Tuesday, October 14, 2008
Sale and rent-back sharks in spotlight
The Office of Fair Trading (OFT) has called for urgent regulation of the sale and rent-back industry. The competition watchdog said In a report published today that more than 50,000 householders had agreed to sell their home to landlords, often for a sum less than its market value, on the assumption that they will be allowed to remain as tenants. However, the OFT found evidence that vulnerable tenants often had no protection against being evicted from their homes months after the sale of their property. Around 1,000 companies are operating in the sector, according to the report.