for this scheme.
Go to a good property comparison site that gives you details of schemes and profiles of likely investors.
Consult experts on your finances. Will you be able to pay your rent under a private sell house and rent back scheme?
If you fall behind on your rent, you may face eviction after the lapse of the initial fixed term. An eviction may even take place before this.
Check how your rights would be affected. What will your long term security be under the new tenancy?
Schemes with short hold tenancy agreements to former owners offer little or no long-term protection from being evicted. You are precariously placed in terms of other rights upon the completion of the initial fixed term. So, it may be a good idea to avoid these.
Ensure that the rent to be paid is not equal or maybe more than the mortgage amount you have to pay. A huge rent will only land you in arrears. In such a case, it is better to sell your house and rent some other property.
Opting for sell and rent back could deprive you of housing benefits.
Ensure that the scheme as no financial loopholes. If a scheme runs into difficulties, you could end up being evicted midway.
Check to ensure the scheme is not a rip-off. You will be losing money with a sell and rent back scheme, as your house will be bought for less but it should not be less than 40%. In such cases it is better to sell in the open market and rent elsewhere.
Get your property evaluated by a creditable third party. Also take into consideration all the additional associated costs. Such out-of-pocket costs could include advertising costs, realtor commission, closing costs and taxes.
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As a homeowner facing financial difficulties, you may not find it easy to sell house quickly. Schemes for sell house and rent back are a good option but only if you take the right precautions. These will ensure that you get what you want when you sell your house and rent it back.
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Kathryn Dawson -
About the Author:
Kathryn Dawson writes articles for Compare Property Buyers, a well established property comparison website based in the UK providing lots of useful tips and handy advice on how to sell house quickly. Compare Property Buyers also provides a sell house and rent back scheme at no fees charged. There are many reasons to sell your house and rent it back, including overcoming financial difficulties, stopping repossession or raising money for retirement.
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sell house and rent back, sell house quickly, sell your house and rent it back
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Kathryn Dawson writes articles for Compare Property Buyers, a well established property comparison website based in the UK providing lots of useful tips and handy advice on how to sell house quickly. Compare Property Buyers also provides a sell house and rent back scheme at no fees charged. There are many reasons to sell your house and rent it back, including overcoming financial difficulties, stopping repossession or raising money for retirement.
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