Thomas Clement is the Director of You Stay UK Ltd, the UK's Rent Back Specialists.
For more information and advice on how to Sell and Rent Back your home visit www.you-stay.co.uk.
Selling and Renting Back your home is an important decision that most people are forced to make under pressure. There are a few things you can do and questions you can ask to avoid making a mistake. These Top 10 Tips are a must read for anyone considering Selling and Renting Back their home.
Ask for (and make sure you get) a Guaranteed Rental Period that suits you. Make sure it is the intention of the Rent Back Company to keep you in your home as long as you want to stay there. If you want to stay long term/indefinitely make sure that there are no break clauses in the tenancy and that you always have the right to renew at the end of each period.
Make sure you have the Option to Buy Back your property in the future and understand how this will be calculated.
Can you Afford the Rent that is being offered? This is an important question to ask yourself when agreeing to a Sell and Rent Back offer. Remember if you don't keep up with your monthly rent payments you may be asked to leave your home.
Ask and make sure you understand how future Rent Reviews and Increases will be calculated. When are these to take place and what factors will changes in rent be based on?
Remember to Get Everything In Writing. The offer (purchase price and rental), the length of tenancy (and whether this can be renewed), all details of the tenancy (including rent reviews), the buy back option and anything else you agree to should be provided in writing.
Don't pay any Fees! You shouldn't have to pay anything when you Sell and Rent Back your home. Be especially wary of companies asking for an upfront "survey fee".
Choose a reputable Rent Back Company that you trust. Remember you will most likely have a long term relationship with this company, so it is important you like and trust them to do what they say.
Make sure you understand the Tenants Rights and Responsibilities as set out in the Tenancy Agreement. These are the things you will have to adhere to for the course of the tenancy.
Make sure you understand the Landlords Rights and Responsibilities as set out in the Tenancy Agreement. You need to be certain that the landlord will cover major works and repairs that are needed.
If in any doubt seek Independent Legal Advice. If you are unsure about any Sell and Rent Back agreements or documentation make sure you have it explained to you by an impartial third party before signing.
- Related Articles
- Related Q&A
- Sell and Rent Back Your Property - Ten Common Questions
- Avoid Tight Financial Problems Through a Sell and Rent Back Method
- Selling And Renting Back Your Home
- Sell and Rent Back your Home Through Looking 4 Quick House Sale
- Selling and Renting Back Your Home - Top 10 Tips
- 2 Reasons Why Selling and Renting Back May Not Work
- Selling and Renting Back Your Home - 10 Questions You Must Ask
- Sell and Rent Back – Saving Family Homes
Make Your Loan Modification Efforts Less Frustrating by Drafting in a Loan Modification Company
By: Kathleen Chester | 22/12/2009Loan modification services play a very important role in mitigating the foreclosure problems faced by many borrowers.
How to Convince Your Lender to Offer You Loan Modification as Per Your Repayment Capacity
By: Kathleen Chester | 22/12/2009Financial hardships can force you to default on your home mortgage repayment. Such missed payments have the potential to drive you out of your home.
Conservative Home Building Plans Today Researching Home Building Plans
By: Henry KH Fong | 22/12/2009There are several different styles of home building plans available on the Internet, Do-It-Yourself books/magazines, and through architects. Before you go and spend money and start to tackle on such a large product, consult with your local city or county ordinances about permits. Another good source of information would be a consultant. Be aware that there may be a fee for this service.
Basement Space – Residential and Commercial Property is in Demand Suddenly
By: Kamaldeep | 22/12/2009Basement space – residential and commercial property is in demand suddenly, but there are a number of things you should keep in mind before buying one
Ten Reasons to buy Mexico Real Estate in Year 2010
By: Tom Budniak | 22/12/2009Missed the Mexico Real Estate bus in the year 2009? Year 2010 is approaching fast. After a rollercoaster ride in 2009, what does the year 2010 holds for Mexico Real Estate...
Luxury residential homes and housing in India
By: Kamaldeep | 22/12/2009What exactly is luxury homes or luxury housing? Usually property developers now tend to label a project upwards of Rs.1 crore as a luxury project, whereas it can only be loosely defined as such.
Seven Hills, Georgia: Nothing Bewilders This Spot Whole Year Round
By: Jason Cantrantz | 22/12/2009For Georgians, nothing will ever beat Lake Arrowhead. It offers a Shangri-la of strictly outside recreation with a very clear setting All year through. Each and every season, Seven Hills, Georgia plies you a distinct beauty. It may be about the weather condition or the season, but to be exact,...
Why the Best Property Management San Diego Company Can Prevent Rental Voids
By: David Scott | 22/12/2009One of the biggest problems that you can face as a landlord is a property rental void. This is a situation when your properties are not earning due to lack of tenants. If you experience extended and constant rental voids, your business will suffer from lack of profits and you might not be able to sustain such losses over a long period. There are many factors why rental voids are happening. Property management San Diego services can help you to get out of this predicament.
Selling and Renting Back Your Home - 10 Questions You Must Ask
By: Thomas Clement | 02/06/2008 | Real EstateSelling and renting back your property is an important decision which is often made under stressful conditions. This article contains the 10 basic Questions you should ask before committing to a sale and rent back agreement.