What is an Assured Shorthold Tenancy Agreement?
An Assured Shorthold Tenancy Agreement, also known as an AST, is an agreement which a seller will enter into with a buyer on the basis that the property buyer shall become a landlord in terms with the Sell and Rent Back option.
The property buyer will become the Landlord in this situation, and you as the seller, will become the tenant. Overall this is somewhat of a nice situation for both you and the property buyer. You remain in your family home, you do not need to uproot your children or leave behind your friends and family. The property buyer is safe in the knowledge that they have a tenant who will respect the property and look after it, as you have done in the past.
Your responsibilities include payment of bills and rent etc. We have included a copy of a basic AST which provides you with some insight into the agreement you may choose to enter in to. Obviously there are certain clauses which may not apply due to the fact that the property buyer is aware of your situation and certain situations may have been discussed with them.