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Practice group news
Future of equity release remains strong, says group
16 February 2010
Tories reveal plans to increase stamp duty threshold
9 February 2010
Consultation launched on charging orders
9 February 2010
Deposit protection legislation is working, says group
1 February 2010
More protection to be offered to homeowners in arrears
27 January 2010
End of an era as Ian Johnson retires from B P Collins
26 January 2010
Landlords have four weeks for FSA applications
03 July 2009
The National Landlords' Association has warned that landlords have just four weeks to apply to the Financial Services Authority (FSA) to continue operating. Sale and rent back (SRB) landlords have to submit and complete an application form to give them interim permission to continue their activities.
"Although sale and rent back will not stop repossessions, ethical sale and rent back could be a way for homeowners to remain in their properties but become tenants," suggested John Socha, Vice-Chairman of the NLA. He added that better regulation would help ensure that tenants are treated fairly when renting out their properties.
The new regulations mean landlords operating under SRB need to guarantee access to independent valuations and ensure customers are aware of any level of discount they are being offered. Furthermore, they must have an understanding that their beneficial interest in the property will come to an end once it has been sold.
Pat Davies, partner in the Residential property practice group, comments: "Any scheme which adds transparency and greater understanding must be beneficial especially when it involves such a major asset as someone's home."
If you require legal advice, for either your private affairs or organisation, please call Buckinghamshire based B P Collins Solicitors on 01753 889995, complete the online enquiry form or email enquiries@bpcollins.co.uk.
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