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Selling and renting back inherited property

selling and renting back an inherited property

Selling and renting back inherited property? Coping with the aftermath of a loss in the family, perhaps of a spouse, is a life-changing event. If you've recently suffered a bereavement we're sorry you find yourself here. Understandably, you may  be pre-occupied with family matters. One of these may involve your home.

If you find yourself on your own, or with a reduced income, you may be wondering whether you can continue to afford the upkeep and expense of running your home.

selling and renting back inherited property

Selling and renting back inherited property is simply one alternative for coping with what life throws at you.

What if there is no means in place to pay-off the mortgage? Or if you realise you have other uses for the capital tied up in your property? Selling and renting back inherited property can address these issues. It's one option that can allow you to remain in your home long term on affordable terms and free up capital in the process.  But it's not the only alternative.

selling and renting back inherited property

Some people feel they need a fresh start. They elect to downsize, selling up and moving to a smaller property. Others, perhaps you, simply don't want to move.

One other option that might be open to you is some form of equity release. But not everyone qualifies or gets the terms they feel they need under these schemes.  It doesn't suit everyone. Selling and renting back is a bit like that too. It's doesn't always produce the terms you'd like. Just like equity release it depends on your circumstances and expectations.

selling and renting back inherited property

Selling and renting back inherited property

Here's a brief run-down of how selling and renting back works. We'll assume the property in question is your current home.

The basic idea is that a third party will buy the property and rent it back to you on pre-agreed terms. When you sell a property on the open market it's expected that you'll move out. That's the norm. Deciding to sell an inherited property to rent it back allows you to sell your home and continue living in it, paying rent, after the sale concludes. It can be a beneficial option for people whose circumstances change dramatically.

selling and renting back inherited property

At the end of the day you may still decide to sell up. But at least if you find out a bit more about all your options you're in the best possible position to make the right decision for you.

More on how these schemes work

So what else does selling and renting back inherited property involve?  If you prefer, you can think of it as another way to release equity.  The price and rent are calculated in a way which takes the circumstances surrounding the sale and rent back into account. This will include how long you'd like the use of  the property, how much you can afford to pay in rent and the type of property itself.

However there are three major downsides. You won't achieve the full asking price for the property - what it would have sold for on the open market nor is the agreement likely to be "forever". And more often than not there will be a mortgage on the property which does introduce an element of risk.

selling and renting back inherited property

 

Other issues you ought to be aware of concern security and length of tenancy. You should be asked early on about the minimum length of agreement you're looking for. This is one of the most important pieces of information the rent back specialist requires to create an agreement for you.

selling and renting back inherited property

Selling and renting back inherited property may have important advantages for you. Top of the list is likely to be that you can remain in your property for the foreseeable future on an affordable basis. If you have lived in the property for many years, have a strong emotional attachment to it and the surrounding area, you may readily see the benefits.

To find out more about selling and renting back inherited property call us on 0800 043 0669. To make an initial enquiry online or use the form below. To simply read more about renting back property use the link below.

I am thinking of selling and renting back - tell me more
Please note that all fields followed by an asterisk must be filled in.
First Name*
Last Name*
E-mail Address*
Street Address*
City*
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Most convenient contact number(s)?*
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What is the estimated value of your property?*
What is the nature of your sell and rent back enquiry?*
A Short-term rental
B Long-term rental
C Buy-back
D Unsure
Is your property ex-local authority?*
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How quickly do you need to sell?*
Urgently - less than a month
Less than two months
Less than three months
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Reason for selling?*
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