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SRB landlords reminded to apply for FSA authorisation
01 Jul 2009
Written by Michael Brown
Landlords operating in the sale and rent back (SRB) sector have just four weeks to apply for interim permission to continue their business, an organisation has warned.
The government has introduced regulations to ensure that SRB landlords comply with minimum standards and are "fit and proper" operators.
Proprietors must demonstrate to the Financial Services Authority (FSA) that they have a sustainable business plan, indicating funding and revenue streams in order to complete purchases.
Now the National Landlords Association (NLA) is reminding SRB landlords to get their applications to the FSA within the next month.
"Ethical sale and rent back must be an option for some consumers. It provides flexible tenure and the ability to remain in their property for those who can no longer afford the costs of home ownership," said John Socha, vice chairman of the NLA.
Meanwhile, the organisation yesterday (June 30th) appeared before the government's Treasury Select Committee to outline the difficulties facing buy-to-let investors trying to access financing.
