Companys that buy your house then rent it back to you.

nettied

Hi,
Does anyone have and experience with these companies that will buy your house and then rent them back to you?
I am considering doing this.. is it a good Idea? would be nice to hear your views guys.
Thanks
N

jobbingmusician

No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.

There are LOTS of stories of companies that do this, then after the first 6 months raise the rent, or find some other way to get you out. Don't do it!

Fred1_2

Where do you live? If in Wales, you'll soon have a new option, housing associations are being allowed to buy houses and rent them back to their previous owners. Those will be assured tenancies, not shorthold, and at reasonable rents.

I agree with jobbingmusician, don't touch those private firms, they are thieving bar stewards who should be first against the wall when the revolution comes.

clutton_2

there are not lots of firms who kick people out after 6 months - there are a lot of Stories about a few firms who do this.

sometimes a rent back scheme can be a good option, depending on what the stage of repossession a person is at - its got to be worth an enquiry or two

Dont use any firm that asks you for any fees or costs upfront

Zammo

I think these companies are wonderful. They are all run by kind hearted philanthropists whose only wish is to help struggling home owners and ensure they keep a roof over their heads.

Go for it. :money:

nettied

jobbingmusician wrote: »

No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.

There are LOTS of stories of companies that do this, then after the first 6 months raise the rent, or find some other way to get you out. Don't do it!

Sounds too good to be true, My neighbour is doing it, they are giving her 18k and her rent is going to be 450 a month, her mortgage at the moment is 550 she has been trying to sell but its just not shifting.

nettied

Fred1 wrote: »

Where do you live? If in Wales, you'll soon have a new option, housing associations are being allowed to buy houses and rent them back to their previous owners. Those will be assured tenancies, not shorthold, and at reasonable rents.

I agree with jobbingmusician, don't touch those private firms, they are thieving bar stewards who should be first against the wall when the revolution comes.

I am In wales Thatsounds a good option I have not come seen anything about that tho.
Thanks N

Fred1_2

18k ???????????????????????????????????????????????????????? I'll give her £19k and only charge her £250 pcm.

nettied

Fred1 wrote: »

18k ???????????????????????????????????????????????????????? I'll give her £19k and only charge her £250 pcm.

yeah i know she must be madits worth 137k but not sure how much mortgage she has.

PasturesNew

nettied wrote: »

Sounds too good to be true, My neighbour is doing it, they are giving her 18k and her rent is going to be 450 a month, her mortgage at the moment is 550 she has been trying to sell but its just not shifting.

Did you type that right?
Those numbers don't compute.

PasturesNew

What are you planning to achieve by selling and renting it back?
Why are you thinking this will meet your needs?