Selling and renting back your own property is a popular and imminent trend in UK. Countless people find it very helpful in generating some fast cash to overcome financial crisis. Selling and renting back your own property is a wonderful option that allows you to release the equity in your house without remortgaging or moving from your dwelling place.
While selling and renting back your own property, an agreement is to be signed that states that you have sold the property to a company or an individual and the same company or individual is renting the property back to you at the end of the sale. The best part of selling and renting back your own property is that there is no need for you to move out of the house during the entire process. This even helps in keeping the matter discrete and completely confidential without others knowing about the details of your financial jams. The monthly rent is worked out before you finally decide on selling and renting back your own property. In most of the cases this rent comes out to be cheaper than any mortgage monthly repayments.
Selling and renting back your own property is in fact a very vital decision and should not be taken under any pressure. You have full right to know and ask about the details of the entire process. Before finalizing the deal make sure to check the “Guaranteed Rental Period”. This allows you to stay in your own house for as long as you wish to be there. The rent that you agree to pay must be in accord with your paying capacity as the irregular monthly rent payments can make things difficult for you. In such case the owner can even ask you to leave your house.
In the process of selling and renting back your own property, it becomes important for you to be aware of the “Rent reviews”. You must have a proper understanding about the calculations associated with rent increases. To be on the safer side, make sure to get everything on papers. Everything should be written including the offer, the rent reviews, the tenancy length and details and of course the buy back option. In fact you must opt for a reputable and trustworthy rent back company as by selling and renting back your own property you may have a long-lasting relationship with this company.
Selling and renting back your own property helps you in dealing with financial uncertainties and mounting debts in a quick and easy way.