New regulations commence for SRB landlords

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Landlords in the sale and rent back (SRB) market have been reminded to ensure they are properly registered to comply with newly introduced regulations.

A new interim regime has been imposed upon SRB business activities which requires participating landlords to supply evidence that they have a sound business plan and meet minimum "fit and proper person" standards.

The National Landlords Association (NLA) has therefore reminded landlords that they must complete their application within the next month if they wish to remain legally compliant.

John Socha, vice chairman for NLA, said: "The clock is now ticking if companies or individuals want to continue with sale and rent back transactions. Ethical sale and rent back must be an option for some consumers."

The government is also currently considering the possible implementation of a national landlord licensing system designed to crack down on bad practice and mistreatment of tenants in some areas of the rental sector.

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