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The Sales Process
Selling your home under distressed circumstances calls for a cool head and a clear understanding your committments more...
The Rental Process
Having navigated the sales process you have the option to rent your property, close to friends, family, and local schools. There are major more...
Options for Buying Back Your Property
After a minimum two-year rental period, if your financial situation has improved you could in a position to buy back your home more...
Mr & Mrs M from Redcar, Cleveland
Property Value = £95,000
Owed to GE & Welcome = £73,000
Monthly repayments = £685
* Had already missed their last three payments
* Re-mortgage not possible - joint income only £16,500
* Mrs M
was not working
We proposed to:
a) pay off their secured loan
b) cover all the costs involved
c) set a rent at just £90 per week
d) enable them to remain in their family home
e) monthly savings = £325
Mr K & Mrs H from Basildon, Essex
Property Value = £145,000
Owed to SPML and Endevour = £87,000 & £12,000 respectively
* Both had been out of work for three months
* Had new jobs lined up for the new year
We proposed to:
a) pay off their secured loan
b) provide £5,000 for a new car
c) gave them three months free rent to help them get back on their feet
d) enable them to remain in their family home
The Office of Fair Trading has launched a market study into sale and rent back. One of the possible outcomes following the OFT market study could be to encourage the development of a consumer code of practice.
The Financial Services Authority (FSA) recently published a consultation paper setting out proposals for the regulation of sale and rent back (SRB) schemes designed to reduce consumer detriment in this growing area of the housing market.
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