Articles - What is sell and rent back?
As repossession
becomes more and more of a worry for thousands of
people, sell
and rent back is coming more to the fore as a possible solution.
But what exactly is sell and rent back
all about, and how
can it help stop
repossession?
A company will arrange to buy and rent back your property.
This is a solution ideally suited to those who want to sell their
house, flat or other property to repay the mortgage and any debts, stop
repossession
and then rent the property back.
The
property will be rented back to you under a tenancy agreement, if
required this can be for one year or on-going if you agree with the
managing agent. Every case is individual, some people will only want
to rent for the short to medium term, possibly with the view to
taking on a mortgage at a later date.
Companies will rent the property back to you at a fair market rate and sometimes below market rates depending on the individual situation. In some cases they can even offer a rent back option with a short period of zero or reduced rent. Each person’s situation is different, so the objective is to find a solution tailored to your specific needs and circumstances.
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