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Three charged over unauthorised sale-and-rent-back schemes


The FCA has initiated criminal proceedings against three individuals for carrying out regulated activity without authorisation. 

Specifically, the FCA alleges that:

  • Between 1 September 2014 and 7 November 2018, Rajinder Gill and Jetinder Sandhu offered loans and sale-and-rent-back agreements on behalf of Secure Property Consultants Ltd (trading as Secure Property Buyers and Secure Property Sales) without having been approved by the regulator. They have also been charged with fraudulent trading
  • Between 2 February 2017 and 17 October 2017, Amandeep Heer offered two sale-and-rent-back agreements when not authorised to do so.

Sale-and-rent-back agreements can target homeowners in financial difficulty encouraging them to sell their property at a discounted price on the basis that they can continue to live there as a tenant for a set period of time. Rent payments can go up during the tenancy, and tenants may be evicted if they fall behind on payments.

Firms can misrepresent the terms of the sale and tenancy, meaning that consumers are not aware of the risks.

Gill appeared at Westminster Magistrates’ Court on 17 May 2023 and did not indicate a plea. Sandhu and Heer appeared at Westminster Magistrates’ Court on 12 June. The former indicated a not guilty plea and the latter did not indicate a plea. The case has been formally sent to Southwark Crown Court.