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Thursday, February 09, 2012

Sale & Leaseback stopped

Sale and leaseback the term given to property investors who use the unfortunate circumstances of home owners to coerce them into selling their property at unjustifiable discounts has been all but stopped.

In my view sale and leaseback companies are vultures in suits! They prey on desperate home owners who are at risk of loosing their property through reposession. Since coming under FSA regulation the 22 firms investigated the FSA has referred one firm to it's enforcement division while the others have stopped taking on new business or cancelled their business.

The FSA have acted to stop the sale and rent back market after it found that most schemes were either "unaffordable or unsuitable and never should have been sold".

The good thing is that it stops vultures profiting from peoples misery. However, ultimately it may do little to stop the unfortunate owners still being turfed out of their home. A hollow kind of justice!

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