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Sell House/Rent Back
amartin1908
Posts: 58 Forumite
Hi
I am writing on behalf of my friend. She has been trying to sell her house for a couple of years now, but as she wants to stay on long term as a tenant she is finding it difficult.
My own landlord was considering buying another property to rentout so offered to buy it and rent it back to my friend, but has today said that it is now illegal to do so. That the FSA have advised her that new legislation is coming in.
Is this correct?
I am writing on behalf of my friend. She has been trying to sell her house for a couple of years now, but as she wants to stay on long term as a tenant she is finding it difficult.
My own landlord was considering buying another property to rentout so offered to buy it and rent it back to my friend, but has today said that it is now illegal to do so. That the FSA have advised her that new legislation is coming in.
Is this correct?
0
Comments
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There have indeed been problems with companies that buy then rent back people's properties, and I believe a decision was made to regulate this pracice.
I do not know the details, but would be surprised if it was illegal, though regulation of how it is done is indeed new.
edit: a quick google of "buy rent back FSA". 1st result is here!0 -
There have indeed been problems with companies that buy then rent back people's properties, and I believe a decision was made to regulate this pracice.
I do not know the details, but would be surprised if it was illegal, though regulation of how it is done is indeed new.
edit: a quick google of "buy rent back FSA". 1st result is here!
What i find odd is that my landlord is not a business just a private individual who owns my flat and was looking to buy another property. I would have thought they could buy and rent out to whoever they want. It would have been a cash sale no mortgage so no mortgage company getting precious0 -
That is a contradiction of terms. Property rental is a business.amartin1908 wrote: »....my landlord is not a business ....
The FSA rules are there to protect vulnerable home-owners from signing over their homes and receiving no security in return.
As I said, I do not know the details of the rules, but I understand why they were needed.0 -
amartin1908 wrote: »What i find odd is that my landlord is not a business just a private individual who owns my flat
No such thing. If they are taking money for rent then they are a business. The fact it is someone renting out their former home doesn't alter that fact.0
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