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30/09/2009
Call for legal protection over property schemes |
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There should be more legal protection for the public under sale and rentback schemes, it has been argued.
Director of home loans agency MyMortgageDirect Catherine Hearnden said that the arrangements can work for many people because it does enable them to stay in their homes instead of suffering repossession.
However, she stated: "It needs regulation, because obviously there have been some horror stories for this about companies getting on the bandwagon and basically ripping people off."
This should either be done through the Financial Services Authority (FSA) or consumer protection legislation, Ms Hearnden suggested.
Those finding themselves in a problematic sale and rentback situation may wish to contact a property lawyer.
FSA plans to help consumers in the market were published this week.
Due to come in next year, they will include cooling-off periods for homeowners to allow more time to make decisions and curbs on aggressive advertising practices such as cold calling and leafleting through letterboxes.
Written by Anna Norton
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