Sell house, rent it back

[gleaveyweave]

I am in a nightmare situation at the moment - I am divorcing my husband due to him having an affair for virtually all of our marriage and although he no longer lives here, he still pays the mortgage and all bills for the house (we have 2 children aged 7 and 4 who are with me). However, as the decree nisci (sp?) is about to be issued and therefore finance due to be sorted, he has jacked in his job. he did it six weeks ago but only told me on Saturday so basically the money that is in the account at the moment is all there is going to be unless he gets another job pretty sharpish. I do not see putting the house on the market as an option as no-one is buying them and anyway, it could take months and obviously, the mortgage still needs to be paid during this time. I have heard of companies that will buy your house quickly and rent it back to you. Has anyone done, or know someone who has done this and did it work out? Any advice greatly appreciated providing you haven't nodded off by now!

[Whoever]

I am sorry you find yourself in this position. I am unaware of any companies who will buy houses and rent them back to you but am very much aware that this is something only to be done after receiving good legal advice. This is because many companies who buy your property will not grant you life tenancy and the small print may only cover you for a guaranteed period of possibly one or two years and then you could find yourself receiving notice to quit. Are there other alternatives open to you such as getting a job, or taking in a lodger? Sale and renting back may seem an obvious solution as it enables you to remain in your house, but without any security of tenure you could be facing another nightmare further down the road. You could try Googling "Sell House and Rent Back" to see if it throws up any websites that give information or advice on this process.

[amonty1144]

In the first instance, contact the mortgage company, you maybe able to get a couple of months grace or at least pay a minimum amount,
Sell and buy back companies are very rarely a good idea.
Neither are the finance for any reason companies advertised on the tv, one of my clients has just lost his house to one for �5000.
Be very careful,
There is some limited mortgage payments available through the benefit system, so try them as well.
good luck
l

[gleaveyweave]

Thanks for your answers x
I have spoken to the mortgage company but the 2 options they have given me still mean they will need at least �400 a month - they tell me a payment holiday is not allowed with the type of mortgage we have.
I work just one day a week at the moment as I still have one child at home - he does start school this year and, obviously, I intend to work more hours then but that is 5 months away!
I can't take in a lodger as there is only just enough room in my tiny 2-bed for me and my boys!
There are loads of companies on the net that do the sell and rent back and several of them say that you can stay in your house for as long as you like. I know that if I decide to seriously look into this route, I will have to be VERY careful but I cannot really think of anything else. Off to the benefits office tomorrow so will see if they can give any advice. Thanks again both x

[gina32]

i once enquired about this type of thing although only selling and not renting back but after i was given the figures i decided against it. a friend of mine has done this tho and was given 20% less than the house value and rents it back at over �500 a month, far more than the mortgage, so its not a good idea im my opinion. un less of course you really need the money and can see no other way.

[gina32]

another thing she was given a 6 or 12 month contract which she is supposed to renew at the end of the lease but i remember watching a programme a while ago about a company who bought and rented back a property but after 12 months they told the person that they werent renewing his lease so he had no money and nowhere to go!! so be careful

[Postdog]

Also, despite what they claim, your tenancy IS NOT guaranteed. I considered this once, looked into it all thoroughly, and decided totally against it.

[nonomaybe]

Another good place to go for advice is the CAB, probably the best as they're always on your side !! Like all important decisions take advice from more than one INDEPENDENT, knowledgeable/professional source.I emphasise the independent and don't be pushed into doing anything until you're ready.

[gleaveyweave]

Thanks to you all for your advice x