sell up and rent back??

They rip you off by making you pay over the odds for a survey (their own "specialists") who will make you a low offer - with a guranteed refund of the survey fee if you go ahead with the very low offer.


Can you not re-mortgage for a better offer?

Try having a chat to a mortgage adviser, there are quite a few companies who look at affordability rather than plain multiples - might be worth a go?

"What are you going to leave the kids?"

Going off on a tangent, my Mum was on about this a few weeks ago when we were talking about these things. Her concern was that she had something to leave me. My concern was that she used her money to enjoy herself and be comfortable after decades of supporting me and helping me out. Best possible legacy for me.

Hi all,

I have just registered to this site as I found this thread through Google and thought I should pop in and say hello.
I work for a company who offer a sell & rent back scheme and before you all start hurling rotten veg at me let me explain a few things.

The company I work for ARE NOT investors, they are a fully approved Private Landlord. We are responsible for not only maintainance of the property and buildings insurance but we are also responsible for the yearly gas checks.

It is a shame that there are so many companies in this industry that are out to make a killing but I think that if you really sit down and go over the figures you'll agree that if you find the right company this is a helpful product.

Sorry to go on but if I give you an example you tell me what you think......

The company DO NOT pay less than 80% of the market value of the property, (the valuation is carried out by independants(No charge)) there are no charges for our service and it is completely no obligation. So here goes with the example.........

Mr Smith has a house worth £100,000 and is struggling to keep up his mortgage payments with the new rates. He doesn't want to move, but is worried he will have to and as such wants to rent his house back.

If he was to sell his house on the open market listed at £100,000
Out of the £100k what does he get? After Solicitors fees, Esate agents fees and of course the offer (average 5% less than asking price). Then he has to continue paying his mortgage while the property is waiting to sell. Out of all that he could be left with anything from 70%-90% of the original price.

With the company I work for they pay all the leagl fees and the estate agents fees and can guarantee to complete within 3 weeks (sooner in extreme cases). When we go out to view the property Mr Smith is informed of the offer price for the property and what his rent will be on a weekly basis. The rent has to be according to the area and comparables are made available. Yes before you ask our rent may increase but this is inline with the annual RP index which our rents follow.

Our tenancy agreement is a 7 Year Assured Short hold tenancy agreement to provide extra security for the client and ths IS renewable (subject to adhering to the agreement). If the client reamains at the property for over 3 years they will be offered the chance to buy back the property.

I hope this gives you a more indepth look at what we do, if you want more information you can go to the website (removed to prove my point)(I am not advertising for business).

If your still reading this then thank you for reading and please if you have any feedback all will be welcomed.

Guy

Obviously you have taken what I said with a link to the website in the complete wrong way. I don't expect people who are using this site to be in the situation most of our clients are and as such the link was posted so members on here who wanted more info on the subject would be able to look. As for the "sales pitch" I disagree that I am trying to sell our product as I only posted to show there are ethical companies in the industry who aren't out to make a killing.

As for sellers adding 5% onto the asking price this maybe the case in standard "I want to sell my house" but not in the case where they need to sell their house fast. Many of our clients have tried to sell the property on the open market with no success and as such have come to us as a last resort.

As with the £16K loss I think this ammount is unfair to say the least, At the moment the average selling time is 6-9 Months depending on the mortgage payments etc the customer is still losing money (money that wouldn't be lost through quick sell)

I'm not saying nor have tried to say that this is the best thing for anyone with financial difficulties but it certainly isn't the worst. With some of the mortgage lenders out there and things like lifetime mortgages people do have a choice.

I agree the post may seem one sided but fail to see how the information contained within the post is unhelpful for anyone looking into this area. As I said before all feedback is welcomed and I appreciate your time in replying but would ask you to consider the argument from someone in a very sticky financial situation.

Guy