Process

How the Process for Sale and Rent Back works

Once you have decided to sell and rent back your home, and this is the option for you, it is beneficial for you to understand how our entire sell and rent back process works. Please note that the entire process can be completed within 3-4 weeks, and we have taken the time to explain the process in detail below. Alternatively, contact us by phone or email and we will happy explain the process to you and answer any concerns you may have:

Contact Rent My House Back on 0800 5999 123 or 01245 225 642 or simply apply online.

What do you need to do?

1.  A representative will explain that you are speaking to a company which is an authorised sell and rent back provider. They will then discuss your requirements and any questions that you may have. You will also be asked what you think the realistic current market value is for your property. Based on this information we will provide you a guide as to what offer you are likely to receive for your property, this will typically be 30%-35% below the current market value.

2.  Basic details are then taken from you at this point to allow us to carry out our initial research to ascertain our view of the realistic market value of your property and the current market rent for your property.

3.  Once we have finalised our research we will advise you, over the telephone, of an indicative offer that we will be willing to pay for your property and what the rent is likely to be. The rent will always be set at a level equivalent to the ‘market rent’ of similar properties within your area.

4.  We will then provide you with an Initial Disclosure Document (confirming our status), a Pre-Sale Disclosure Document (which confirms the figures given to you verbally) and a Consumer Fact Sheet (explaining the facts about sale-and-rent-back schemes).

5.  If you would like to proceed further with the Sell and Rent Back process after reviewing the documentation detailed above, an appointment will be made where either your representative or a RICS (Royal Institute of Chartered Surveyors) Chartered Surveyor will meet you at your property.

6.  The appointment with your representative is to inspect the property and complete a fact find. This is to ensure that the sale and rent back agreement between you and our company is appropriate, affordable and complies with the FSA guidelines. This appointment will be at a time to suit you. We will also provide you with a further copy of the Consumer Fact Sheet, explain the contents, and discuss any questions you may have. We will then finalise our research to ensure that sell and rent back is a suitable product for you.

7.  If the survey was not carried out prior to the appointment with our representative, then a RICS survey is instructed at this point to finalise the market value and the market rent for the property.

8.  You will then be provided with copy of the Survey Report, a Stage 1 Pre-Offer Document, a draft copy of the Exchange Contract, a draft copy of the Tenancy Agreement and a further copy of the FSA Consumer Fact Sheet

9.  At this point there is a 14 day cooling-off period where we cannot contact you. This is to ensure that you are given sufficient time to consider the sale and rent back option, and to make sure you are entirely happy with our offer. However, should you have any questions, please contact us and we will endeavour to answer your questions.

10.  After the 14 day cooling-off period, you will be provided with a Stage 2 Offer Document, an Exchange Contract and a Tenancy Agreement for you to sign and return. Once we have received these documents, we can move forward to ensure that the sale and rent back agreement is completed within timescales to suit your personal situation.

Although this may seem like a long process, we are committed to our business and to treating our customers fairly. We feel that it is important to give our customers time to ensure that the decision to move forward with a sale and rent back agreement is not taken lightly and that you do not feel pressured into making one of the biggest decisions of your life.

You would normally find the entire process can be completed within 3-4 weeks as long as you provide us and your solicitor with all the information that will be required. There is really very little that you have to do during this process.

Please also remember that all Authorised Sale and Rent Back Providers must follow a similar process to the above – as set out in the FSA guidelines.

If you need a quick property sale and have no intention of renting the property back then please feel free to contact our quick property sale department, who will be able to give you a cash offer within 24 hours, and are able to complete within days should require it.

Also See:

Sell and rent back
Sell and rent back benefits
Sell and rent back buy back option
Sell and rent back companies
Sell and rent back regulation

Contact us or apply online for further information regarding sell and rent back process.