FAQ
1. Who is actually buying my home? We know that there are companies that can enter into, administer, advise on, or arrange sale and rent back agreements. At Rent My House Back, we will provide you with all the information to ensure you make your own decision. We will then buy the property and manage your tenancy throughout.
2. How long is the sell and rent back process? As we are the direct purchasers and there is no middleman to intervene, an average sell and rent back purchase takes approximately 4 weeks to complete. However, everyone’s needs are different, so please contact us to discuss your requirements. If you require a faster completion date, we can discuss your requirements.
3. Can you deal with my mortgage lender? If you are in arrears with your mortgage payments or have received notification that your house is going to be repossessed, we strongly advise that you contact us as soon as possible. As we are an FSA regulated company, we can, with your consent, contact your mortgage lender to ensure that they give you additional time to consider the sell and rent back agreement.
4. Will I have to pay solicitors costs or legal fees and are there any fees attached to your service? Rent My House Back will pay all solicitors costs and legal fees in relation to the purchase of your property if you choose an independent solicitor from our preferred panel. Alternatively, if you decide to use a solicitor of your own choice, we will happily pay a contribution of up to £500 towards the above fees. Just to confirm, Rent My House Back do not charge any fees, charges or administration costs whatsoever.
5. How much rent will I pay? Rent My House Back will set a fair, current market value rent, after thoroughly researching the rental market in your area. The actual rent will be determined once an independent surveyor has visited your property.
6. What costs will I need to pay as a tenant? Aside from your monthly rent, you will be responsible for the standard utilities such as gas, electricity, water, telephone and council tax. You will be pleased to know that upon completion it will be our financial responsibility to pay buildings insurance and, in the case of leasehold properties, ground rent and service charges. We will also be responsible for the maintenance of your property.
7. How long can I rent my home for? Your sale and rent back agreement gives you the security that you can stay in your home for 5 years, as long as you abide by the terms and conditions of the tenancy agreement. Subject to your requirements and at our discretion, you may be able to stay in your home for a longer period.
8. What price will you pay for my house? Every offer will vary and is depend upon a variety of factors, such as location and condition of property. If you enter into a sale and rent back agreement you are unlikely to get the market value of your home and, as a tenant, may only be able to remain there for a limited period. There may be other options available. Please ask for a key terms statement.
9. Can I buy my house back if my circumstances change? Throughout the sale and rent back agreement, Rent My House Back welcomes you to purchase your home back at any time, should you wish to do so. We will also provide you with a 5% deposit to help you with the Buy Back Option.
10. What sort of property do you buy? We will consider property in any condition, within England and Wales.