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Selling your parents' property

selling your parents property

Selling your parents' property? Way back when, you may have helped your parents to buy their home. Perhaps it was a property they'd already lived in for thirty years or more. We know many people helped their parents out under the Government's Right to Buy Scheme.

Or perhaps you decided to help your parents move into a new property?  Whether you bought the property outright, chipped in or acted simply as a guarantor on the mortgage, the fact is you paid out cash or picked up a long-term financial obligation.

selling your parents property

But what happens when you need to sell your parents' house and they're still living in it? And want to continue living in it?

The problem is that over time, your circumstances change. Priorities shift. You may be moving abroad, need to buy another property yourself or simply need access to cash quickly or need to safeguard your parents' security if your own financial position becomes uncertain.

Selling your parents' property, particularly if they don't really want to move immediately, is awkward. What do you do for the best?

selling your parents property

Selling your parents' property due to unforeseen events probably leaves you with three or four options.

- sell the property to a commercial landlord on the open market

- sell the property to a "trusted" third party

- sell the property on the open market and re-house your parents

- consider a sell and rent back arrangement with a professional rent back specialist

selling your parents property

Commercial landlords are a hard-nosed bunch, and may not be able to provide your parents with any safeguards year to year as to their length of tenure. But you may well be able to achieve a better price for your property if you can sell on the open market.

Selling to a trusted third party such as a family friend has its appeal, but there are many ifs and buts involved when selling to a novice landlord. Never was the adage "blood is thicker than water" more true than when there is a large amount of cash involved.

selling your parents property

You may be tempted to re-house your parents. If you're selling your parents' property this is certainly a viable option but perhaps your parents least preferred outcome. Perhaps you can all agree that they will soon reach a stage in their life when their accommodation needs may change. For example, it might be that you're all agreed that they may be more comfortable in a smaller property or with single-level accommodation. However there is usually huge demand for property like this - there will be a queue. 

selling your parents property

What about a selling your parents' property on a rent back basis? One that gives your parents the automatic entitlement to renew the lease for the property for the full duration of the agreement? We commit to renewing leases for the full duration of the agreement as long as both parties fulfil their obligations under the lease.

In an arrangement of this type, it's not just the numbers that are important. We understand that your primary concern is your parents' security. Selling your parents' property to rent back can be the most practical solution if your parents are likely to want to continue living in the property for a fixed term.

selling your parents property

There are also a number of advantages to you. You can get access to the proceeds from the sale quickly. There's no prospect of the sale falling through nor will you find your sale stuck because of an issue with a property chain. But above all else your parents will have a secure tenancy on a manageable rent for the duration of the agreement.

To find out more about how it works call us on 0800 043 0669. Or to make an initial enquiry online or read more about renting back property use the link below.

Sell And Rent Back

Sell Your House Quick Help

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