Quick Property Sale & Rent Back to be Regulated
The Government has this month published a summary of responses to its consultation of the quick property sale and rent back market, which closed in May 2009. The FSA will publish the details of its regulatory regime, which will take effect on 1 July 2009 subject to Parliamentary approval.
The Government’s consultation followed an Office of Fair Trading (OFT) market study published at the end of last year, which looked at the impacts of the growing quick property sale and rent back market. The OFT report identified a number of risks to homeowners entering into these arrangements and made three recommendations to Government, including compulsory regulation, increasing consumer awareness and improving information about housing benefits.
The proposed legislation includes a two-stage approach to regulation, in order to ensure consumers are protected as quickly as possible in the current market environment.
The FSA will put in place its full regulatory regime in the second quarter of 2010, following consultation and the publication of its final rules.
EstateAgencyFeesDirect.com will incorporate the findings and work to ensure that only regulated companies are listed.
Regulating Sale and Rent Back
3 June, 2009
MortgageIntroducer - Daily News
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8 comments:
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