Looking to Sell and Rent Back?
Why sell and rent back may not be suitable for you
and importantly how we can help
Background to Sell and Rent Back
Up until early 2011 the team at National Property Buyers were at the forefront of the Sell and Rent Back industry. As a result of treating customers fairly we had become a regulated member of the Financial Services Authority (FSA). As a result, we held specific permissions enabling us to carry on Sale and Rent Back business. We were without doubt leaders in helping to shape a safe way to help sell your house quickly and rent it back. We offered a way forward if you simply wanted to sell and rent back or more importantly, to avoid your house being reposessed. As a testament to our transparent working practices we even appeared on BBC television programme, Rip Off Britain. The programmed showed many unscrupulous firms but also enabled us to demonstrate how we did things properly.
In the years before the FSA regulated the Sale and Rent Back industry a number of unscrupulous companies unfortunately took advantage of homeowners. The largest false promise used at the time was the one that said sellers could stay on indefinitely after selling. All too often this promise was quickly broken as homeowners looked for ways to stop home repossession. The result was the rent was increased to such an extent that the seller could no longer afford to continue living in the property. This often led to rent arrears and misery. Ultimately this left the seller with the need to find a new home much quicker than previously promised by the Sell and Rent Back provider. This was the very reason why the FSA decided to regulate Sell and Rent Back business.
So what changed in 2011?
Along with many other Sell and Rent Back providers we found the FSA continued to strengthen the rules for homeowners searching for a way to rent back my property. Most of the changes were workable and indeed they helped everybody concerned. However, one rule that was introduced made it very difficult to help most people. This was the need for the seller to be able to demonstrate beyond doubt that they were both facing the need to stop repossession, avoiding their house being repossessed and that their lender was no longer willing to help them. In short, the homeowner had to prove there was no other choice but to look at selling and renting back their house. Ultimately, renting back your property had to be a course of last resort and you could no longer simply opt to sell your house and rent it back.
The net result of this one specific change meant that along with many Sale and Rent Back providers we were unable to complete a sufficient number of cases. This made the investment in maintaining our FSA authorisation unworkable and so we ceased offering a Sale and Rent Back product. Here you can find out more about how we helped many sell their home to rent it back.
You can find out a great deal morw about the in’s and out’s of Selling and renting back schemes on the money advice service website.
How we can help sell without Sell and Rent Back
We still hear from many people looking to sell their home and rent it back for different reasons. These include the need to release equity to enjoy life more or to fulfill a life-long ambition or dream. More pressing reasons include financial difficulties in keeping up with both mortgages and bills, the threat of repossession or eviction and divorce or separation to name just a few.
Whilst National Property Buyers unfortunately no longer operates a Sell and Rent Back product we are still able to help you with an alternative route to sell your house fast. However, this service will mean that you have to sell and vacate your property on completion of sale. Our team continues to ensure we are honest, open and fair with all of our customers. We buy any home without the need to sell and rent back.
We hope this page has helped to explain the background to Sale and Rent Back and how this product may not be suitable or indeed your best course of action.
Want to find out more?
To get a Free, No-Obligation offer for your property simply enter your postcode at the the top of this page.
Alternatively, contact one of our team at National Property Buyers on 0115 740 1900.
What our customers say
“We wanted to drop a short line to say a big thank you to the team at National Property Buyers after such a smooth sale. Who would of believed that it was possible to sell a house in under four weeks”
Mr & Mrs Burton
“We realised that we didn’t have the time or money to refurbish a second property and you helped by buying our house from us fast. We just wanted to say a quick thank you and for helping us buying our property”
Mr & Mrs Brewin
“National Property Buyers were very easy to deal with enabling me to sell my house in a fraction of the time it would have taken via an estate agent. There were no upfront fees and all of my legal costs were paid”