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

Fred1_2

nettied wrote: »

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

http://news.bbc.co.uk/2/hi/uk_news/wales/7356513.stm

nettied

PasturesNew wrote: »

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

I posted this on another forum- Someone might help me here..
Can anyone give me advice on legal Aid and the standing charge on a property?
I own a house and i have 120k mortgage.House is worth 135-140k
I have a legal aid bill of 13k which would rise to 17.5k by the time of final hearing. Due to Children matters trying to protect my children from sexual abuse basically.
As i am a home owner i was told that the legal fees would attach to my property.
Now i am in a pickle because I have no Equity in my house if that happeneds.
Is there anything i can do?
If I sold the house and rented it back from a company I would get my rent paid and council tax, but would i have to pay the legal bill?
I am on a very low wage,£452 a month I have 2 Children I get WFTC and CSA.
At the moment i cannot claim any housing Benifit or Council tax benifit because I own my propery and i will have to pay my legal fees back.
I came back to live here because my children wanted to come home, I am struggling with the mortgage and its interest only.My father has come on the mortgage with me but he does not give me any money towards the mortgage.
My Mortgage is £480 a month and my total income is £1200.

The figures are what she gave me over the garden fence I dont know how much equity my neighbour has but i dont think it is much.

Fred1_2

A year or so ago, when these adverts started appear in the local rags, I phoned one of them out of curiosity. They said they offered max 65% of surveyor's valuation. I'm afraid that my response was not repeatable here.

In the meantime, I've heard the stories of these outfits kicking people out of their homes after 6 months. I really would avoid them at all costs.

nettied

Fred1 wrote: »

http://news.bbc.co.uk/2/hi/uk_news/wales/7356513.stm

Thank you that link has really opened my eyes,

Nomad25

There are quite a few threads on the Silver Surfers board about this [equity release] even if you are not a SS. Also 2 advisory organisations to try that give you good impartial info:

www.ship-ltd.org
www.helptheaged.org.uk

sorry haven't learnt to do links yet.