Sale And Rent Back

Can I Sell My House And Rent It Back From Ready Steady Sell?

If you are in a financial crisis and are struggling to repay your mortgage, a sale and rent back scheme may be what you need. The sale and Rent back scheme is run by a private firm that includes a broker, a private individual or even a company. This option allows you to sell your home to the firm at a reduced price but you continue living there as a tenant.

Although this may be the only viable solution and last resort to your financial crisis, you need to be very careful before signing up for a sale and rent back scheme, as there are certain risks involved.

Simply put, you need to know exactly what you are getting yourself into and the effect this will have on your housing as well as financial situation in long term. Here are some risks associated with the sale and rent back schemes that you need to know:

  • You will no longer be a homeowner. By signing up for a sale and rent back scheme, you relinquish your rights as a homeowner to the buyer.
  • You may face eviction in the course of your fixe term tenancy in the event that you break rules of the tenancy agreement such as falling behind on the rental payments.
  • The rent could go up either during or after the fixed term of your tenancy.
  • Should the company or person acquiring the property from your run into financial difficulties, the property may be repossessed leaving your with no option but vacate.
  • When you sell your house for a discounted price, this may have an effect on your eligibility of filing for bankruptcy as well as other forms of insolvency.
  • You may be required to leave your home at the end of your fixed term of your tenancy agreement expires.
  • Since selling to a sale and rent back scheme involves selling your home at a discount, you have no option but accept less money than you would if you had sold the property in the open property market.

Ultimately, while sale and rent back schemes may offer reprieve for your financial woes, they expose you to further risks that you may have no control over when and if they arise. Therefore, you need to ensure that you only opt for this when it is the only solution you have left. You may also want to consider alternatives like speaking with your mortgage lender for payment terms that are more flexible, get independent and free debt help online, talk to your creditors, look up for government help if you are eligible and consider selling your home in the open market and finding a different place to rent.

Please Note: The FCA’s decision to regulate the sale and rent back market means that Ready Steady Sell are unable to offer this service. Please read the following links for more information on regulation and how to check if a company is regulated to carry out a sale and rent back.

How Do Ready Steady Sell Differ From Other Quick Sale Companies?

  • No last minute price drops
  • Best industry price match guarantee
  • A quick sale in a time that suits you

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Disclaimer: We do not provide any financial advice. Ready Steady Sell works with regulated property brokers whom have the ability to purchase your property for cash. Our service is free and you are under no obligation to accept the quotes you receive from our partner companies. You may be contacted by regulated firms that can help you sell your house quickly.