Related provisions for MCOB 4.11.3A
1 - 14 of 14 items.
A regulated sale and rent back firm must not permit a potential SRB agreement seller to become contractually committed to enter into a regulated sale and rent back agreement unless it has reasonable grounds to be satisfied that a firm with permission to advise on regulated sale and rent back agreements has advised the particular customer to enter into it.22
2For the purposes of MCOB 4.11.3A R:(1) a regulated sale and rent back agreement will not be suitable unless, having regard to the facts disclosed by the customer and other relevant facts about the customer of which the firm is or should reasonably be aware, the firm concludes on reasonable grounds that:(a) the customer can afford the payments he will be liable to make under it; and(b) the proposed regulated sale and rent back agreement is appropriate to the needs and circumstances
2In assessing whether the regulated sale and rent back agreement is appropriate to the needs and circumstances of the customer for the purposes of MCOB 4.11.3CR (1)(b), as a minimum requirement a firm must consider the following list of factors:(1) whether it is appropriate for the customer to sell his property for a price less than its value (as determined by the valuation which is required by MCOB 6.9.2 R, including where applicable a valuation obtained by the SRB agreement
2The following may be relied on as tending to show contravention of MCOB 2.5A.1 R (The customer’s best interests):(1) an attempt by the firm to misdescribe the customer's reasons for considering a regulated sale and rent back agreement; or(2) an attempt to encourage a customer to enter into a regulated sale and rent back agreement involving a sale price for his property which is less than its value (as determined by the valuation which is required by MCOB 6.9.2 R, including where
(1) A SRB intermediary2must ensure that, on first making contact with a customer who is both an individual and an unauthorised SRB agreement provider, when it anticipates giving personalised information or advice on a regulated sale and rent back agreement, it must provide him with the written warning in (2).2(2) The warning in (1) is that a regulated sale and rent back agreement is a complex legal arrangement and that expert independent legal advice should be obtained before
(1) 4When entering into a regulated sale and rent back agreement,5 a firm must ensure that, under the terms of the regulated sale and rent back agreement:5(a) the entitlement of the SRB agreement seller (or trust beneficiary or related person) to occupy the property is governed by a tenancy, which is structured:(i) if the property is in England and Wales, as an assured tenancy (including an assured shorthold tenancy) under the Housing Act 1988 (as amended);(ii) if the property
As soon as a SRB agreement provider has provided the written pre-offer document at Stage One to a SRB agreement seller who is in arrears under his regulated mortgage contract or home purchase plan on the property to which the proposed regulated sale and rent back agreement relates, it must, in a durable medium, immediately notify the mortgage lender, home purchase provider or the providers of other loans that may be secured on the property:(1) explaining that the firm is proposing
(1) Principle 6 requires a firm to pay due regard to the interests of its customers and treat them fairly. A firm is also under an obligation, as a consequence of this sourcebook's disclosure requirements,1 to make charges transparent to customers. This chapter reinforces these requirements by preventing a firm from imposing unfair and excessive charges.1(2) The level of charges under a regulated mortgage contract,2home reversion plan1 or regulated sale and rent back agreement2
A firm must ensure that its charges to a customer in connection with the firmentering into, making a further advance or further release on, administering, arranging or advising on a regulated mortgage contract,2home reversion plan or regulated sale and rent back agreement2, or arranging or advising on a variation to the terms of a regulated mortgage contract,2home reversion plan or regulated sale and rent back agreement2are not excessive.1122
3Under article 53D of the Regulated Activities Order (Advising on regulated sale and rent back agreements), advising a person is a specified kind of activity if:(1) the advice is given to the person in his capacity as an SRB agreement seller or SRB agreement provider or as a potential SRB agreement seller or SRB agreement provider; and(2) it is advice on the merits of his doing any of the following:(a) entering into a particular regulated sale and rent back agreement; or(b) varying