Selling/renting/repossesion ?

clutton_2

Jonno i have just reread this bit ""The house is a Council right to buy property still under the three year selling clause" - how near are you to the 3 year period end ? How much are the penalties for selling early ? Is there any way you could delay the sale to not pay penalties ?

if you are going to negotiate with these two below market offer companies play one off against the other - i assume neither knows who the other is - tell one that the other has offered you £5k more, but you would much rather sell to him, and if he could offer you £3k more you will be able to do a deal with him.

Jonno_Brakesman

Unfortunately not had it long enough.
It's jus t coming up to two years.
The 28 days I have to resolve it is one day after the two year period. So cutting it close.
But that date makes £9k difference to the council payback.
And that will make all the difference really.
The offer is £3k less than needed to pay off all mortgage and council.
But the longer it goes the more interest I'm paying the mortgage co. They are adding £15 per day.

Silvercar, not quite sure I understand your last line?

silvercar

They may make an offer to settle the debt at less than the full value to the debt company.

If the house is sold for less than the total value of all the debts, some of your creditors are not going to get paid in full. They may be persuaded to settle for a lower amount in order to get the money earlier and without hassle.

If you decide to sell to one of these quick-sale companies they could make an offer to a creditor to settle the debt for a lower amount. This would get around the 3k short problem.

clutton_2

if you sell via an estate agent/private sale and still owe money to the lender, you can try to negotiate the interest roll-up being stopped, by offering the lender a lower immediate settlement figure and paying it off via getting money from a free/low interest credit card - but you do have to be very organised to do this, making sure you change cards when the 0% rate comes to an end. i would rarely recommend this, but, for such a small sum, it is one way to consider.

Jonno_Brakesman

Thanks again.

I was going to ask if there would be any way of stopping the interest accruing all the time?
Is this possible or is it purely down to the mortgage company? If it is I doubt they'd be at all interested.
I can 'find' an amount of money to pay them something if this would persaude them. I have been offered something from a friend if it helps resolve it in the short term.

Do you think they would consider a lower total payment?
Not dealt with this sort of thing before so am totally naive about it all tbh.

I have had a few estate agents out and they valued the house at £95k, to sell at £90k for a quick sale. But that would still be 6-10 weeks at best which is too long. And doesn't offer the chance to stay here so would offset some benefitys due to al lthe moving costs etc.

Last oen for now.
If I rent back do I need a contract in writing to state what I pay and how long for?
I assume so.
If they offered a certain rent I assume I'd need paperwork to show that the agreed rent is for however long (they said a 6 or 12 month lease). I don;t want to agree a rent and the nhave them increase it a couple of months down the line.

Thanks.

silvercar

You'll get an assured shorthold tenancy for 6 or 12 months with rent fixed for that time.

Josie64

silvercar wrote:

There are a lot of sharks out there who are preying on you to get your house cheap. I think there are also a few good ones out there whose aim is to relieve you of your financial pressures. They are probably the ones who specialise in rent backs. You sell them your home and then rent it back from them.

do you have any names of companies who do this? as we will have to sell our house due to debt problems , ours is ex-council but we bought in 2001

silvercar

Josie64 wrote:

do you have any names of companies who do this? as we will have to sell our house due to debt problems , ours is ex-council but we bought in 2001

look on https://www.singingpig.co.uk on the BMV board (below market value). I have not had any dealings with any of them. It makes interesting reading and some of the poster clearly act in ways to benefit the sellers rather than rip them off. It does seem that you have to sell at 20% less than market value.

If you know you need to sell up, it would probably be better to put your house on the market at a reasonable price and get a quick sale.

crystal_clear

I dont know if this site will be of any use to you.
I took the link from another thread some months ago as the OP claimed to have sold his house to them Valued at 200k with the veiw to renting it from them with a set 210k buy back price fixed for 3 years i believe.
The OP swore by them for changing his life at desperate times and has since been in a position to buy the property back at the set price.

Dont know if this makes sense to you but i suppose it would be worth a look at the link and possible phone call.
http://www.selling-property-quick.com
http://www.selling-property-quick.com/four-easy-steps.html
try either link they are for the same company.

Hope they can be helpful for you
crystal

tiny1

Jonno,
I have sent you a pm.