ChatterBank9 mins ago
Selling Home and Renting it back
6 Answers
Has anyone had any experience of Selling their Home to a Company and Living there as a Tenant? I appreciate you will get a lower value,but are there any more catches? Many Thanks for any replies.
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For more on marking an answer as the "Best Answer", please visit our FAQ.We did it . The process was started in May and concluded August. Our house was valued at �70,000 and we got �53,000. It was an ex council house. We pay �350 a month rent. We are very happy as the mortgage still had 10 years to run(remotgage) and my husband is 62. Northern Rock gave him a 25 year term. After 15 years we still owed them �20,000 and only borrowed �29,000.We went with one where you dont pay fees upfront. I have lived here since being a child and we have been promised life time tenancy.It is a bit scary but our lives are definitely better.