Long term illness - selling and renting back property. Sadly, chronic illness is indiscriminate
and its consequences are felt by most of us at one time or another. Just when you need to be focused on yourself
or your family who needs accommodation or money worries?
Illness also brings priorities into sharp
focus. And traumatic although it is, it doesn't have to mean losing your
Even if you can cope with your monthly outgoings,
you may feel there are better uses for the cash locked in your property.
If you or a family member has a chronic condition or long term illness,
selling and renting back your property can let you simply enjoy your money, pay
for additional care, compensate for loss of income or pay for any
special adaptations to your home. And if you already have invested in having
your home adapted why would you want to move elsewhere?
Going by the experiences of our clients
managing around a long term illness, selling and renting back your
property can help if you are:
- caring part time for a family member
who may or may not have been contributing to household income
- temporarily left with no income
or reduced means while one family member retrains
- facing the prospect of a
situation where one family member has to stop work on a permanent basis
- coping with a family member reverting to reduced
- struggling to catch up after an
enforced absence from work.
A chronic illness or condition can
leave you working reduced hours or prevent you working altogether or
simply mean that household income is dramatically reduced. This doesn't
have to put pressure on family finances but in some instances it does.
Managing the consequences of a chronic condition or long term illness
by selling and renting back your property can allow you to remain in
your home long term.
If you have always done your budgeting
on the basis of having two incomes it can come as something of a shock
having to cope with just one. When long term illness strikes selling and
renting back your property might also help you cope if you have to reduce your hours
at work, or stop working for a while.
Homeowners in these situations will
typically have a number of options open to them to help them make any
adjustments. Taking legal and financial advice will help you make the
best decision for you.
Managing the impact of long term
illness by selling and renting back your property may help you get life
back on an even keel. However
it's unlikely to be the only alternative open to you. For example moving
to a smaller property or a property on one level may make better sense after you take
everything into account. If you have sufficient equity to buy another
property outright this could be the best solution all round. You may
also be considering selling up and renting - this can work well in low
rent areas. Remortgaging may help short term but is likely to mean you face an increase in
If you are considering reorganising
your finances to help deal with long term
illness by selling and renting back your property we can help. Perhaps you
want to come
off the property ladder on a permanent basis? Or want a more
temporary solution which will reduce your outgoings and give you some
Managing the financial impact of a
chronic condition or long term illness
by selling renting back property has a number of benefits. You'll et a
cash lump sum to spend or save as you choose. You'll also get
your cash quickly - and you don't have the worry of wondering
whether your sale will fall through. And it helps you avoid the stresses
usually associated with finding somewhere else to live.
The rent you pay may well turn out to be less than your current
outgoings. If you need extra help we can even arrange a rent free
If you'd like to explore
how managing your finances through a chronic condition or long term illness
by selling and
renting back your property might work call 0800 043
0669 or simply complete the
online form below. You'll find us refreshingly
focused on your needs rather than your property.