You are here: cherry > Press releases for July 2010 > RPS receives full FSA authorisation

06 July 2010

Residential Property Solutions Limited has become one of just a handful of specialist firms to receive full authorisation from the Financial Services Authority to undertake sale and rent back activities. The sale and rent back market has been subject to an interim authorisation regime since July last year. However, the FSA introduced a full regulatory regime on 30th June this year, which gives consumers protection from high-pressure sales techniques and the benefit of assured shorthold tenancy agreements with a minimum term of 5 years. Pete Thomson, Managing Director of Residential Property Solutions Ltd, said: “We’re delighted to have received our full authorisation, which means we can continue to provide brokers throughout the UK with specialist sale and rent back support. “Brokers do not need to have any special FSA permissions if all they do is refer a client to an authorised firm such as RPS. Clients will be provided with advice and a recommendation and we’ll also pay brokers a fee of 0.4% of the transaction value for the referral, which compares favourable with the proc fees paid on a typical mortgage case.” Residential Property Solution Ltd has a fully compliant sale and rent back scheme which enables tenants to benefit from the security of a 5 year AST, with purchase prices being offered up to 75% of the value of their property. Tenants have a legally binding option to buy back their home at any time during their 5 year tenancy agreement and also benefit from a free legal service and no requirement to pay up-front fees. The Council of Mortgage Lenders latest forecast states that up to 50,000 homeowners could face repossession this year. Sale & rent back provides a practical solution for families facing potential eviction and the new 5 year assured shorthold tenancy agreements gives them an adequate breathing space to get their finances back on track. Introducers can obtain full information about the services offered by Residential Property Solutions Ltd at: www.therpsgroup.co.uk or by phoning 0800 612 7525. **ends**

Click below to download the full press release