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

Rikki

This was mentioned on television this week. (Racks brains to think of program)


It ended in disaster for the lady concerned. The company she sold to passed it on to someone else and they never paid the mortgage. The home was reposessed by the bank and the the lady was then homeless. The home remains empty, has been vandalised and the lady is devostated.

Please if you consider this option be very careful and research the company fully. Dot the I's and cross all the T's.

Mr_Spangle_Pants

I am overwelmed, just had a small glass of white to calm me down, the Estate Agent was useless, must be 12 years old, including the spots, we have just had enough, if we can clear £20,000 from the sale we should be alright, we scour the locals everyweek, nothing has come up, surely somebody must be happy selling to these people, they are all over the TV now and all over the internet, I have found a couple of them in my local advertiser, to be honest you guys are beginning to put the fear of himself up me. ARE THEY THAT BAD?
HAS ANYONE SOLD AND RENTED BACK WITHOUT PROBLEMS?

Karmacat

This format of sale was mentioned on BBC Breakfast News this morning - hop over to their website and have a look. They buy it off you at 30% discount, the only tenancy you get is 6 months (assured shorthold) - and they are entitled to evict you after that. This particular situation was made even worse by the fact that the company went into administration, its creditors (the banks) took the house, and the lady is now in a council flat. Please go to the BBC website.

Best of luck.

Burlesque_Babe

I think the minimum tenancy is 6 months (thinking back to my student days) After that they don't have to renew it.......

Mr_Spangle_Pants

Thanks Karmacat, I am having trouble finding the BBC story, is six months normal for a tennentcy agrement?

Glass of wine nuber 2.

Karmacat

Yes, thats what Keren remembers too. I'll see if I can find it....

Mr_Spangle_Pants

Number 2 !

poppy_f1

there was a lady on gmtv this morning who done a scheme like this but then got evicted cos the company didnt keep up with the mortgage repayments
will still be on their site https://www.gm.tv

Toto

As we've said they will only give you around 70% of the property value, can you still clear all of your debts selling at that price? Remember, they are only everywhere in the papers and on telly because they pay to be. They can afford to with the profit they rake in. They couldn't care less if people are happy or not, all they care about is getting their next desperate soul to sign on the dotted line. I hate these people as much as I hate the likes of first plus and the rest of them.

Karmacat

Here's a link to an article I found - its a "sale and leaseback scheme". You're right that it isn't on the Beeb website, sorry, I never imagined it wouldn't be.

http://www.easier.com/view/Finance/Mortgages/News/article-145117.html

It finishes by describing people as being left "financially ruined and homeless". Very far from a solution.