I am going to sell my house and rent it back.

Mr_Spangle_Pants

I feel sad about writing this post, We have exhausted all our options, I am selling my house to a property firm and I am going to rent it back, if they will have us. If I don't I will lose it.
We have a secured loan (taken out to cover an RBS card, I know, I know, never ever turn unsecured into secured, it was before my fall) I can hear Martin nagging in my ear.:j
My health is becoming an issue, I am self employed and since suffering a fall I can no longer work full time.
Today I begin the search for a suitable and reliable company to help me out, we have looked at the average rental prices in our area and for our three bed semi £700 or thereabouts seems like the going rate, after selling and paying off my debts we should have £20,000 in the bank (redemption from hell), my wifes salary will cover the rent and we should be able to live without housing benefit for the next 5 years (fingers crossed) if any Moneysavingexperts can recommend a company I would gladly get them to make an offer. Because we have 3 dogs and 2 cats we have looked into renting privately but all the lanlords adverts say No Pets No Children No DSS, I have asked a letting agent if we can pay a premium to cover any damage by our pets but they all said no, surely if I am willing to pay more it will cover any damage? £$$%$£ LANDLORDS. I have heard some of these characters just get you to pay for a survey and then do a runner?
What am I doing? Can somebody lend me £100,000 ? (SURE!)

I am off to Google now, will keep you informed, any advice would be much appreciated

rayday2

I used to work in an estate agents and what you are saying is not unheard of. Some people used to sell up on a normal estate agents then offer 6 months in advance rent and landlords would snap there hands off.

Have you spoken to a debt charity, I would urge you to take independant advice before you do what you are planning to and while you still have options.

Please ring either CAB, National Debthelpline, CCCS or Payplan I am sure there are more options than you think!

CCCele

Be very careful. Once the deal is done, the landlord may let you live there for six months then kick you out.

Mr_Spangle_Pants

Streuth I didn't expect such a quick reply, we did go to our local CAB, they were very nice, I felt sorry for them! The office was run-down and scruffy they suggested it was not a good idea to do this but offered no other alternative. CCCS and Payplan can't help because I don't have any debt apart from the mortgage and the scured loan.
A mortgage broker tried to get me to commit mortgage fraud, said I should not mention my illness on the forms as I had not done my final accounts, I was not impressed but scared, he didn't get the mortgage work from me, and he was recommended!! He said nearly every mortgage application has a few white lies, shame really, what a mess, I could cry. I am crying.
Bloody ladder, one slip and your whole life implodes, I was helping someone out! I will keep you all informed at every step, I don't want to be thrown out.

Burlesque_Babe

I was about to say the same as CCCele. There was a programme a few days ago about a woman who sold her company to one these firms and she lost the house a few months later. The company went bust and all the houses in their portfolio were re-possessed. She ended up with no home.

Mr_Spangle_Pants

The house has been on the market for three months, one viewing. Everyone tells me it is the wrong time to sell.

lisaaa_2

Some housing companies say they will let you live there but only give you a short tenancy agreement, which they then terminate..

earwig

try again with the private renting we have two kids and have had pets and have no problem getting private homes to rent what you have to bear in mind is that at the moment rentals are high as house prices are but as house prices fall so dose the rent what you dont want to happen is if the housing market bottom out and the rent gose with it you are stuck paying over the odds on your property as you will be bound by the agrement you have signed

Toto

These companies are bottom feeders. They will get you to pay for a valuation, offer you around 30% less than the market value then rent it back with no security of tenancy longer than 6 months. Avoid this at all costs, there is always another way.

I honestly think if you want to go the house sale route you should sell via the usual channels. Could you not use the equity to buy something smaller maybe? Ok it's another mortgage but at least the secure loan is gone. If not keep looking for rental houses. I rent and I have 3 kids and 2 cats. I've been here 18 months nearly and can see us being here for a while yet. I just answered a private ad in my local paper, so keep a look out there too.

Mr_Spangle_Pants

lisaaa wrote: »

Some housing companies say they will let you live there but only give you a short tenancy agreement, which they then terminate..

That doesn't sound so good? How do they get away with it? How long does a tennentcy agreement last?

Worried now.

Toto

Mr_Spangle_Pants wrote: »

The house has been on the market for three months, one viewing. Everyone tells me it is the wrong time to sell.

Hop over to the house selling board and ask some advice on selling there. Stick up a rightmove link so people can have a look at the ad and give an honest opinion of what they see and why they wouldn't/would view