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sell to rent back
ginalove
Posts: 55 Forumite
it has been a consideration that we sell to someone with an intention to rent it back to us , we have had an approach to buy our property for 85% of the value how do we stand with this --are they liable for any repairs or basic safety considerations, wehave a lot of polystyrene tiles on ceilings. if this was agreeable to someone . how do you think this arrangement maybe affected by a bankrupcy case if it came to it should we tell them before or after ---any opinion appreciated gina
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the transfer needs to be done at market value, and you need to be able to prove this. Othereise it can be viewed by the OR as a transfer of an asset at undervalue, and thereby reducing the amount money available to creditors.0
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Also in general you get screwed over by these companies and can end up on the streets within the year. Though there is one poster on the DFW board who seems to have done it sucessfully. Though I think JCS1 is right on this and the OR will not be happy with this.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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Anyone considering this needs to be very careful. In addition to what tigerfeet has said, if you try to claim housing benefit within 5 years of previously being the owner of a property you now rent, then no housing benefit would be payable, so no assistance with your rent at all, even for those on income support.
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0
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