You contact a sale and rent back company via phone, email or online form and give them information about your property and situation.
They research your property based in the information given which may or may not include a visit to your property. If a visit is required then this will be free and arranged at a time to suit you.
They contact you to make you a formal sell and rent back offer. This offer is normally made within a day or so of researching /visiting your property. This offer should include a purchase price as well as a monthly rental figure and should be confirmed by the company in writing.
You decide to accept or not accept the offer. If you accept the offer the Sale and Rent Back Company will ask you to sign an agreement confirming that you will go ahead with the offer they have made you. They should also provide you with any documentation you would like to see (i.e. the tenancy agreement detailing the rental figure, how much rent will increase each year, how long the tenancy is for). See a detailed list of the things you need to check at the end of this report.
The Sale and Rent Back company will instruct their solicitors and the ones acting for you (chosen by them or by you if you request a particular company). You will then receive a Sellers Information Pack from the solicitors acting for you.
A building surveyor will normally visit your home to check the condition of the property a few days after this. They will make sure they come at a convenient time for you.
Solicitors send you a tenancy agreement and other legal documentation to sign within next 3 to 4 weeks (quicker if a quick sale is needed such as in a repossession case).
When all documentation is signed and completed by the solicitors the sale will complete and your solicitor will pay off all your secured debts and release the remaining balance to your bank account. You will become a tenant of the property on that day and the sale and rent back company will become your landlord.
Note that you should not be asked to pay for any valuations or fees during this process. If they are requested it is suggested you look for another firm – the majority of good firms will not charge for valuations. They should also pay the first £500 of your legal fees which in the vast majority of cases will be enough to cover the total costs. Remember, that the solicitor you choose will be acting for you impartially (even though the sale and rent back company may pay for them). Therefore, get them to check anything you do not understand.
