How does Sell and Rent Back Scheme work?
To give you a clear idea of how the sell and rent back process works with DFB Housing Solutions please read the following information detailing the main stages and what happens at each stage.
Making an enquiry and putting together your sell and rent back solution
To enquire about sell to rent please contact us immediately. An adviser will discuss your enquiry with you, answer any questions and outline the terms of a potential offer, and complete an initial factfind. If you are happy with the terms of the offer then we will arrange for one of our advisers to visit you in your home when it is convenient for you. Prior to this meeting we will provide you with a range of documents that give information about DFB Housing Solutions, the FSA and about selling your house and renting it back. These documents will be reviewed and discussed with you during the visit to ensure you fully understand them.
The purpose of the visit is so that we can meet you and answer any questions that you have regarding sell and rent back and your options. We will work with you to tailor an offer based upon the level of debt that needs to be cleared, the amount of cash you require and the monthly rental payment that you can afford now and for the term of your tenancy. We may also be able to help you resolve any unsecured debts that you may have. We will discuss and make you aware of other potential options that you could take such as selling on the open market, re-mortgage or Equity Release.
At this meeting we will also complete the initial paperwork and make a brief inspection of your home. At this stage you are not tied in to a deal or obligated to accept an offer.
Valuation of the property
If you are happy with the terms of the initial rent back house offer we will act immediately to arrange a valuation of your property. This is done by an independent surveyor who owes you a duty of care and is arranged at a time convenient for you. If the valuation meets the expected amount our offer stands and we will confirm it in writing to you. You will receive your offer in the FSA regulated format.
Cooling off period
When you receive your sell and rent back offer a two week cooling off period begins. The purpose of this is to give you time to weigh up your options and consider the sell and rent back offer. If, at the end of the cooling off period, you wish to proceed with the rent back the solicitors are instructed and the sale should complete within two weeks giving you a fast house sale.
Transaction complete, you are a tenant paying rent
When the process is complete you will be a tenant paying rent. The rental payment as agreed and detailed in your tenancy agreement is normally collected via a standing order with your bank. As a tenant you do not have to pay for the buildings insurance on your property. As landlords we are also responsible for aspects of the maintenance of the property.
The end of your Tenancy Agreement
At the end of your tenancy agreement you will have a decision to make regarding your future. As landlords we will look favourably on renewing your tenancy agreement subject to you having adhered to its terms. Many clients are interested in rent to buy house so we will also favourably consider any offer to sell you your house back during the tenancy at a fair and open market value.
For free, no obligation advice on how does sell and rent back scheme work contact us today
Call us 0844 50 40 788 or 01388 748 883
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Testimonials
you can continue living in the property after you release your cash. Sale and Rent Back gives you these key benefits: A sale completion in a timely manner * The right to live in the property after the sale, under a secured tenancy agreement for a minimum of five years * DFB Housing Solutions charge no upfront fees To read more details click here The most common reasons for choosing sale and rent back are to: * stop a repossession * be free from mortgages and secured loans * reduce monthly payments * raise cash If your lender has started repossession proceedings against you then we can help. We will deal directly with your lender and the courts to stop your eviction, giving you time to complete the Sale and Rent back of your home. DFB Housing Solutions have never allowed a clients home to be repossessed.
Robert - London
SALE AND RENT BACK SCHEME REGULATED BY THE FSA
The FSA (Financial Services Authority) have been regulating the sell and rent back industry since 2009. Full regulation began in July 2010.
The purpose of regulation is to ensure only appropriate persons and companies are involved with sell to rent. It also lays out a sales process that gives homeowners full information on their offer and makes clients aware of other options they might wish to consider and provides a two week cooling off period for clients to weigh up all the information and advice they have received.
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