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.
By Thomas Clement
about the author
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 http://www.you-stay.co.uk
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