In times of economical financial uncertainty the worst possible thing that can happen is for one of the parties in the chain to drop out. The chances of finding somebody to take their place, or even for them to find the solution quickly are very unlikely.
One very viable possibility is for you to find the Tenant Buyer who will agree to a Rent to Buy (RTB) option with you on your present property. If you select a Tenant Buyer with a suitable credit profile you can use this Rent to Buy option agreement as evidence with your new mortgage company that you can afford the mortgage on the new property.
RTB is the third option for disposing of your property that is growing in popularity in the UK. Establishing a Rent to Buy option agreement is quicker and much cheaper to set up than the normal route to selling the property. Rent to Buy, which could also be called rent to sell, is now a viable option for people who need to find a way of moving their property on without the current economic or financial conditions holding it up.
You may be worried that having two properties could become a headache that you don't want or need, the benefit of Rent to Buy is that the Tenant Buyer will treat the property as though they are already the owner. This means is that you can negotiate, as part of the Rent to Buy option agreement, that they carry out any and all maintenance tasks that any owner would normally do.
The documentation includes three parts, a rental agreement, an optional property management agreement and the option to purchase your property at a specific price at a date in the future to be agreed. The property owner is called the Landlord Seller and the person occupying the property is called the Tenant Buyer.
Although this route may not be the one that you would have chosen it is certainly a way of ensuring that you do not lose your new property and you are able to find the Tenant Buyer and move on much quicker than selling in the traditional way.
Hi, I'm Carl Henry and I hope the information above was useful - You can get more information about Rent to Buy for Landlord Sellers (how to sell properties) here http://www.WeRentToBuy.co.uk, or, information about Rent to Buy for Tenant Buyers (how to buy properties) here http://www.RentToBuyEstates.co.uk.
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