UK Housing Alliance - Working For "Sell And Rent Back" Regulation
With the news the OFT have launched a study into sell and rent back, UK Housing Alliance (UKHA), one of the UK’s largest sell-and-rent-back companies comments,
“UK Housing Alliance is keen to see the government’s move towards investigating the sell and rent back market and is already taking its own steps by working with the National Landlord’s Association to help regulate the industry with a code of practice.
“UKHA has recently seen an increase in enquiries as home-owners review their options with the uncertainty in the housing market and we want customers to feel confident that the companies in the market are offering a fair service and offer market value for their homes and guarantees on rental terms.” Comments Douglas Lister, CEO of UK Housing Alliance.
UKHA are working closely with the NLA to develop a code which they hope will eventually be endorsed by the Office of Fair trading, offering sellers a preferred supplier list with industry standards for the sell and rent back sector.
Douglas Lister further comments,
“We hope the OFT involvement and the NLA’s code of conduct nurtures the sell and rent back market as it grows to become a respected and genuine financial choice for customers who feel this solution is right for them and their circumstances.”
UK Housing Alliance, which was established in 2006, is not interested in quick sales from people heavily in debt, but is a business that buys property at a fair price, as agreed by an independent chartered surveyor, and then rents it back to the customer for a minimum of 10 years.
To demonstrate their commitment and desire to see the market regulated, UK Housing Alliance have gone further than just offering support to the NLA and have suggested a number of points for the code of conduct.
It is hoped this code will provide potential customers with ease of mind when looking for an option to sell their house and release cash.
UKHA suggestions for the code include:
• Independent valuations – valuations from an accredited, independent body e.g. UK Housing Alliance use the Royal Institute Of Chartered Surveyors
• Transparent rent agreements –A clear view of the rent costs over the tenancy period. UK Housing Alliance Valuation Consultants assess the rent for the full 10 years of the tenancy, so people know how much they will be paying through the term.
• Contracted tenancy agreements with renewal options – UK Housing Alliance offers a 10 year guarantee with a tenant’s only option written into the agreement
• Reputable landlord management – UK Housing Alliance use a large national company Allsop to ensure their tenants get great service and support with maintenance
The NLA’s code of conduct is due to be published in the next few weeks in May.
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