NLA begin consultation
The National Landlords Association has begun the consultation stage on its draft code of practice for Landlords involved in the sale and rent back market.
The draft code, which aims to protect vulnerable consumers, plans to give the sale and rent back market credibility, as it is currently unregulated.
Notable measures contained in the code of practice include a commitment from Landlords to honour tenancy agreements, a dispute resolutions service made available for tenants and landlords and financial penalties for letting agents who violate the code of practice.
David Salusbury, chairman of the NLA, welcomed the publication of the code but emphasised that it was still a work-in-progress.
He said: "We are putting it out for consultation so interested parties can submit their opinions about how the Code could be improved but also to indicate the seriousness with which the UK's leading landlord association takes its responsibilities for raising standards across the private-rented sector."
Sale and rent back - which could become increasingly popular as the financial climate weakens - is a form of property transaction involving the sale of an occupier's property to a landlord, which is then rented back to the previous owner.
UK Property News posted on 04/08/2008 15:42:36
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