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

PasturesNew

A programme on BBC Wales last night mentioned these. Said don't sell to this type of company.

They suggested that some Housing Associations might buy it from you and then you'd have security of being able to stay there long-term (aka: forever). Whereas these private companies will probably have you out in 6-12 months, or hike the rent so high you leave.

These companies will:
1] offer you 20-30% off the market value
2] offer you short tenancy agreements
3] can (and probably will) go bankrupt and sell the house/debt on and you'd be out on your ear
4] are completely unregulated - so they make the rules up and can charge you all sorts or do what they like in the future

Post your SOA ..... might be a way to save the day still??

Mr_Spangle_Pants

Toto wrote: »

I give up

Please just take the time to re-read this thread before you sign anything.

Sorry Toto, I wont sign anything until I have done my research, don,t give up on me please. Its not something I can discuss with my friends.

barnaby-bear

Mr_Spangle_Pants wrote: »

Barnaby has summed me up, I do get focused and can be quite stubborn, I have visited many websites of these companies, they have testimonials that look very credible, what does concern me is that they are based all over the country, what if I have a problem with my plumbing? Or anything else in the house? Do I need a local company? HELP.

What do you do as a job? Can you trasfer those skills, teach them at a local college/tech? Do you work in an industry where you can do something less physical, answer help desk queries for customers?
What is the full financial picture? SoA please? How much extra do you need.

Nobody has anything good to say about these schemes, and from a bunch of debtors who know every get out and easy fix in the book and have probably been there and done the wrong thing several times over - getting the idea?

Think about the bigger picture there maybe a totally different solution.

In_Search_Of_Me

HUGE hugs for you! I know that awful gut wrenching desperaton, flt it myself oly last week but following advice I looked for alternatives & discovered that I could get a better mrtgage deal. Now I dont get to sell & go live with my mum, how cool is that...and how chuffed is she! The reason you havent heard positives is because these organisations come under the "if it's too good to be true, it probably is" category! Try & take a step back & think logically, which I know is SO hard whe you feel panicked but it is important that you do. Would you rather come to a well thought out & planned solution now or live the next year panicking? Ultimately thats what it will boil down to I think. PLEASE, please stop & investgate ALL the options. Is your poor health likely to continue or do you think it will improve? Have you tried interest oly route temporaily as an option? Ring CCCS and get some informed advice; see if you could sell (if you had to) at a lwer rate & therefore more quickly; reclaim PPI and look at ways to earn - ie can your wife work? This is a joint problem & I am sure she would want it to be a joint solution that both of you wont regret?
I'm sorry things feel so bleak for you at the moment & I know from experience that this i a mare but DO use the experience that people have on here. Unlike the companies you mention we have nothing to gain do we? We have simply seen someone in need & want to help! As OP said you need to get hold of the person you leant money to & get it back, personally I would threaten court action myself! They owe the money & you actually MUST have it back! That would pay your mortgage for months I suspect & get you over this bad patch? This is not the time for pride & stubborness; seriously, is it eh? Swallow both sentiments and move forward positively & find a soution...you can do it! Honest! PLEEEEEASE dont do anything rash that you WILL, pertty much 100% guaranteed regret...and dont even get me onto ocean finance! Have nearly damaged my TV when I throw things at it when the advert somes on & can ill afford a new one!!
Sorry...not trying to be harsh & this is sent in the spirit of empathy & DFW love...but please ...DONT DO IT!!!

Toto

Mr spangle, I'll sit here all day and night with you helping you to sort things out, honestly I will. In return all I ask is that you listen to what is being said and examine all options, even if it doesn't seem as if you have any. You do have options, we can see them, partly because lots of us have lived it and come out of the other side, have seen lots of people come and go in these situations, but most importantly are on the outside, we don't feel desperate so we can see the wood for the trees.

How about a deal, you take the blinkers off for 1 week, post your SOA, let us offer all the advice we can, you listen to what we have to say, think about it and even act on a few things. If at the end of that week you still think one of these [STRIKE]pond life scumbag[/STRIKE] buy your house companies are still the best option then you can put your blinkers back on and go with it.

In_Search_Of_Me

ps apologies for horrendous typos - been up since 5am & shattered!

Old_No.7

Hi Mr Spangle Pants, I really feel for you! I'm just thinking (and I think someone else suggested this as well) if you can't try to find a landlord who wants an easy life: don't go to the big companies as they are not trustworthy, but maybe ask around some of your friends or neighbours who are tenants if their landlord is any good, and if he/she is, then call them and see if they would be interested in investing in your place: perfect tenants in place, houseproud partner, will continue upkeep of house as if still my own etc, guaranteed hassle free income for donkeys years. They might go for it. No harm in trying, is there? I am a landlady myself and would kill for a tenant like you!

But if you haven't rented for a while you might not remember how uncertain life is as a tenant. You can get chucked out with almost no notice, and you might not have much freedom to make changes to the house (should you want to): in my renting days, I've had to sign contracts where I wasn't even allowed to use BlueTac (sp?) on the walls, let along use nails! It's not your house anymore once it's sold, and it won't feel the same.

Do talk to your friends though, that's what they're there for!! It will help much more than us listening to you virtually. It'll be hard, but you'd want to be there for them if they were in the same position, I'm sure: do give them a chance to be there for you too.

Good luck with it all, tomorrow things might not look half so bad.

cat4772

Mr Spangle-pants,

What a horrid situation. Please do not sign away your home to these blood-sucking barstewards - you will live to regret it.

As soon as you sign a piece of paper your HOME would no longer be your HOUSE (someone elses house would be your home for as long as THEY are happy with the situation).

At the end of the day, you'll make the decision that you WANT to make; I just hope that you are not relying on MSE to validate your decision to take this course of action despite/in spite of the words of caution and woe!

Talk to everyone, solicitors, CAB etc BEFORE you make a final decision please?

Cat.x
.

Jacks_xxx

:wave: Massive sympathy honey.

What a nightmarish situation to be in. I understand why these companies seem like the best solution when you're feeling this desperate.

My friend Kim got beyond desperate and sold her home to one of these companies rather than wait to be repossessed.

Her home was on the market before the six months tenancy she was guaranteed was even up. :mad:

She and her three kids lived there for pretty much exactly 8 months after she signed the paperwork.

And then the new people moved in.

This is not a way to avoid leaving your home hon. As soon as they can make a good profit after the initial six months is up they will sell it from under you.

It's what they do.

I don't know your full situation honey but can you take in a lodger, work on a till at the petrol station, get a driving job, get a decent estate agent to do a valuation and price the house to sell quickly?

Anything rather than this.

Love Jacks xxx

sammy115

The reason no one has recommended a reputable company is because there isn't one out there!

Barnaby bear is right, IA has paid off enough to cover a mortgage over the last year, focus your attention in the right direction and you WILL get through this.