Someone you know considering the sale plus rentback of a home?
Did you realise that the FSA released additional legislation concerning SARB (sale and rent back) transactions during the summer of 2009?
Are you aware what safeguard is right now provided to you as a vendor?
Is your swift property purchaser authorised to purchase your house plus lease it back to you?
Did you know we now have less than ninety firms in England allowed by the FSA to conduct sale with rentback business?
Prior to the SARB legislation was announced there were over ten thousand little, fast house buyer firms keen to buy your house. Most of these businesses are completely aware that they're no longer authorised (by law) to purchase your residence. Sorry to say not all property traders know the law and still consider they could carry out sale with rentback transactions.
We were contacted by a property investor recently and they remarked that the seller was remaining on as a lodger when the sale had 'completed'. I enquired if they are buying the home through on the list of ninety SARB authorised corporations and they said no!
The buyer was quite surprised to discover they might be breaking the law if they proceeded with the purchase in the current arrangement. This was because the buyer basically did not realise that SARB has become regulated. Alas ignorance of the law isn't a defence in court.
What does this mean to you? If you decide to sell plus rent back your private home to anybody not permitted through the FSA (lower than 90 firms in all of England remember) then the sale will virtually certainly not proceed. The express property buyer tend to be notified by their solicitor, occasionally at the final minute, that they are not duly authorised to complete the purchase.
The FSA announced the rigorous regulations for Sell and rent back transactions to protect vendors from the few unprofessional buyers that operated in the industry. If you're contacted by a quick home provider that gives you a sale and rentback agreement PLEASE check that they're duly authorised. They will be able to show to you if they are authorised and if you are in any doubt verify the FSA web site. Every one of the permitted firms are listed on the website for all to see. If their name doesn't show on this register ask them why not and stop proceedings with them.
It's simply not worth the gamble of running along with any business that is not allowed to perform sale plus rentback transactions, you have been warned.
Author Resource:
So if you are searching for a Sell Plus Rent back of your Property please look at our website.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")