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Renting my own house back
jillemily
Posts: 2 Newbie
Hi
Does anyone have any advice or experience in selling your house and renting it back?
My parents are considering this idea to clear debts but want to get all the facts about it first, so any advice would be much appreciated.
Thanks
Jill
Does anyone have any advice or experience in selling your house and renting it back?
My parents are considering this idea to clear debts but want to get all the facts about it first, so any advice would be much appreciated.Thanks
Jill
0
Comments
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Generally speaking, a big NO NO.
Given that any company who purchase their house will do so for approx. 70% of market value, and then put your parents on a 6-month AST, with the possibility that they could be kicked out after that!In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Generally speaking, a big NO NO.
Given that any company who purchase their house will do so for approx. 70% of market value, and then put your parents on a 6-month AST, with the possibility that they could be kicked out after that!
Or if not kicked out the escalating rent level trick, rents increase 15%+ after the initial contract or two until they decide to leave.... or the company mortgages the property, takes the rent but doesn't pay the mortgage and then 'liquidates' leaving the real owner the bank to reposses and kick the tenants out...
run away.... run away very fast....0 -
Generally speaking, a big NO NO.
Given that any company who purchase their house will do so for approx. 70% of market value, and then put your parents on a 6-month AST, with the possibility that they could be kicked out after that!
That pretty much sums up what could happen.
There have been previous threads on here on the same subject with widely varying opinions of these companies (although mostly negative to some degree). You might do well to search for these threads or perhaps someone else will highlight some for you.
Overall it is unlikely to be the best way out of your parents difficulties.0 -
Agree with the above.
In general (and not knowing your parents situation this is all we can go on) just about anything is better than this solution.0
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