The Quick Property Sale

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What is Sale and Rent back?

This is basically when you (as the owner of a property) choose to sell their property to an investor or developer.  Once they has been completed you’ll sign a tenancy agreement (form of contract between landlord and seller) to rent the property back from the investor or developer.

What is the benefit of doing a Sale and rent back for the seller?

This is a common question asked by various sellers of property. As a homeowner, you are able to sell your home, but don’t need to move out. This means that you won’t need to hire a van to move your furniture, go through a detailed credit and reference check for a rental property. Your home remains yours, though; you won’t be the legal owner anymore. For an investor, this is a perfect situation. They don’t need to find new tenants for the property, or use a letting agent to find them one.

Why do people do it?

People do this for many different reasons.

1.       Some people just don’t want the worry and hassle of having a mortgage around their neck. The thought of falling behind and being evicted is too much to bear.

2.       Some have plans to travel the world and see far reaches of our beautiful planet, or even need to travel for work. With a tenancy agreement, they can give 2 months notice without the hassle of trying to sell their house on the open market.

3.       Unfortunately, there are some people that are having financial difficulties and simply require loans to be paid off and any arrears on their mortgage paid. They may have children attending schools nearby, family, friends etc. By selling their home and renting back, allows them the ability to keep their home and not disrupting their life too much.

Can I do it?

Yes. Well, if you’re the homeowner that is. Call us on 0800 043 6919 (24 hours a day) to further discuss your requirements. Or if you prefer us to email you our address is info@thequickpropertysale.com. We look forward to hearing from you.

Address: Suite 2, The Court Yard, 27 Norfolk Street, Peterborough, PE1 2NP

What is the benefit of doing a Sale and rent back for the property investor?

Buying a property this way for an investor is one of the best ways to purchase an investment property.

1.       If the investor is new to the business. Having a ready made tenant willing to stay long term and pay the rent is a dream com true.

2.       Generally, the tenant will treat the property with great care and respect. With this in mind, we can assume that the maintenance costs involved in managing the property are greatly reduced.

3.       For mortgage purposes the banks love the idea of a property that is already tenanted. This will allow the investor to obtain a buy-to-let mortgage easily.

How do I work out the value of my property?

This is really quite easy. You can either look through your local paper to see comparable properties, estate agent windows or simply give us a call. We’d be happy to give you an approximate value of your property.

How do I work out the rent on my property?

This is a lot easier since letting agents in your area can give you an approximate value over the phone. Just tell them you’re thinking of renting your house out and you’d like an estimate of the monthly rent you’re likely to achieve. As letting agents, we also get various calls like this daily from other landlords and property owners like you.

Ok, I like what you’ve got to say. What’s the next step……?

First of all, you’ll have to register your details with us on our WEBSITE and then either Charles or Des will give you a call back at a time convenient to you. Alternatively, call us free on 0800 043 6919 (24 hours a day). We look forward to hearing from you.

Please note that this factsheet should not be seen as advice. Potential sellers should speak with a solicitor if unsure of their legal situation.

Written by Charles Prah and Desmond Dreckett. (Property Investors)

Address: Suite 2, The Court Yard, 27 Norfolk Street,

Peterborough, PE1 2NP, t:0800 043 6919, f: 0870 851 8234,

e: info@thequickpropertysale.com, w: http://www.thequickpropertysale.com.

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