We believe that all sale and rent back firms should uphold the highest possible standards.
We have therefore developed an ethical charter which will help raise standards above the minimum specified by the FSA and we are encouraging all sale and rent back firms to adopt this charter.
Our ethical charter states that all homeowners must:
- be informed, at the outset, what FSA permission the firm they are dealing with holds to undertake SRB business.
- not be referred to any firm or funder which is not fully authorised to undertake SRB business i.e. an unauthorised ‘armchair’ investor.
- have the option to take independent professional legal advice, at no cost to themselves, before being asked to sign on the dotted line.
- be made aware of all the other options available to them, including benefits and government rescue schemes.
- not be pressured into entering into an SRB agreement and be allowed to dictate the pace of completion, free from the pressure of short deadlines.
- not have to pay up front fees and charges. All fees and charges must be fair and reasonable (i.e. justifiable in relation to the nature of the service being provided) and be clearly explained. Fees payable to brokers must also be disclosed and should be justifiable in relation to the service being provided by the broker.
- be provided with information about the valuation of their property, which must be undertaken by two professional independent valuers.
- be allowed to pull out of a ‘deal’ at any time before selling their property, at no cost to themselves.
- have a legally binding option to buy back their property at any time during their tenancy agreement.
- have the comfort of knowing that their landlord is financially secure and holds a minimum of £100,000 of capital.
- be given clear and fair information about the transaction in terms that are easily understandable by all customers.
- have access to SRB experts to whom they can ask questions and request further information, at any time during the SRB transaction.
- be looked after by staff who hold CEMAP, FPC or other appropriate qualifications.
- feel confident that the SRB company is acting at all times with their best interest at heart, is not profiteering at their expense (i.e. imposing unjustifiable fees and charges) and is committed to upholding the highest possible standards
We believe that all sale and rent back firms should uphold the highest possible standards.
We have therefore developed an ethical charter which will help raise standards above the minimum specified by the FSA and we are encouraging all sale and rent back firms to adopt this charter.
Our ethical charter states that all homeowners must:
- be informed, at the outset, what FSA permission the firm they are dealing with holds to undertake SRB business.
- not be referred to any firm or funder which is not fully authorised to undertake SRB business i.e. an unauthorised ‘armchair’ investor.
- have the option to take independent professional legal advice, at no cost to themselves, before being asked to sign on the dotted line.
- be made aware of all the other options available to them, including benefits and government rescue schemes.
- not be pressured into entering into an SRB agreement and be allowed to dictate the pace of completion, free from the pressure of short deadlines.
- not have to pay up front fees and charges. All fees and charges must be fair and reasonable (i.e. justifiable in relation to the nature of the service being provided) and be clearly explained. Fees payable to brokers must also be disclosed and should be justifiable in relation to the service being provided by the broker.
- be provided with information about the valuation of their property, which must be undertaken by two professional independent valuers.
- be allowed to pull out of a ‘deal’ at any time before selling their property, at no cost to themselves.
- have a legally binding option to buy back their property at any time during their tenancy agreement.
- have the comfort of knowing that their landlord is financially secure and holds a minimum of £100,000 of capital.
- be given clear and fair information about the transaction in terms that are easily understandable by all customers.
- have access to SRB experts to whom they can ask questions and request further information, at any time during the SRB transaction.
- be looked after by staff who hold CEMAP, FPC or other appropriate qualifications.
- feel confident that the SRB company is acting at all times with their best interest at heart, is not profiteering at their expense (i.e. imposing unjustifiable fees and charges) and is committed to upholding the highest possible standards