Solicitors Bude Cornwall Paul Finn Logo Home
 
 
BudeSolicitors Bude Cornwall Tel 01288 356 256
HolsworthySolicitors Holsworthy Devon Tel 01409 255 446
 
 
 
Solicitors - You Are Here   Solicitors Home   |   News & Legal Articles   |   The Sale and Lease-Back Schemes
   
Solicitor Bude Cornwall
Solicitor Holsworthy Devon

 

Bude Cornwall Solicitors
 
View all articles...
 
Subscribe (RSS or email)

      What are feeds? click here
Holsworthy Devon Solicitors
 
Bude Holsworthy Divorce Conveyancing
 
Bude Solicitors
  Solicitors Bude Cornwall   The Sale and Lease-Back Schemes - 26 Apr 2009 Holsworthy Solicitors


In the current financial climate people experiencing difficulties meeting their mortgage repayments may consider a sale and lease-back scheme to try and avoid repossession.
  Often these schemes are run by private profit-making companies. Properties are purchased at a reduced price and it is agreed with the seller that they can continue living in the property under a Tenancy Agreement. It is important that people give careful thought and carry out research before deciding on this particular avenue. It is vital that proper legal advice is sought before making any commitment no matter how desperate you may feel.

At present sale and lease-back schemes are not regulated by the Financial Services Authority and the Office of Fair Trading has called for Regulation to be put into place. The Office of Fair Trading has said that in some cases people are being misled about the value of the property or have been evicted by the purchaser after short tenancy periods. There is also a substantial risk that if the purchaser of the property defaults on the mortgage payments the property could be repossessed and the tenant evicted.

Subject to the outcome of consultation and Parliamentary approval the Government is proposing that the Financial Services Authority puts an interim regime of Regulation into place by July 2009. It is hoped that this Regulation will afford better protection.

In the meantime it is important that people make sure that they have explored all options with their Lender, and generally, before deciding to sell their property to a sale and lease-back provider. If they decide that this is their only realistic option to allow them to remain living in their own home they should take independent legal advice before signing any agreement. Again, if you need any help and assistance with this please contact one of our lawyers in our Property Department here at Paul Finn Solicitors.
 
Home   |   Our Services   |   News & Articles   |   Recruitment   |  Contact Details
 
Solicitors in Bude: The Strand, Bude, Cornwall, EX23 8SY  SRA No: 464394
Solicitors in Holsworthy: 20 The Square, Holsworthy, Devon, EX22 6AN  SRA No: 590812
 
© Paul Finn Solicitors 2017.    Disclaimer   |   Privacy Policy
 
Paul Finn Solicitors is a trading name of Paul Finn Solicitors Ltd. Company No: 6230052. Registered in England and Wales.
Registered Office: The Strand, Bude, Cornwall, EX23 8SY. VAT Reg No:  GB 825 1887 11
Solicitors of England and Wales - Authorised and Regulated by the Solicitors Regulation Authority
Successor to the former firm of Finn & Busby
Valid XHTML 1.0 Transitional