Sell and rent back your home and stay long term or short term, the choice is yours

Sell and rent back your home and stay long term or short term

, the choice is yours

It may appear that there those times misfortunes come in their doubles and so when you find yourself financially challenged in one way or another it is important for you to be on high alert because you never know what may come to pass. This is what has been happening to distressed home owners who find themselves deceived by crafty property developers who have invaded thesell and rent back sector of the property development market. This was actually the motivation behind the government's decision to have the FSA get in to regulate this business. Currently there is a requirement that all such companies be registered by the FSA and get granted a certificate of interim authority. Some of the regulations they have to adhere to include using principles of fair trade which include openness and accountability as far as customer services are concerned. With this in the offering there should be a lot of sanity now in how you will be treated.

When people have found themselves in hard and difficult financial times which render them unable to service their mortgage payments, there is always the fear that sooner or later the lender will come knocking at the door with a real danger of repossessing the house. Just thinking about that possibility is enough to send anyone mad thus becoming a sitting duck if quick and wise decisions are not made? People hate relocating even under normal circumstances so you can imagine what would be if you are going to be forced out. With the sell and rent back arrangement you will manage to sell off the house in question to a property investor who will pay you cash you are going to use to clear your entire mortgage outfit. It's after the purchase has been done that you now become a tenant in your former house and continue to pay rent but at least you will have been able to avoid the burdens that would have come with repossession. The choice of the duration you stay will be upon you, whether you want to stay shortly or long term, which could translate to anything between 6 months and 5 years respectively.

At the time of committing to pay rent you should have found out the prevailing rent in the market so that you are not overcharged. It was practice previously that some property developers would turn around and kick out the former home owners in order to go for better deals. The FSA has come in force and since July 2009 home owners who enter this program are protected by a set of regulations that are put forth, thanks to the recommendations of the Office of Fair Trading (OFT). Every company that registers with FSA will be under obligation to uphold the principles that have been set forth failure to which they could actually be prosecuted.

You therefore need to be careful when planning to sell your house through this scheme so that you deal with a recognised firm that has committed to follow the regulations set by the FSA. Just remember that such a firm will also pay all the legal fees regarding the deal so you simply do not spend anything. You will also not fear being kicked out of the home before the expiry of the period you would have agreed upon with the property developer. You therefore should not let your home repossessed by trying the direction of sell and rent back and now since the government is deeply involved you should be able to sort yourself out in a dignified manner.

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