Are you thinking about the sale plus rentback of a house?
Did you know that the FSA introduced extra legislation on SARB (sale with rent back) agreements during the summer of 2009?
Are you aware what safeguard is currently offered to you the seller?
Is your fast residence provider authorised to purchase your home and lease it back to you?
Did you know that there are less than ninety merchants within England permitted through the FSA to carry out sale and rentback transactions?
Prior to the SARB legislation was introduced there have been above ten thousand little, swift home buyer firms willing to buy your house. Most of these small businesses are totally informed that they're no longer authorised (by law) to buy your home. Regrettably not all property investors understand the law and even now imagine they could perform sale then rentback transactions.
We were contacted by a property investor a short time ago and they remarked that the seller was remaining on as a lodger after a sale had 'completed'. I enquired if they was buying the house via on the list of ninety Sell and rent back authorised enterprises and they replied no!
The investor was somewhat shocked to find out they would be breaking the law if they proceeded with the acquisition in the present format. This was because the buyer basically didn't realise that SARB is now regulated. Sadly ignorance of the legislation is no defence in court.
What will this mean to you? If you agree to sell plus rent back your home to anyone not permitted through the FSA (fewer than ninety businesses in the whole of England remember) then a sale will virtually certainly not proceed. The quick home buyer can be notified via their solicitor, sometimes at the last minute, that they're not duly allowed to complete the acquisition.
The FSA introduced the rigorous rules for Sell and rent back transactions to protect sellers from the few unprofessional buyers which operated in the business. In case you are contacted by a quick property buyer that gives you a sale with rent back agreement PLEASE ensure that they are duly authorised. They will be able to verify to you if they really are authorised and if you are in any doubt verify the FSA web site. Every one of the authorised businesses are listed on the web site for all to see. If their name doesn't appear on this register ask them why not then end proceedings with them.
It is simply not worth the gamble of running with any firm that is not authorised to perform sale then rent back transactions, you have been warned.
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So if you are hoping for a Sell Plus Rentback of your Home please check out our website.
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