Selling your house and renting it back

If you’ve come to the decision that you need to sell your house, but want to still live in it as a tenant, then you are a similar situation to many people in the UK. It’s one of the toughest decisions that one can make. It’s also not one that most people would consider because of the thought that your home won’t belong to you even if you still live in it. In fact, there is a strong possibility that you may have to move some time in the future.

However, there are benefits to this and one of them is that you will have lower payments to work with each month. Your monthly rentals will be lower than your current mortgage payments and this will give you greater financial freedom and take you out of your present financial troubles.

There are places you can get advice from if you find yourself in this situation and one of the best is your local Citizens Bureau. They will give you help and advise you through the process and one of their experts will inform you of what to expect. You can visit their site to get more info from the knowledgebase and they can help you with debt and money management.

There are buy and rent back schemes that are governed by the Financial Conduct Authority (FCA) and their job is to ensure that all private sale and rent backs follow the rules. These schemes help you if you are struggling to pay your mortgage and schemes are sometimes known as buy back or sale and lease back.

A sell and lease back run by a private firm such as a company, broker or private individual allows you to sell it to them and then you can rent it back from them. You would normally sell your home to the private firm at a reduced price and significantly less in some cases.

However, you should be careful with any such schemes because they are different from mortgage rescue prevention type schemes which a few social housing providers might offer. Private schemes are risky and you need to understand exactly what you are signing to and how this may affect your housing situation in the future.

Find out how Abode Lets Property Management can help you with your sale and buy back. Please contact us on 01656 667606 to speak to one of our agents.