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Rent back Scotland - FAQs for renting back in Scotland

Rent Back scotland

Rent back Scotland - what level offer will I get for my house?

Scots who are used to the "offers over" system can be shocked to discover they will not receive the full surveyed value of their property if they decide to leaseback in Scotland.

When we ask clients to consider that most requests to rent back in Scotland are long term arrangements - meaning the property can't be re-sold in the near future, the penny begins to drop. 

Not only do Scottish rent back experts offer a specialist service which is not available on the open market, but we're limited in the ways we can make money while you remain in your home.

rent back Scotland

In our case we don't apply fixed discounts when formulating our agreements. But we do have to consider how long you'd like to remain in your home and the level of rent you'd find manageable.

For renting back in Scotland it's useful to consider that the more we pay for your home as a percentage of the full surveyed value the higher the level of rent required to cover our costs.

Effectively you set the price when you give us an indication of the level of rent you'd find affordable.

Rent back Scotland - can I afford it?

We simply wouldn't enter into any agreement which wasn't affordable for the client. We'd be shooting ourselves in the foot for one thing because we want you stay long term.

If the figures allow, we will give you a number of rent back Scotland options to choose from. You pick the one that's right for you. Any leaseback in Scotland must be affordable and all our offers are guided by that.

rent back Scotland

Our aim is to find a solution that provides you with an affordable rent and allows us to to secure the property long term for you. We use market level rents as a benchmark only.

Rent back Scotland - how long can we stay?

Renting back in Scotland generally implies a long term arrangement. Most of our clients ask to stay for a period of between four and eight years - but can be longer. A common request is for families to stay until their children's education is complete.

rent back Scotland

After renting back in Scotland can I buy my property back ?

Yes. You can buy your property back at the full surveyed value minus a pre-agreed discount or we can fix a price today. The market value is determined by an independent RICS surveyor from one of the major Scottish firms - your choice of firm or ours.

We also recognise that deciding to rent back your home is a big decision. There is no rehearsal. We're happy to build a one year "cooling off" period into the agreement. Should you change your mind for any reason you can buy your property back at the same price we bought it from you - as long as you pay our costs.

rent back Scotland

How much rent will you charge?

The exact level of rent depends on the individual nature of  your circumstances. We try to set the level of rent below the going rate for the property but we also have to factor in our ability to make a "fair return".

Most of our Scottish clients want to reduce their monthly outgoings -  otherwise a rent back option wouldn't be attractive..

We aim to fix the level of rent for two years at a time. In any event we're happy to confirm there will be "no surprises" in the level of rent you're paying from year to year.

rent back Scotland

Are there any fees involved? Or other costs when renting back in Scotland?

No. We do not charge fees for any element of a rent back arrangement.

Once you become our tenant (client) we become responsible for the external maintenance of your property as well as the gas and electrical systems and repairs. Most clients ask to be allowed to do their own decorating.

All that we ask is you continue to insure the contents of the property as you would normally.

Is there any "small print"?

We run our business in a very open way.

The terms and conditions of our offer will be clearly spelt out in our proposal and information back.  Your prospective tenancy agreement will also be available before you decide to proceed. In fact, we make a proforma lease available to you at an early stage in our discussions. We also go one stage further and allow you to customise your agreement.

There are no "hidden" terms and conditions and no secrets.

rent back Scotland

How do we know we can stay?

All our tenancy agreements give you the right to automatically re-new them, as long as both parties (you, us) maintain our obligations under the lease.

Deciding to sell and leaseback your home in Scotland creates a situation of "mutual convenience". You want somewhere to stay and we'd like our financing costs covered by the rent.

Rent back Scotland - can I keep my pets?

If you're renting back in Scotland with us - yes of course. In our view a rent back arrangement should be flexible. Our scheme allows pets. Although many landlords have a "no pet" policy (dogs seem to be especially problematic), as animal lovers and pet owners ourselves we take a different view.  The majority of our clients own at least one pet.

Will it still feel like my own home?

We hope so.

We want you to feel that your property is as much your own home as possible. For this reason we don't insist on using letting agents to manage our rent back properties. Our trust based system relies on both parties keeping their end of the agreement. Just like you - we're selective. After all, hopefully  we'll be together for years to come.

However you will still be protected by a standard Short Assured Tenancy and covered by our Scottish property maintenance service which is based in Glasgow.

If you've got a question not covered here please ask us your rent back Scotland question using the form provided. Don't forget to include your name and phone number or email address. Alternatively call us on 0800 043 0669 or submit an enquiry form.

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