Help, advice please, selling and renting back

jennyhigh

Hi I'm new to this but really need some help and advice from you out there!! I own a house but it is up for sale as we speak because my ex and I want our share of the money out of it. We were together 24 years but I took the mortgage over as I wanted to still live there with my son and daughter..... in the meantime I met someone else and at the moment my son and a few mates live there paying me a decent rent. The basis is my ex and I still would like our money and I was thinking of selling to a company/agent and then let my son and his mates rent it back......... now I know these companies give the very least they can for the property but I am watching my house devalue all the time not only because of the current market but also because the house is not really being looked after....... and I cannot afford to have the house improved........... help........ I really want out now but if my son and his mates could remain there in some way it would make everyone happy...... I would really appreciate your help.... I have heard some scary stories about these buy and rent back companies............. Thank you for taking the time to read this................. x

RAS

Hi

The advice here is don't. They will be on an AST and that could be terminated at the end of the first tenancy period - (generally after 6-12 months).

Much better to reduce the price until you can sell, and give your son a bit of money for a deposit on a house.

But do check your legal status as landlords of your son and his mates, as there may be complications.

cattie

Ras is right. What would be the point in selling your house at a knock-down price, only to find your son homeless in 6-12months?

Far better to find your own buyer at a lower price to allow for the work that needs doing to the house, or even consider putting it up for auction.

Bermuda_John

People are very scepitcal and rightly so

however, i have done thisa few times before and when i bought a house and rented it back i was more than happy that i had an immediate tenant that would be in the property for the foreseeable future.

It was a win-win situation for both parties.

There are unscrupulous people in all walks of life and they give people who operate in the most honest and professional manner a bad name.

Just make sure if you do go down this route, use someone who you can trust as there are a lot of instances where they just want the house on the cheap and kick you out after 6 months.