The Quick Purchase, sell and rent back process.

At Quick Purchase, our aim is to make the Sale and Rent Back of your home as painless as possible. Below is our step by step guide, and explains the 7 stages of our process:

STEP 1

Contact Quick Purchase. You can apply online or call us on 0800 5999 000 (24 hour free phone number)

STEP 2

A Quick Purchase representative will discuss your requirements and confirm that you are interested in our Sale and Rent Back option. We will take details about your property and make sure you understand how Quick Purchase operates.

We will also ask for your opinion of the current market value for your property. Based on this, we will confirm that the offer you are likely to receive will typically be 30%-35% below the current market value. Additionally, we will confirm to you that your rent will be set at a level equivalent to the ‘market rent’ of similar property.

STEP 3

Your allocated Quick Purchase representative will then carry out research to ascertain the current market value and the market rent for your property. Once we are in receipt of all the information, we will advise you of our offer. This will be an indication of the price Quick Purchase will be willing to pay and the rent likely to be charged.

STEP 4

Your Quick Purchase representative will then provide you a Brochure, a personalised Sale and Rent Back Illustration and our Terms of Business. If you would like to proceed with the Sale and Rent Back option having received this information, then an appointment will be made for your representative to inspect the property. This will be at a time to suit you, but generally within 24-48 hours.

STEP 5

Once we have inspected the property we will discuss the terms of the purchase, including any change in the purchase price or the rent payable which was highlighted within your Sale and Rent Back illustration.

If you agree to proceed at this point we will carry out an affordability checklist to ensure that the Sale and Rent Back agreement is affordable. We will then provide you with an Initial Offer Letter and an Assured Shorthold Tenancy Agreement Letter. These will spell out the terms of the Sale and Rent Back Agreement.

STEP 6

Quick Purchase will then instruct a RICS Chartered Surveyor to inspect the property (if one has not already taken place) and once we are in receipt of the results, we will issue you with a copy of the survey report. We will also issue you with a Final Offer Letter to confirm all the details of our Sale and Rent Back Agreement.

Once you have confirmed that you still wish to proceed, we will exchange contracts.

At this stage, the legal process will be taking place behind the scenes and you will be required to provide your nominated solicitor with information and completed paperwork. Quick Purchase will also undertake any necessary works to the property to ensure that it meets current requirements.

STEP 7

The final stage, once all of the above has been completed is Completion. All monies due from Quick Purchase will be allocated by your nominated solicitor, and you officially become a tenant. We will review and adjust the rent accordingly each year to ensure you always pay local market rent.

The Quick Purchase, sell and rent back process, can be done in as little as 7 days if required. After you have used the sell and rent back process, you are able to purchase the property back from us. You are able to do this subject to terms and conditions and we will also pay up to a 5% deposit.

Also see:
Sell and rent back
Sell and rent back explained
Sell and rent back advantages
Sell and rent back disadvantages
Sell and rent back companies

Contact us or apply online to receive a free, no obligation quotation on our sell and rent back service.