Also referred to as "Sell to Rent", "Sale and Rent Back" or "Mortgage Rescue", “sell it rent it” is an option where you can stay at your home even after selling it. It has been observed that many people like to rent their own home back after selling it for various reasons. Apart from emotional aspects, the “sell it rent it” arrangement removes the hassles of shifting to a new house. That is precisely why many people suffering from a burden of mortgage payments prefer to sell and rent back their home.
The “sell it rent it” system is quite simple to understand. In this method, we will buy your property immediately and would rent it back to you so that you do not have to move out of your house. The right of ownership would change but the right of possession won’t. An agreement has to be signed by both the involved parties which clearly specifies the terms and conditions.
In “sell and rent back” method, usually, the tenancy period lasts for 5 years but there are enough opportunities of renewing it. During this term, if the property value increases, the extra amount goes to the pocket of the tenants. That is, you can benefit from any price gain of the property while you stay in the house. We also offer simple buy back options so that when you tend to buy your house back in future, you can do that. The “sell it rent it” arrangement also saves your money. Usually, no security fee or upfront payment is required in this arrangement. Moreover, the tenants do not need to pay any additional charges to avail the property for rent. The rent is decided according to market norms so that the tenants do not need to shell out any additional amount of money from their pockets.
The “sell it rent it” method suits best for people who are heavily indebted, have a repossession or eviction pending, need to settle a divorce arrangement or those who want to emigrate to a new country. The terms are kept transparent and easily interpretable by the homeowners in such arrangements. However, the last choice is up to the homeowner to decide which option to select in the agreement signed by both the buyer and seller. So, this is a win–win situation for both the parties.
It is worthwhile to notice that the recent laws pertaining to sale and rent back market in UK has been changed. Therefore, it is essential to verify the credentials of the company you want to make a deal with. The companies that have applied for authorization of the Financial Services Authority (FSA) and are permitted to carry out sale and rent back are to be selected for any such deal. We have a strict quality and legal guideline policy and work with all eligible companies so that your deal does not suffer from any legal proceedings. To know more about the opportunity and regulations please call any of our experts as soon as possible.
