Sell to rent ADVICE

unluckytime

Hi,

We are considering to sell our house and rent it. Anybody knows any good company and how much do they pay?

Annisele

Sale and rent back is almost always a very bad idea - see this article from thisismoney for reasons.

The schemes mean that you'd sell your house for thousands of pounds less than it would be worth on the open market - somewhere around 60% of its true value. It would almost certainly be better to sell your house on the open market and then rent somewhere else.

Aspiring_Writer

Unluckytime....DON'T.

unluckytime

What about quick sale, not to rent it back, just sell it, if the house value is £320, how much is possible to get in quick sale?

rsykes2000

If the house value is 320K, I would expect the quick sale people to offer around 60 - 70% of that value, or 200 - 230K.

Henry_P_Chester

Don't use any of the companies offering this.

Sell your house on the open market and move out into a rental.

IMO it's a very good time to consider selling to rent. Interest rates will rising very soon and mortgage SVRs are already in the up.

unluckytime

Thank you for the advice, if the market value is about £310-£320, how to drop the price to sell it quick and not loose to much? £290? We bought the house in 2005 for £260 cash and we put £100k in the house (kitchen, batrooms, floors etc) is so sad to sell but can't pay over 2k mortgage every month anymore (unfortunately because of business issues we had to mortgage it 2 years ago) ...

surreybased

Hi,

I think it a difficult question to answer as it really depends on the area and your local market. In my area, houses in desirable areas were flying off the shelf and getting over asking prices however those maybe a couple of miles away are not selling.

Best is to get a few agents around - ask for price based on quick sale. Also can you do your own research, check out rightmove and and see what is selling.

Please dont consider sale and rent back - I don't think its a viable long term strategy for you.

Good Luck - I hope it works out for you

Henry_P_Chester

unluckytime wrote: »

Thank you for the advice, if the market value is about £310-£320, how to drop the price to sell it quick and not loose to much? £290? We bought the house in 2005 for £260 cash and we put £100k in the house (kitchen, batrooms, floors etc) is so sad to sell but can't pay over 2k mortgage every month anymore (unfortunately because of business issues we had to mortgage it 2 years ago) ...

Look on the land registry website to get previous sold prices in your road. Get a few valuations from agents but bare in mind they will normally slightly over value to help secure your buisness for themselves.
I would knock say 10K off the agents valuation and tell them you want a quick sale although don't seem desperate.