If you need all the cash out of your property straight away, then this solution is not for you. If you only need some release of equity, however, then it may be possible to restructure the finance secured on your property to allow this to happen. To explore this further, you would need to speak to your lender or mortgage broker.
The main advantage with a management option is that, in most cases, you can walk away from responsibility for your property in 3 to 4 weeks. During the period of the agreement we pay you a monthly income, typically 60-80% of what a family would pay to live there. Unlike the normal rental situation, however, you are free from: responsibility for managing tenants; organising and paying for the maintenance of your property; and the problems of rental voids. We are legally obliged to pay you the agreed monthly payments, whether or not the property is occupied.
If you have come to us through one of our partner estate agents, then they will be involved though out the whole process, from initial discussions through to the signing of the agreement, much as they would in a normal sale. In addition to this we pay their commission on your behalf. We also pay £600 towards your legal fees, which will usually be enough to settle your solicitor’s fees in full.
You remain the legal owner of the property throughout the time of the agreement, until such time as the property is sold.