Fool.co.uk calls for greater regulation on sell and rent back schemes
www.moneynews.co.uk > General finance > Fool.co.uk calls for greater regulation on sell and rent back schemes
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Fool.co.uk calls for greater regulation on sell and rent back schemes
Thu 10th Jul 2008
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The site discovered that half of homeowners would consider such a scheme, by which they sell their property and rent it back, if they were facing repossession.
But 26 per cent wrongly believe that they could stay in the property for as long as they wish, when in fact many Assured Shorthold Tenancy leases - most common in the schemes - last for just six to 12 months.
One in six believe they are entitled to the full market value of the property.
In fact, purchase is usually at a greatly reduced rate, with customers losing 15 to 20 per cent of the value.
Donna Werbner, property expert at Fool.co.uk said it was "particularly shameful" that such schemes were aimed at vulnerable people facing repossession.
The Chartered Institute of Housing (CIH) is also increasingly worried about unregulated "fast sell and rent back" schemes, reports website 24dash.com.
It wants the Office of Fair Trading to hasten its review for further protection, after the OFT announced in May that is intends to review the sale and leaseback sector.
Related News : General finance |
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