Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
Last year we had put our house on the market (detached bungalow, Torbay/Devon, 2 bedrooms, open plan with sea view and large new conservatory) to release equity for funding our business. Originally we intended selling the house and moving somewhere else, but since we couldn’t find a suitable and affordable alternative nearby, we now strongly consider staying!
We are fully aware of the problems associated with “Sale and Rent Back”. We learned that apart from private buyers only very few regulated firms are active, and that we will get less money for the house than by a normal sale, but this may still be the best option for us – if we would get a sincere and reasonable offer.
Since, as mentioned, an important reason for selling our house is releasing equity for our business, we can’t afford losing too much by the sale. From internet forums we’ve learned that often 85% are paid on SRB, and sometimes more according to the status of the property. In our case, the property has been completely renovated recently (we invested about £42,000 during the last few years), so no further investments or works are required.
Do you possibly know what they can and cannot do regarding SRB (e.g. Assured Tenancy with fixed term, option of repurchase at a later point in time…)? Or how could we find such buyers?
We will be ideal tenants and keep everything in good order and condition. As mentioned above, we invested a lot of money in the house and love the outcome very much.
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