Sale and rent back (Record no. 108808)

MARC details
000 -LEADER
fixed length control field 02979cad a22002535a 4500
001 - CONTROL NUMBER
control field L145495
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 110419s2008 xxkabd f s 000 0 eng d
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u145495
041 0# - LANGUAGE CODE
Language code of text/sound track or separate title eng
110 2# - MAIN ENTRY--CORPORATE NAME
Corporate name or jurisdiction name as entry element United Kingdom
Subordinate unit Office of Fair Trading
9 (RLIN) 4767
245 00 - TITLE STATEMENT
Title Sale and rent back
Medium [electronic resource]
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Place of publication, distribution, etc. London
Name of publisher, distributor, etc. Office of Fair Trading
Date of publication, distribution, etc. 2008
490 #0 - SERIES STATEMENT
Series statement OFT
Volume/sequential designation 1018
505 2# - FORMATTED CONTENTS NOTE
Formatted contents note Executive summary -- Introduction -- Part I Diagnosis -- The sale and rent back sector in the UK -- Is sale and rent back sustainable? -- Analysis of detriment -- Conclusions from Part 1: nature and scale of the problem -- Part 2: Solutions -- Introduction -- Scope for further action within existing frameworks -- Self-regulation of sale and rent back -- Other initiatives -- Recommendations
505 2# - FORMATTED CONTENTS NOTE
Formatted contents note Annexes -- Annexe A - Consumer survey -- Annexe B - Equity release -- Annexe C - Analysis of cases recorded by advisors - Annexe D - Website survey -- Annexe E - Financial assistance for homeowners and tenants -- Annexe F - Existing consumer protection -- Annexe G - Alternatives to sale and rent back -- Annexe H - Social mortgage rescue -- Annexe I - Impact assessment -- Annexe J - Consumer awareness -- Annexe K - Similar practices to sale and rent back in the USA -- Annexe L - Case studies of consumer detriment
520 ## - SUMMARY, ETC.
Summary, etc. Analyses the sale and rent back (SRB) procedure, a property transaction whereby a company buys a house from a landlord and allows the individual to remain in it. This often concerns persons in risk of repossession. Reports that the Office of Fair Trading (OFT) launched this market study in May 2008 to examine issues raised by this type of transaction. Finds that some homeowners were mislead in thinking they had a secure tenure for a long term, while it was not the case. Some were deceived on the value of their property. Some others faced increased rents. Others were evicted after a short tenancy period. Presents the OFT recommendations: statutory regulation on SRB transactions by the Financial Services Authority; more transparency from firms on the initial valuation and sale price, the length of tenancy, and the rent payable. Suggests that SRB firms should inform consumers about available free and independent advice sources. They should provide tenants with written agreement specifying the impossibility to evict a tenant for a set time period. Mentions the need to introduce a minimum length of tenure. Concludes that action should be taken against SRB firms breaching the Consumer Protection from Unfair Trading Regulations 2008.
521 ## - TARGET AUDIENCE NOTE
Target audience note Advanced
590 ## - LOCAL NOTE (RLIN)
Local note KA NTK
651 #4 - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME
Geographic name United Kingdom
Chronological subdivision
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element PROPERTY-PROPERTY MARKET
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element PROPERTY-RESIDENTIAL PROPERTY-RESIDENTIAL LANDLORD AND TENANT
856 40 - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://www.oft.gov.uk/OFTwork/publications/publication-categories/reports/consumer-protection/oft1018">https://www.oft.gov.uk/OFTwork/publications/publication-categories/reports/consumer-protection/oft1018</a>
Public note View the market study free of charge at www.oft.gov.uk
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Copy number Price effective from Koha item type
    Dewey Decimal Classification     Virtual Virtual Online 15/10/2008   ONLINE PUBLICATION 145495-1001 06/08/2019 1 06/08/2019 Book