Leading Sale and Rent Back Company SQ2 Welcome new FSA Rules
Leading Sale and Rent Back Company SQ2 Welcome new FSA Rules Coming into force from 30th June, the FSA’s policy to offer sale and rent back customers greater protection have been welcomed by leading sale and rent back company SQ2, the FSA regulated house buying specialists. The new FSA rules include a 14 day cooling-off period to give consumers more time to make decisions on sale and rent back, a ban on cold calling and prohibiting firms from dropping promotional leaflets through letter boxes and confirmed rules to ensure consumers have a security of tenure for a minimum of five years. Commenting on the new regulations, Mr William Marshall, Senior Consultant at SQ2 says; “For those with money problems, facing the threat of repossession, staying in their home is often very important. We offer a transparent service, designed to help customers at a time when they are facing considerable economic hardship and we welcome the new FSA framework as the guidelines are in-keeping with how we already operate as a business. “What this FSA framework will hopefully mean is that it will become increasingly difficult for unscrupulous companies to operate in this sector. “We are one of the few sale and rent back companies regulated by the FSA and we would always urge customers who are perhaps in a poor financial situation and in need of help to avoid repossession to only use companies that are FSA regulated.” There are many benefits to using a company that is FSA regulated, one of the most important of which being trust and a transparency of service. Anyone looking to sell their house and rent it back should be wary of overly-pushy sales tactics and any company that doesn’t allow you to seek independent advice. Marshall continues; “If you want to use your own solicitor for a sale, you should be able to, rather than depending on the legal recommendations of company selected ‘free’ solicitors. At SQ2 you can use your own solicitor and we even happily pay a contribution of up to £500* towards the cost, too.” www.SQ2.co.uk offer both rent-back and buy-back schemes so that you do not have to give up your home. You can sell your house and then rent it back for any period from a minimum of 5 years, however, if you wish to leave before the end of the contract you can do so at anytime with no financial penalties, we just need one months notice. You can also buy back your property at any time during the tenancy period, and you will receive a discount from the prevailing market rate at the time. Five Tips to Choosing the Right Sale and Rent Back Company 1). Ensure that they are FSA regulated. 2). Look for Independent advice. 3). Look for security of tenancy. At SQ2 you can agree to rent back from 5 years or longer, whatever suits you. You are not tied into the contract and can leave whenever you wish. 4). The Buy Back Option. Ensure that you can, if your financial situation improves, buy back your property at any time during the rental period. 5). Look for a Guaranteed Sale. After agreeing a valuation price and accepting an offer, knowing that a sale is 100% guaranteed and backed by a reputable house buying company will give you peace of mind to begin improving your financial situation. Notes: * The £500 contribution will only be paid to your own solicitor upon completion of the sale. If the property doesn’t complete you may be liable for further charges from your solicitor, and we will not contribute towards any abortive costs. If you choose one of our panel of solicitors you will be liable for no charges at all. For more information on SQ2 visit: www.sq2.co.uk Related Stories: http://www.independent.co.uk/money/mortgages/greater-protection-for-saleandrentback-homeowners-2011344.html http://www.dailymail.co.uk/money/article-1289571/New-FSA-regulations-offer-protection-vulnerable-homeowners.html?ito=feeds-newsxml For more information contact Dale Lovell at Search News Media on 01753 859 588 / 0779 1414 681. E-mail: dlovell@searchnewsmedia.co.uk.
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