Welcome To SingingPig.co.uk

Hi Jane.

I'll reply to you by email to discuss further.

Cheers,
Alan

janemac:

Alan have signed up to your system and am now at the stage of getting leaflets printed. Wanted to order a quantity which would take me past July when theFSA rules come in. Is there specific wording I need to use on the leaflets to show that I am "licensed"??

 Could you also email me regarding this too as i'm about to order my next batch of leaflets, thanks jane/alan,

 Jason

Hi Alan

Why can't you post a reply here as I'm interested in this (and I'm sure others are too).

If there's a good reason, could you pm or email mee too please?

 Cheers

Hi folks.

Sorry if it sounded as if I was being secretive or evasive.  Far from it... I simply hadn't intended to make this thread into a commercial discussion.

I'll email a reply to both you guys (JasonPP and PoolShark) - but if anyone else needs advice, please register on our website and contact us using one of the methods given there.

Basically... you will not be able to mention FSA authorisation on any forms of advertising until after 1st July - because no-one can become FSA authorised for SRB transactions until then.  However, like I said above, if you have registered on our website as wishing to become one of our partners, I can then provide you with a form of words (relating to our company - so of no use to anyone not working alongside us) that might be beneficial and acceptable to you.

Sincere regards,
Alan

Hi Alan,

Yes very good solution and will be looking to register with yourself.

Can anyone help with my situation ? I have 3 SARBs to do over the next few weeks. Is my understanding correct that as long as i complete before the 1st July then everything is ok ! However if i havent completed before this date then i will need to pull out of the deal or risk being fined or even worse from the FSA ?

Hi MIQ.

Your 1st July issue is very tenuous.  Strictly speaking, the FSA is interested only in agreements made after 1st July, and you'd be making the agreement before 1st July.

You may be picked up on the FSA's radar because the Contract of Sale and AST will be dated after 1st July - so perhaps to help protect yourself you could document your offer to the seller in a dated and signed (both parties) letter, and lodging it with a solicitor before 1st July.  Please note that you should seek clarification from the FSA - as this is only my interpretation of their rules (draft rules) - and they may say that the agreement is not "made" until it has been "consumated" by the Contract of Sale and Tenancy Agreement.

Don't forget, also...  you won't be able to re-sell that property after 1st July whilst the SRB tenant still remains in situ - except to an FSA Regulated SRB Provider (such as us).  This will undoubtedly limit the future value of your property.  As a tip... agree, before 1st July, with your SRB seller in writing that the SRB term is for a fixed period (e.g. one year); once the year has elapsed you will be free of the FSA restrictions on that property and can sell it to anyone (tenanted or vacant) or, if you prefer, you could then agree a new contract with them and they will become a "normal" tenant (this loophole was revealed by the FSA at their briefing session in London in April - however, they may yet alter it in their final draft!).

I'll look forward to receiving you registration via our website (we have nearly 100 people registered with us now).  We'll be sending out license packs this week (assuming that the FSA releases their final draft today as they had promised).

Best regards,
Alan

Let me get this straight. 

I pass you a SARB lead were the vendor has indicated that they are prepared to sell at 30% - 35% BMV and you'll pass me a cheque for £1000? 

Not exactly generous.  I'm sure other FSA operators will pay more generous fees.