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House selling help

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Hi.... bit of a random one here, but was just wondering if any of you have had experience with these companies who offer to buy your house from you and rent back etc ? Looking to sell up quite qu… Read More
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9y, 3m agoPosted 9 years, 3 months ago
Hi.... bit of a random one here, but was just wondering if any of you have had experience with these companies who offer to buy your house from you and rent back etc ?

Looking to sell up quite quickly and well it all sounds a bit too simple to be honest....... any advise / experience greatly appreciated.
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9y, 3m agoPosted 9 years, 3 months ago
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[admin]#1
We had a leaflet through our door when we were selling our last house- they charge you to come and survey your house and will offer a lot below market value. I wouldn't go with anything like that unless you were in a really desperate situation tbh- you're better off keeping hold of your house and keeping your foot on the property ladder. You won't have a mortgage forever and having as much equity in your house as possible is a great investment for the future :)
#2
yes I agree with the other guy. These people give what is looking like a great rent but then can double it after the first year. Then you have to get out as its uneconomic. Ofcourse if the give you a price that is acceptable to you (I doubt they will) then its up to you but dont believe the low rent.
#3
You would only take up such an offer if you had custard between your ears!
#4
mmmmmm custard!
#5
Predikuesi
You would only take up such an offer if you had custard between your ears!


Well that's what I figured, but wondered what anyone who had actually had experience of this had got on.
1 Like #6
There's been good coverage of this over the months on the TV, so there must be something on the web about it - basically, the company offers you below-market price for your house, & you will find (after a year) that there's a clause buried away in the small print that will allow them to kick you out after a year if they want to, or start charging you exorbitant rent.

Not saying they are all bad, but I wouldn't trust ANY of them.
1 Like #7
Yeah, the y seem to offer you a bad price as they figure youre desperate and then, sometimes sell the house for a large profit and put you out.

Depending on your circumstances (consult a reputable mortgage adviser), why don't you consider converting to a 'let to buy' and then buy another home (you might be able to raise the deposit for your new home from your equity). Then let your original house out and the tenant hopefully will give you enough to pay the mortgage. Then you will have a self financing 'let to buy' and a f'amily home'
or
Speak to a good mortgage adviser and you could perhaps get a lender to lend you on another house without selling your existing house both on 'interest only' basis to make it affordable whilst you still try to sell your existing house.

Depends on circumstances but I helped a guy do just that recently. He was selling for £1m and buying for £1.1M and lender facilitated once the deal was explained to them.:thumbsup:
#8
michaelmakro
Yeah, the y seem to offer you a bad price as they figure youre desperate and then, sometimes sell the house for a large profit and put you out.

Depending on your circumstances (consult a reputable mortgage adviser), why don't you consider converting to a 'let to buy' and then buy another home (you might be able to raise the deposit for your new home from your equity). Then let your original house out and the tenant hopefully will give you enough to pay the mortgage. Then you will have a self financing 'let to buy' and a f'amily home'
or
Speak to a good mortgage adviser and you could perhaps get a lender to lend you on another house without selling your existing house both on 'interest only' basis to make it affordable whilst you still try to sell your existing house.

Depends on circumstances but I helped a guy do just that recently. He was selling for £1m and buying for £1.1M and lender facilitated once the deal was explained to them.:thumbsup:


Not in a desperate hurry to sell, it's just more the fact that I split with my partner and want to sorting all that kind of thing out ASAP - Thanks for the good advice, will look into it!
#9
*Chuckles*;1529471
Not in a desperate hurry to sell, it's just more the fact that I split with my partner and want to sorting all that kind of thing out ASAP - Thanks for the good advice, will look into it!


In that case, if you or your ex can afford it, re-mortgage and borrow the extra amount to buy partner out eg property has mortgage £200k - value £300K, can afford £250K mortgage (interest only cheaper mortgage for short time until you get on your financial feet) so borrow £250k and give 50K extra to partner . Quick and easy and can give you time to decide what you want to do.
#10
well with the rumours the house market is gonna crash I would sell and buy back in a year or two - lets face it house prices can't possibly get any higher - mine has doubled+ in 5 years

Now I'm off to austalia to live - got our visa' last week after 3 years of paperwork
#11
Which area are you in?
#12
caz1cool
Which area are you in?


In Glasgow, caz1cool.
1 Like #13
There was a news article recently that some of these companies were then remortgaging the properties, taking the cash and going bankrupt at which point your home gets repossesed, lose lose lose.
Try selling it first, if you market at a realistic price there are still buyers out there, in the grand scheme of things 1% or so to an agent is a drop in the ocean, give them a two week contract that will keep them on their toes......take a guess at what I do.
#14
Agent_Silver
There was a news article recently that some of these companies were then remortgaging the properties, taking the cash and going bankrupt at which point your home gets repossesed, lose lose lose.
Try selling it first, if you market at a realistic price there are still buyers out there, in the grand scheme of things 1% or so to an agent is a drop in the ocean, give them a two week contract that will keep them on their toes......take a guess at what I do.


:thumbsup:

Good advice........ Just gotta spruce the place up a wee bit first, but lots of stuff to think about..... thanks!

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