Selling your home and renting it back offers a financial release to homeowners desperate to, but unable to sell their property as repossession figures continue to rise.
Sell and rent back schemes appear to be a permanent fixture on the UK housing market as home ownership continues to pose more risks. The sell and rent back schemes offer a feasible alternative to repossession as more homeowners find themselves unable to climb out of financial dire straits. A sell and rent back scheme allows the homeowner to sell their home to a dedicated property rescue company who will offer up to three-quarters of the market value of the property. This releases much needed equity for those struggling with debts, as well as affording them the opportunity to rent back their own home from the property company, so they don't have to leave the family home.
Escape Property Pitfalls by Selling and Renting Back
Sell and rent back schemes are popular with families who don't want to leave their houses – whether it's because the children are at a specific school they want to stay in, they don't want to leave their neighbours or community, or because they have an emotional tie to the property – a sell and rent back scheme offers a temporary solution. Many people are turning to renting during the recession to sidestep the insecurities and pitfalls of the property market.
Sell and Rent Back Schemes Offer Way Out
And reports suggest that house sales are still falling. A survey by the Royal Institution of Chartered Surveyors reported that house sales hit their lowest level in November 2008 – the lowest since its surveys began in 1978 – and there are fears that it will get worse still. The fall in property sales means it's becoming impossible for people who need to sell their homes to find a buyer. And as the economic situation worsens, so does many people's debts. A sell and rent back scheme is one of the few options left when homeowners' financial backs are to the wall.
The Repossession Alternative
As well as falling house prices, the property market has ground to a virtual halt thanks to the reluctance of banks to lend money to new buyers. The market has been further seized by the rising unemployment figures as people are uneasy to borrow further with job insecurities looming. As sell and rent back scheme offers a way out for homeowners who want an alternative to the repossession risk.
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