Sell and Rent Back FAQs
Q. Do I need a solicitor and who pays for all the costly legal fees?
A. Property Rescue arranges the solicitor and pays for all the associated fees involved with selling your home and renting it as a tenant. There are NO LEGAL FEES for you to pay and you won’t be left with a huge bill when your sale is complete. We explain everything to you in detail at the outset, but guarantee that there are NO HIDDEN CHARGES.
Q. How much does the valuation cost and do I pay a fee to you as the selling agent?
A. There is NO VALUATION FEE and NO AGENTS FEE when you sell and rent back through Property Rescue. The price we quote for your property is the amount you will receive, once your loans have been repaid.
Q. What sort of offer will you make for my property?
A. That will depend on the location, type and condition of your home. Our offer will be a percentage below the market value, but the price we offer is exactly what you will get once your mortgage and loans have been repaid – with no deductions! Think how much you would be likely to pay in estate agent, legal and mortgage fees if you were to sell your home privately (let alone the length of time that would take) and you will find Property Rescue’s offer to be very attractive.
Q. What if Property Rescue make me an offer and I decide not to go ahead with the Sell and Rent Back scheme?
A. That’s absolutely fine! Our offer is entirely without obligation.
Q. Do I need to go to meetings with my mortgage lender?
A. No. At Property Rescue we do everything on your behalf. All you need to do is to agree to proceed by signing the necessary paperwork.
Q. I’m in arrears on my mortgage. How long will it be before my lender starts to take action?
A. Each lender has its own policy concerning mortgage arrears but generally anything from two to six months non-payment can result in the possibility of losing your home. Always keep in touch with your lender and tell them if you are experiencing payment problems. If your financial situation is unlikely to resolve itself contact Property Rescue without delay so that you can explore the options before it’s too late.
Q. I’ve already got a repossession order on my house. Is it too late to Sell and Rent Back?
A. Even in these circumstances it is not too late to save your home. Property Rescue acts fast and will deal directly with your lender to put the court order on hold. But don’t delay – make contact with Property Rescue straightaway.
Q. I’ve got lots of other loans on credit cards. Can you help me sort those out too?
A. Yes. We can clear up to 80% of unsecured debts at the time your mortgage is paid off, leaving you with a genuine chance to make a fresh start with your finances.
Q. My financial situation is likely to improve when I’ve got promotion at work and I might be able to afford to pay a mortgage again then. What are my options?
A. Property Rescue will offer you the chance to enter a ‘buy back’ agreement. This gives you the option to purchase your property from us at date in the future and at a price that is fixed at the time of your sale. When that date arrives, you are free to decide not to proceed if you don’t want to and you can remain in your home as a tenant without incurring any penalties. If you decide to go ahead Property Rescue will allow you to buy back your home at the amount agreed, even if the market has risen.
Q. Will the rent I pay as a tenant be above the market rate?
A. The rent for your property is agreed in advance and is set at the current market value.
Q. Will I have a proper tenancy agreement.
A. Yes. Property Rescue will ask you to sign a legal agreement which confirms the terms of the tenancy and gives you certain important legal rights as a tenant.
Q. I don’t want anyone to know that I’ve sold my home and now rent it. Is that possible?
A. Yes. Property Rescue understand that many people want to complete the ‘sell and rent back’ process with total discretion. We don’t put up boards outside your home, nor do we send sales people to your door. You can rest assured that all our actions are done in the strictest confidence.
More Sell and Rent Back information
- Why sell and rent back?
- Why use Property rescue to sell and rent back?
- The sell and rent back process
- Sell and rent back Frequently asked questions
Contact us on 0800 1313 999, email info@propertyrescue.co.uk or complete an online enquiry form. Property Rescue is a UK Based Organisation dealing with only UK Properties.
