Is your home being threatened by repossession or do you have to sell the property to pay off a financial debt? It is possible to sell the property and rent it back to stop repossession and meet your financial obligations. This strategy allows you to continue living in your family home and actually with the proper documentation you may even be able to purchase it back once you have sorted out your financial issues.
Basic Information Regarding Sell and Rent Back Deal
Normally a professional company which is experienced in sell and rent back agreements will be able to line up for a buyer within 5 to 10 working days. This is possible if you have all your paperwork in place.
The reason why it takes such a short time is because professional companies that allow you to
stop repossession of the home are well known in the market and have ready buyers for such property. In the event that they do not have ready buyers and the property provides a lucrative investment opportunity then they purchase it themselves.
Since the sale and rent back agreement is a cash deal the amount due towards the seller is transferred into their account as soon as the paperwork is completed and lawyers acknowledge that the sale agreement is completed. It is possible to collect a banker's check or have the funds transferred directly into your bank account.
There are usually no costs involved on the side of the seller and it is the duty of the broker to pay all the solicitors fees and surveying charges.
Renting a House versus Owning One
The basic rental value of your home will be decided according to the prevalent rent in your area. However, the value of your rent or lease also depend on the duration that you rent the house for. The minimum term required for entering the rental agreement is six months and of course if you want to rent back the house you have sold the company should allow you to live there on a long-term basis.
Apart from the monthly agreed rent you will be responsible for paying water, gas and electricity bills as well as the tax levied by the local council. If you wish to install any telephone unit in your house it will be at your own cost and discretion. These terms are standardized across the board and applicable on any rental property.
As you are no longer the legal owner of the title to the house, you will not have to bear the cost for any structural and emergency repairs to the home once it is sold. However as a tenant you will be responsible for maintaining the property in accurate and good condition.
If the signatory of the lease dies before the lease expires then the family can continue to live in the property. However, a new lease must be signed by the one who will be responsible for its future rental payments.
Stop repossession and
sell house quickly with expert real estate brokers at croftpropertyholdings.co.uk. The company is a family run business that provides help to home owners on ethical and just grounds.
