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01/07/2009
NLA issues sale and rent back regulation warning |
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The National Landlords Association (NLA) has warned those in the sale and rent back (SRB) property market that there is just one month left for them to ask for the Financial Services Authority's permission to continue operating.
In changes related to commercial property law, SRB became a regulated activity today and those applying for approval will need to prove they are persons of a 'fit and proper' nature and that they meet the minimum standards required.
"The clock is now ticking if companies or individuals want to continue with SRB transactions," commented John Socha, the NLA's vice-chairman.
According to the organisation, the main focus of the new rules for the next year - while they are in their interim stage - is to see whether operators have access to enough funds to go ahead with purchases, as well as sustainable business plans.
Operators will also need to be open to independent evaluation.
The launch of the interim SRB regulation has been welcomed by equity release trade body Safe Home Income Plans.
Written by Laurence Smith |
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