UK Money News
9th July 2008
Warning issued over sale and rent back schemes
Homeowners have been urged to thoroughly research the terms of sale and rent back schemes before opting for one.
Fool.co.uk issued the advice to homeowners after a poll uncovered widespread misconceptions as to the conditions that are typically imposed.
Among respondents, 26 per cent said they thought that they were able to stay in a property as long as they like after agreeing the deal.
However, in fact this is not the case, because the lease back to the customer is usually on an Assured Shorthold Tenancy (AST), many of which last for just six to 12 months.
This means that companies cannot legally be prevented from evicting a tenant once this period has elapsed.
Donna Werbner, property expert at Fool.co.uk, commented: "The allure of such schemes to people facing repossession is understandable. However, I would urge anyone considering doing this to do their research.
"Much of the information out there is misleading and by the time you find out the truth, it could well be too late to change your mind."
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