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

Mr_Spangle_Pants

I sent you a PM message.

Mr_Spangle_Pants

Triker wrote: »

Hi there, I was wondering how you got on. Good luck to you for the future. Did you manage to get your money back from your so called friend?

They are paying £300 per month

fc123

silvercar wrote: »

Is it a coincidence that Mr SP has the same initials as the website used by a lot of below-market value operators?

If this is genuine then it may be worth your while popping over to singingpig.co.uk and seeing how these guys operate.

Best advice if you do intend to sell and rent back is not to pay for a valuation. Anyone genuinely intending to buy your house will do their own valuation. The 6 months and homeless issue is a problem, most mortgage lenders will not allow ASTs longer than a year, so the buyer-landlord's hands are tied. "A quick sale" are the operators in this area with the most integrity, but the whole area is unregulated.

I just read the WHOLE thread!!! I hope Mr SP is real...and if he is...hope him and his wife are well...........but :lipsrseal something didn't seem quite right here.

pania

I understand that Mr SP has done what was right for him, but i would ask that this thread doesn't become a "wow i must do that too! what are the details" thread.
We don't yet know whether mr SP's experience will end a happy or sad one, a 5 year covenant means nothing unless it states clearly that mr SP will rights over the property until then. did mr SP seek any form of legal counsel regarding the covenant or just think that it looked like a kosher piece of paper and accepted it? we just don't know these details.

Sell and rent back or just to get a quick purchase is ALWAYS ALWAYS a completely last resort. Please don't read Mr SP's report of all being dandy and see it as the way forward yourselves.

Post a seperate thread, seek advice here, and if in 6 months time it still is your desperate last resort then enquire with extreme caution.

Not meaning to be miserly, Just don't want people to end up in an unhappy scenario, out of pocket and out of a home.

Thanks
P
xx

rayday2

Pania is right until the five years are up we have no idea if this was a success, I would say the first year is critical and sadly in the rental market even a six month short hold tenancy contract is breakable. We went on a training course about this when I worked at an estate agents, so please be careful.

If you set up your own post there could be options and avenues you alone have not thought of, several heads are better than one!

embarrassed_about_my_debt

Mr_Spangle_Pants wrote: »

They are paying £300 per month

How did you manage to persuade them? Sorry just being nosey as you said last time you spoke to them the were very abusive.

pania

:wave: (waves to EAMD)

embarrassed_about_my_debt

:wave: Hi P!!! Hope your well!

rog2

Hi mr S_P - I have no wish, or intention, of slating you.

The fact that your decision would not have been my decision, in your circumstances, is niether here nor there and I sincerely hope that you have made the right decision and that it works out for you and your family.

Mr_Spangle_Pants

embarrassed_about_my_debt wrote: »

How did you manage to persuade them? Sorry just being nosey as you said last time you spoke to them the were very abusive.

After reading the forums on here I wrote to them and said I would send them both bankrupt, the next day they had deposited £300, I said if they missed a single payment I would do it. Money lost me a mate.