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FREQUENTLY ASKED QUESTIONS
How does it work?
UK Property Buyers buy property from clients who are looking to sell their home to release equity but don't necessarily want to move. This maybe for a number of different reasons but the most common are:
- Equity release
- Debt consolidation
- To avoid re-possession
- Supplement pension in retirement
UK Property Buyers purchase the property and then offer a rent back option to the client. This allows the client to benefit from releasing their equity without the upheaval of leaving their home.
What about the rent back option?
Most UK Property Buyers clients choose to sell their property, receive a cash lump sum, and stay in the property and rent it back. Ideally, the rent payable will match that of the current market value, however the rent option can be tailored to meet individual needs and we also offer a low-rent option and in some circumstances a no rent option.
The rental is covered by an Assured Tenancy Agreement. This agreement will roll forward until the tenant chooses to terminate it providing all rent payments are made. The agreed rent is fixed for 2 years and thereafter can only increase by the rate of inflation at every two year renewal.
How much will I get?
Typically UK Property Buyers pay between 60-80% of market value (subject to valuation). The offer made will depend on the monthly rent agreed.
Can I use the money I receive for any purpose?
Absolutely - any funds you receive after any outstanding mortgages or secured loans are paid are yours to do with as you please.
Will I pay tax on the lump sum?
Fortunately for our clients, any profits from the sale of a main residence do not incur tax.
Does it cost me anything?
We are keen to stress that all legal costs are covered by UK Property Buyers. We work with a team of solicitors across the country who act independently for the client. There are no estate agent fees, and all the valuation costs are covered by us.
UK Property Buyers also take over the cost of the buildings insurance, giving you a further monthly saving. However you will still need your own household contents insurance. In addition to this, UK Property Buyers will also cover any ground rent and service charges.
Who maintains the property?
On completion of sale, UK property buyers are responsible for maintenance and associated costs to the property over 100 pounds. We will also ensure that all gas and electricity systems are checked and approved annually to comply with British Safety Standards.
Who decides the value of my property?
UK Property Buyers will base initial offers on the valuation given to us by the client. However, once the client chooses to proceed, UK Property Buyers will instruct an Independent RICS Chartered Surveyor to carry out a standard valuation report.
Am I selling all or part of my property?
UK Property Buyers buy 100% of your property. However, the rent back option gives you peace of mind that you can live there for life.
When do I stop paying the mortgage?
The property is yours until the sale is complete. When completion takes place your solicitor will automatically pay off your mortgage and any loans secured on the property. Until that time you must continue to make your monthly mortgage payments.
How long does it take?
UK Property Buyers are continually buying property; therefore all financial aspects are already in place enabling us to move quickly. Typically, we would expect to complete in approximately eight weeks.