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Exchange with delayed completion means you agree a sale price for your home with a buyer. When you exchange contracts, the buyer typically pays you an agreed deposit. However unlike a normal house sale, completion of the contract is delayed for a few years. Lease options contract means a buyer pays you an upfront amount so they have the right to buy your home in the future.
Lease options for sale uk price is agreed on the value of your home now, not when the sale completes. Under both schemes the buyer may take over paying your mortgage and make payments either directly to you or to your mortgage lender. They may also take over buildings insurance costs and agree to pay for any repairs to the property.
You usually move out and the buyer either moves in or lets your home to a tenant. However, the mortgage stays in your name until the sale completes. It's important you know that there's no government regulation of these schemes. If you move out, you won't have much protection if things go wrong. For example, if the buyer stops making payments to your mortgage lender, you'll still be responsible for paying the mortgage.
You could lose your home if you can't find the money. These schemes are usually known as sale and rent back schemes. They allow you to sell your home to a private firm or individual, typically at a reduced price, and continue living in your home by renting it as a tenant. The FCA checks whether firms stick to the rules. Lease options for sale uk also means you can complain if things go wrong.
Firms offering exchange with delayed completion or lease options contracts that allow you to lease options for sale uk in your home may be trying to get out of lease options for sale uk the rules on sale and rent back schemes. Or they may not know they have to follow those rules. They may also not make it lease options for sale uk to you that what they're actually offering is a sale and rent back scheme.
Sale and rent back schemes. There are several risks you need to think about before you sign up to one of these schemes.
If lease options for sale uk considering one of these schemes because you're struggling to pay your mortgage, look at these options first:. How to sort out your mortgage problems. If you're considering one of these schemes because you need to move but are having difficulty selling your home, you could think about renting it out yourself, or using an agency to do it. Renting out your home — GOV. If you're considering one of these schemes because you need to raise money from your home, it may be best to get independent financial advice about other ways to do this.
If you still want to go ahead with an exchange with delayed completion or a lease options contract, make sure you:. Skip to navigation Skip to content Skip to footer. Lease options for sale uk Benefits - introduction Help on a low income Sick or disabled people and carers Child Benefit Coming from abroad and claiming benefits Older people Extra money you can get when someone dies The Benefit Cap View all in Benefits.
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Problems with selling your home - delayed completion and lease options contracts This advice applies to England Print. Did this advice help? Why wasn't this advice helpful? It isn't relevant to my situation.
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Problems with selling your home - delayed completion and lease options contracts.