Couple win landmark repossession case

13 July 2009



A couple from Shrewsbury have been told they can stay in their home after falling victim to a sale and rent back scheme. Paul and Amanda Jackson entered into an agreement with Repossessions Stopped in 2005 after falling into mortgage arrears, although two years later it too fell behind with its payments, leaving the couple facing repossession.

"We took that option [sale and rent back] to provide security and safety for our family as we didn't want to lose the home we had lived in for more than 20 years," noted Mr Jackson. A judge at Birmingham County Court ruled that the couple could stay in their home which they had occupied since 1985 and would be required to pay rent or become owner-occupiers for the rest of their lives.

Chris Hardy, partner in the residential property practice group comments: "The couple had been misled by the company offering to buy and rent back their property and it is because of these type of situations that the Financial Services Authority (FSA) introduced an interim regulatory system on 1 July this year for sale and rent back industry, with companies having until the end of July to register with the FSA."

If you require legal advice, for either your private affairs or organisation, please call Gerrards Cross based B P Collins Solicitors on 01753 889995, complete the online enquiry form or email resproperty@bpcollins.co.uk.

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