Sale and rent back scheme code of practice for landlords

Posted: 08 Aug 2008 13:21:24 GMT

            Property News - Sale and rent back scheme code of practice for landlords

The sale and rent back system that offers those facing repossession the option to sell their property and then have it rented back to them is being examined by the National Landlords Association (NLA).

Interested parties have been invited to give their views on the NLA's draft code of practice for those landlords who become involved in the sale and rent back market.

According to the NLA, the scheme offers homeowners struggling to cope with a way to remain in their property and it claims the code of practice has the "protection of vulnerable consumers at its heart".

David Salusbury, chairman of the NLA, explained why they are asking for feedback on the system's code of practice: "We are putting it out for consultation so interested parties can submit their opinions about how the code could be improved but also to indicate the seriousness with which the UK's leading landlord association takes its responsibilities for raising standards across the private-rented sector."

A market study into the sale and rent back system by the Office of Fair Trading is now underway and is due for completion in September.

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