Residential Property Solutions Limited has launched a sale and rent back scheme based on a five-year assured shorthold tenancy agreement (AST), ahead of the the FSA sale and rent back regime which come into force on 30 June.

The new scheme, which replaces Residential Property Solutions’ existing sale and rent back product options, gives tenants a five-year AST, with purchase prices being offered up to 75% of the value of their property. Tenants will have a legally binding option to buy back their home at any time during their five-year tenancy agreement and will also obtain a free legal service plus no requirement to pay up-front fees.

To refer business to Residential Property Solutions Ltd, brokers do not need to be regulated – either now or after 30 June – provided they do not give advice or a recommendation to their clients (which will be provided by Residential Property Solutions).

Pete Thomson , managing director of Residential Property Solutions, said: “The CMLs latest repossession figures confirm that approximately 50