Sale and rent back ripping people off

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Sale and rent back ripping people off

Sale and rent back has come in for criticism from a housing charity, whose chief executive has described some of the companies operating in the sector as ripping people off.
Some sale and rent back companies pay homeowners roughly half the value of their property and do not safe guard promises that homeowners can remain in the hoses as tenants.
The sector has grown strongly in the past few years and is now estimated to be worth around £2.5 billion a year. Shelter and other bodies involved in housing have been calling for it to be regulated, so that those selling their homes see a fair price.
Shelter is also concerned that some people entering into a sale and rent back agreements will not escape repossession. Some of these schemes are financially unsustainable. We have people whose homes are being repossessed because the people they sold them to couldn’t keep up with their payments.
The National Landlords Association is currently drawing up a voluntary Code of Practice for the industry, which will come into effect in April.

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