Businesses giving the opportunity of sale and rent back, to stuggling property owners will be authorised by a City Watchdog from July next year.
This has come to fruition as the Office of Fair Trading (OFT) saw this new phenomenon as something that could cause problems for the vunerable, given that, in some cases the property is purchased at significantly less than market value and is often rented back to the ownwer for unreasonably high rental costs.
The companies will have to operate with strict rules and guidelines and more importantly, clients who do business with these firms will have a property ombudsman service and a procedure for possible complaints.