A sell house and rent back could be an ideal solution in the following situations:
- Financial difficulty: Those who are finding it hard to keep up the mortgage payments due to reasons outside their control like job loss, health reasons, high interest rate, death, and debts. You do not have to lose your house if you cannot keep up the mortgage payments. The rent back company will offer you a cash price to purchase your property and you can carry on living in it as tenant until you decide to move on.
- Divorce: Separation is a stressful and painful process to go through. Quite often one party would wish to stay in the house due to an emotional attachment or to reduce the inconvenience this causes to other family members. A sell house and rent back might be ideal in these scenarios.
- Emigration: There are enough things to worry about when planning to emigrate. Selling your home at the last minute, and not knowing when it will sell or if the chain will break, can add a stress factor to the planning. The rent back company are happy to buy the property quickly within 4 weeks and allow you to stay in it as a tenant until the time comes when you are ready to go.
- Equity Release: Sell house and rent back could also be a good alternative to an Equity Release Scheme. Some people might want to release their equity for future plans such as starting a business overseas with the aim of moving there, or being free to emigrate anytime to anywhere. In such cases, not having to wait for months to sell your house and risk broken chains could be an attractive option.