How to sell your house fast to avoid home repossession

Home repossession is one of the biggest fears of almost all home owners living in the UK. According to some recent surveys, it was discovered that currently there are 215,000 properties (4000 homes/week) that are facing the risk of house repossession in England. So, it is not a surprise that about 78% of the UK’s home owners fear the idea of home repossession as far as long-term loans and mortgage are concerned. Fortunately, there is a way to avoid the sticky situation of repossession if you have fallen back on your loan repayments or your mortgage.

Selling your home is one of the easiest and, of course, the fastest ways of gathering the equity that you are in need of. This is definitely the most profitable way to dispose your home before the Bank takes it away. For your convenience, some fast ways to sell your house has been discussed below, so do read on:

Sell your home through an agent

There are many agents and property brokers who can help you when you are facing the risk of home repossession. The brokers will help you by providing you with the best price for your home and they will also take the responsibility of relocating your family to a new place.

It will be the agent who will ascertain the ownership of your home and they will then start the process of marketing your home to their group of investors. With this type of option you can be certain that your home is going to fetch a good price as the agents make sure of it. The reason why they fight so hard to make that happen is because they will take a certain pre-determined fraction of the selling price as his commission for the work that he will do.

Yes, it is true that it comes with a downside which is that the disposal process for your home may take a long time. But, by opting for this method of selling you can be certain that your home will not be repossessed as the brokers will present documents stating that your home is already on an ongoing sale.

Sell your home to cash property buyers

Besides going to an agent, there is also an option to take help from a cash property buyer to sell your house fast. The first step of selling your house to such buyers is making a contact with one. You can go directly to their office or fill up an online form to provide them all the required details about your property. These buyers usually act fast, so within few days you will get a respond from them with an offer in principle based on valuation and contract.

After you accept their offer in principle you will be visited by them and they will arrange for a formal assessment of your home. After getting all the required information about the estimation of your home, they will then offer you their formal offer which is be based on a RICS survey and contract.

After accepting their offer you will get a visit from a RICS qualified surveyor who will inspect your home. If you deal with an efficient company then you get the benefit of this service for free as the buyer will take care of the expense. After this step, you will receive the formal offer in writing and you have the option to take the help of a lawyer to make sure that the contract has no hidden disadvantage.

After signing this contract, the buyer will purchase the property and you will receive the cash. You can use this amount to repay your loans and mortgages or you can let your lawyer handle this part who after making all these payments will hand over the balance to you.

Sell your home yourself

If you do not want to go to an agent or a cash purchase buyer and want to do the selling all by yourself, then you should know that you can do that. But, that may not be the right move. You have to research a lot to figure out a profitable as well as a suitable price for your home. Bedsides this, you also need to deal with lot of legal formalities in order to sell your home efficiently. This may take a long time and so you might not be able to sell your home fast. So, if you have any experience or knowledge about selling property then only go ahead.


How to sell and then rent back your house

There are plenty of people who are looking to make some extra money using their property and in this case, it seems that sell and rent back schemes are a great way to do that. In fact, most people consider them because they want to clear debts and of course, make some extra cash. Others, though, just want to free up some equity from their house so they don’t have their money tied up in their property.

What’s great about quick sales on a sell and rent back basis is the fact that you can make some extra cash while still living in your own house. And as you may very well know, doing that without having to change jobs, move your children from one school to another and also all your belongings, is a real blessing.

If I rent my house after selling it, can I still receive Housing Benefits if I cannot pay the rent?

There are two scenarios where you won’t be entitled to housing benefits:

  1. You rent the property you once owned.
  2. You claim Housing Benefit within 5 years after selling that property.

In fact, this rule is known as the former owner rule and doesn’t apply if you can prove that you haven’t continued living in your property without selling it. Keep in mind that after 5 years though, the former owner rule doesn’t apply anymore. On the other hand, when the 5 years have passed, there are other factors to be considered before it can be decided whether you’re still entitled to Housing Benefits or not.

Selling your house and proving your need to do that to the Housing Executive

If you have to sell your house, then you need to have solid proof that you were forced by various circumstances to do that. Evidence can include:

  1. Proof of outgoings and income when you took the decision to sell the house.
  2. Letters from your mortgage lender concerning the action they’d take to collect outstanding debts.
  3. Evidence of other factors that forced you to take this decision.

Get the key facts

When you decide to sell and then rent back your property, the company (which needs to be FCA regulated) that’s going to help you out with it needs to give you a Key Facts Illustration that shows you essential info about the scheme. This includes:

  1. Consequences of you falling behind with your rent.
  2. Situations when the rent can be increased.
  3. The rent payable under the agreement.
  4. An valuation of your property’s market value determined by an independent valuer.
  5. The amount the company plans on paying for the property.
  6. Your tenancy agreement’s fixed term (it needs to be minimum 5 years).

It’s important to keep in mind that after you’ll get a written offer concerning the purchase of your property, you have fourteen days to consider it before the company can reinitiate contact with you.

Related: What is a sale and rent back scheme?

Check the scheme carefully

It’s very important that you take your time to review the scheme in order to see if it affects your right to state benefits in any way. For more information about this, you may want to get in touch with the welfare benefits office at your local Citizens Advice or council.

Don’t forget to read the tenancy’s terms carefully and bear in mind that you need to be offered a fixed term tenancy of at least 5 years. There are also quite a few things you need to consider in order to avoid being evicted, so be sure to get advice on that as well.

If things go wrong

If you do wish to deal with a company that’s regulated, you need to make sure they have complaints procedures in place. When something goes wrong, you need to first of all complain to the company and if the outcome is not up to your satisfaction, then it’s recommended to take your claim to the Financial Ombudsman Service. This is a free service. On the other hand, if you wish to file a complaint about the way you were treated as a tenant, you should get in touch with the local Citizens Advice or Shelter to get advice on your rights.

By keeping these tips in mind, selling and renting back your house is definitely going to be a great, hassle free and safe experience for you.

How to Sell a Property Quickly Using a Cash Property Buyer

Need to sell quickly?
Need to sell quickly?

Selling your house to a cash property buyer is the best way for you to avoid house repossession. In case you have been faced with an urgent need of money, you will also raise quick cash after you decide to sell your house to a quick buyer. There are many companies that offer the services of buying houses fast, you should take your time and assess the suitability of a given company that you are about to sell your house to before you decide to sign the final deal. You should be careful and ensure you sell to a buyer who will buy it at the highest value.

Here are tips for you on how to sell a property quickly using a cash property buyer:

Do your own property valuation first

For you to decide on the best buyer, you should take time and evaluate different buyers who may be available for you to decide on one that will offer you the best value. You should at least obtain estimates from three different buyers for you to decide on one who will offer you the best values. Even if a certain buyer will have good reputation in offering the best prices, you should always go on and compare him with other property buyers available.

Check the property company’s credentials

For you to avoid different forms of exploitations, you should first check whether a given buyer has been fully registered to buy houses. This is necessary for you to avoid any form of scam which you may be exposed to. There are some buyers who will buy houses from you but they are not fully registered. They may be brokers who will exploit you on behalf of companies that buy the houses, or you may end up being exposed to court cases later. You can check on government agencies that register the buyers before you decide to sell to them.

Negotiate before selling your house

For you to get the best prices, you should always be ready to negotiate for the best values. Most buyers will value the house depending on the number of bedrooms available and the location. You should first carry out your own research and know the average value of houses in your neighbourhood. After carrying out your own research, you will be in a better position of negotiating for reasonable rates.

Be honest when giving details about your house

For you to avoid cases where the buyers will lose confidence in you and expose you to a lot of procedures before they can buy your house, you should offer all the necessary information about your house correctly. In case your house will need some renovations before someone can settle in, then you should ensure you provide all the necessary details so that the buyers will factor it in their evaluations.

Get your own independent legal adviser

Because you do not have enough experience in buying and selling houses, you should avoid cases where you will be rushed into making decisions. Try to get an independent adviser who has more experience in buying and selling properties so that you will be advised accordingly. The adviser will make you know the right procedure which you will follow for you to sell your house in a legally accepted way. You can compare different legal advisers in the field for you to decide on one how will offer you the best services.

Read the agreement carefully before signing it

After you sign any agreement in your process of selling the home, you should first read it and ensure you have understood all parts of the agreement. In case there are some parts which are not clear, then it is advisable for you to turn to your legal adviser who will advise you on what you will be required to do. The agreement that you will sign will be the one that will be used to bond you with the buyer. In case there is any dispute in the process, the court of law will rule according to the agreement that you will have singed. The agreement will indicate the final price that you will agree on and the one who will pay costs that will arise from the sale of the property.