ACCORDING to latest figures, this year will see more than 20,000 homeowners in the UK will see their house in repossession – but more and more people are turning to sell and rent back as a solution.

Sell and rent back is a remarkably simple answer to a problem which, for many, appears without unsolvable and offers homeowners concerned about house repossession a number of benefits:

No chain – selling through a traditional estate agent usually involves a chain of some sort. Unlucky sellers can encounter real problems if the chain breaks, and there’s no guarantee that the sale will go through until the completion papers are signed. For this reason, even if you accept an offer on your home fairly quickly, it can take anywhere from three to twelve months to sell your home – by which time your debts may have been called in.

No fees – the money you have to pay an estate agent to sell your home, plus the costs of the necessary legal work soon mount up. The longer it takes to sell your home and the more complications you have, the more it costs. In contrast, most sell and rent back processes carry no fees and can complete in as little as three weeks.

Rent back – house repossession is extremely stressful, and most people would grab any opportunity to stay put. Sell and rent back scheme allows you to do just that. A quick cash purchase can be combined with an agreement for you to stay in the home, paying a fair monthly rental.

With the law coming down increasingly heavily on mortgage defaulters, sell and rent-back is providing increasing numbers of people with a viable option to their house repossession nightmare scenario.

In a nutshell, sell and rent-back enables people to live in their same home for a much lower cost.

A plethora of companies are now willing to help people with this process. They will get you a certified buyer who will make you a cash offer to buy your house if you want a quick sale. Then you simply opt to rent-back the home from them and fears of repossession are instantly allayed.

The process ensures a quick sale – something not being experienced normally in the current market – and provides a solution which ticks most people’s boxes. Just look at some of the advantages to the sell and rent-back option:

Free up your money, and use it in better forms of investment

Realise the equity on your home as soon as you sell it

Continue living in the same home, but with lesser monthly overheads

Leave all worries about repairs and upgrades to your home; the new buyer will have to do them

Search for new property at leisure without worrying about having to move out soon

Pay up all your existing debt and live a freer life

Look forward to a better future without fears of repossession

So if you don’t want to be one of the 20,0000 facing the prospect of repossession, remember there is another option – sell and rent back.