Regulatory and conveyancing law firm Wright & Wright Solicitors, has revealed FSA Sale and Rentback (SRB) authorisation success for the first of its clients, Buy House Ltd.

 

This means that Buy House is one of the first firms to receive authorisation from the FSA to carry out SRB business after the regulator’s interim regime for the sector began at the beginning of the month.

 

Wright & Wright is giving Buy House compliance and ongoing conveyancing and title services, and supported its authorisation application.  

 

Wright & Wright is the only dedicated Sale and Rentback (SARB) law firm to also work within the Land Registry portal and gateway schemes.  

 

The firm has also been heavily involved in consultations with both the FSA and Treasury for the interim regulatory regime which came into effect this month.  

 

Julian Sampson, partner at Wright & Wright, said: “We have had an anxious wait since the 1st July to see how the FSA were going to treat new applicants to the Sale and Rentback interim regime.  However, after daily checking of the FSA register we are pleased to announce that a Wright & Wright-sponsored and supported application for Buy House Ltd has proven successful.  Given that the application process has been untested, as this is the first ever interim regime, it has been a particularly challenging time for all concerned. We are therefore delighted to see that widespread industry collaboration in the SRB area is proving successful and that firms Wright & Wright have supported are now receiving their authorisations to carry out business.  

 

"We will be announcing further successful applications in due course and from here on in we will begin conveyancing the transactions, reducing risk and preparing for full regulation. This is a crucial time for SRB firms and we would urge all those who have been, or are looking to be, involved in the sector to seek legal and compliance advice from a specialist firm like ourselves.  This includes currently regulated mortgage networks or intermediaries who are looking to offer SRB advice to their clients.” 

 

Alan Oliver, director at Buy House, said: “We’re extremely grateful to Julian and all at Wright & Wright for their continued assistance and support in our application. I don’t believe we would have achieved authorised status without them.  Buy House Ltd is particularly pleased to be one of the first firms to gain authorisation, demonstrating our deep commitment to tidying up the SRB marketplace and providing a better service to consumers.”