A sale and rent back housing company based in Manchester has fallen into administration, leaving 375 tenants facing losses that could run into millions of pounds.
The main business of UK Housing Alliance (North West) Ltd was to acquire property from homeowners and rent it back to them. Sellers would receive 70% of the value of the sale, with the remaining 30% to be released as a lump sum following 10 years’ leaseback, provided that they paid top market rent for the full 10-year period.
The administration means that hundreds of families could each be left hundreds of thousands of pounds out of pocket, according to solicitors Berg Legal, which is representing 150 households and administrators for the sale and rent back firm. These 150 creditors alone are said to be owed around £5 million.
Administrators Baker Tilly, handling the business bankruptcy, insisted that the tenants could continue to rent as normal, but the 30% payback was no longer guaranteed.
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Nice blog I have read your post very informative, The Sale and rent back sector that has completely transformed in the last year. New FSA Regulation has brought in strict rules for Sale and Rent Back firms and protection for those people wanting to sell and rent back their homes.
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