sell my house to rent it back?

globalds

emmaroids wrote: »

thats what i thought (maybe my mums friend doesn't know whats going to happen in a few months)

this house up the road would be ideal as i can stay in this area and my kids don't have to change schools.
i shall speak to whitegates tomorrow.

maybe if they was to sell my house and let me move in to the rented one with the understanding that when my house sells they get all the rent thats due??

does that sound like something they could do?

Why do you need to move out of your house before it is sold ...Regardless of what you do .Paying for 2 houses will cost more than 1.
The main problem with your reasoning is the failure to recognise that whoever you involve in the process will want to make some kind of return .
You sound like you want to keep your cake and eat it too...
My concern is that if you look around you will find someone who tells you what you want to hear ....You will then find at a later time the true cost will be much higher ...
My advice ..Tread very carefully ..The property market is being buffeted from all directions ...Nobody can offer you any gaurantees.

emmaroids

globalds wrote: »

Why do you need to move out of your house before it is sold ...Regardless of what you do .Paying for 2 houses will cost more than 1.
The main problem with your reasoning is the failure to recognise that whoever you involve in the process will want to make some kind of return .
You sound like you want to keep your cake and eat it too...
My concern is that if you look around you will find someone who tells you what you want to hear ....You will then find at a later time the true cost will be much higher ...
My advice ..Tread very carefully ..The property market is being buffeted from all directions ...Nobody can offer you any gaurantees.

i appreciate your views :money:
i guess im been slightly greedy but is anything wrong with wanting all my debts cleared and if i have to sell my house to do so then hey.
we should really tighten our belts and carry on living here but when i saw that house come up for rent my brain started working overtime lol.

hence why i made this thread and all opinions on it are taken on board :money:

i am not gonna rush into anything.

Dithering_Dad

If I were you, I would post your SOA in the Debt Free Wannabe board and let those guys see where you can make some savings. I would also get in touch with the CCCS (or other debt charity - again, the good people of DFW will point you in the right direction).

With 2 kids, you need to start having a longer term view of the future. If you sell your house to these "Sell to let" people, you WILL get 70% of value (will this still cover your debts?) and you WILL only get an assured tenancy of 6 months.

Trading a stable home for you and your kids and some debts for rented accomodation, a new car and no debts is a pretty poor deal.

If you really are in a state with your finances, you could look at going bankrupt - in many cases you get to keep your house (especially if there is zero or negative equity) and write off your debts.

emmaroids

Dithering_Dad wrote: »

If you really are in a state with your finances, you could look at going bankrupt - in many cases you get to keep your house (especially if there is zero or negative equity) and write off your debts.

im on a DMP with the CCCS, and i assumed if you went bankrupt you lose everything in order to pay off everything??

and forgive my naivety but what do you mean by zero or negative equity?

Conor_3

It means that when the house is sold, there's either no money left over (zero) or what it sells for doesn't cover the mortgage outstanding on it (negative).

margaretclare

There is nothing at all wrong with wanting to clear your debts. There are really few ways of clearing your debts and these usually involve spending less and/or earning more.

I haven't heard anything good about the idea of selling your own house and paying rent for the privilege of living in it. You're going to be at someone else's mercy and I can't believe these organisations have your or your children's best interests at heart.

Negative equity means owing more than the property is worth. Anyone of us who lived through the 1990s knows all about that.

Margaret

GavB79

If you have a repayment mortgage, it's got to be worth sticking where you are. Ok you may not save £100 a month but every payment is bringing you closer to owning that house without any mortgage on it. With rent money you never get that money back. What will that new car be worth in ten years? Nothing. The house will have gone up in value!

annettetabs

NO don't do it using these companies advertising on the tv.

We got round this by my Dad buying our house for the correct price - he borrowed a bit more and paid off our debts for £25,000 and we now rent the house from him instead.

emmaroids

Conor wrote: »

It means that when the house is sold, there's either no money left over (zero) or what it sells for doesn't cover the mortgage outstanding on it (negative).

ok so i know my house is worth more than i owe.
so does that mean i could go bankrupt and still live here and all my debts would be cleared except the mortgage?
sorry for sounding thick but i cant get my head around this

Biffa

If you go bankrupt, you will more likely than not lose the lot - debt and house. You will not be able to get credit again while your bankrupt and it stays on your credit file for 6 years, so getting any type of credit during that time will be difficult and expensive. Been there, done that - didn't bother buying the t-shirt.

Like Dithering Dad has suggested, post your SOA on the debt-free wannabe board.

It sounds like you want to wipe out your debt overnight and keep the house. If you're already on a DMP then I would stick with it, but there are always other ways that you can cut back on your spending. Take a look at the old style board for some more ideas.