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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Sale and rent back regulation

The FSA are finally clamping down on the Sale and Rent Back sector after years of this 'opportunist slime' taking advantage of the less fortunates and gullible in society.

One piece of the new FSA legislation provides a guaranteed security of tenure of the property for an absolute minimum of five years, however this still doesn't provide the supposed lifetime tenure that is usually fraudulently promised by many of these rogues.

For me this is one area of property investment that couldn't be clamped down hard enough, squeeze them until they bleed, that's what I say.

These human ticks deserve to be squeezed and removed from society in the same way I removed one from the neck of my border terrier this morning.

Here's a thought for the day for all those 'sale and rent back' villains out there, if you look in the mirror and shiver at your own reflection maybe now's the time to turn over a new leaf and try and start helping folk..........

.... one lives in hope.

Read about the new FSA regulations on Sale and rent back

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Sale and leaseback introducers fees

According to Resident Broker it now possible to earn fees by introducing sale and rent back clients. They have reported in a recent newsletter that:

"Following last week’s note on the new sale and rent regulation I’ve received many emails (and calls) about which regulated companies accept paid introducer fees. In fact - I was so surprised at your response, it galvanised me into action and I revisited the companies I knew and (and some I didn’t) to double-check the details.
So, introducer fees ranged from 0.4% of the purchase price, to a fixed £1000 per deal. Based on my own research, and insider knowledge, of who is delivering exactly what they say they are delivering, one company I can definitely recommend is Buy House Limited. You can register by following this link.

If there’s anyone else out there who has any further recommendations, then let me know and I will update you all next week."


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Sale and Rent Back Sector - New Legal Precedent

A family who had faced eviction after their 'Sale and Rent Back' landlords had stopped paying mortgage repayments on their rented property have been told they can remain in the property for life.

The new ruling will set a legal precedent within the dark, shady, Dickensian world of the 'Sale and Rent Back Sector'.

Let there be light!

Read more on the case in the Times

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