The National Trading Standards Estate and Letting Agency Team (NTSELAT) has released comprehensive new guidelines covering all three phases of the programme, which aims to improve and standardise disclosures in property listings, helping agents to meet their legal obligations.
The unique partnership has seen client account health checks and accountants' reports waived for letting agent members who use PayProp’s client accounting platform.
Letting agents who deal with properties that have monthly rents equivalent to €10,000 or more have responsibilities under Anti-Money Laundering (AML) regulations to prevent their services from being used for money laundering or terrorist financing activities.
Due to take effect at the start of 2024, the higher fines represent what the Home Office describes as the biggest shake up of civil penalties since the checks were first introduced and will include charges of up to £20,000 for repeat breaches.
The terminology surrounding the renting and sale of properties can be confusing for some consumers and new guidance from the National Trading Standards Estate and Letting Agency Team (NTSELAT) provides definitions of commonly used terms to improve consistency and understanding for everyone involved.
The introduction of the Renter's (Reform) Bill resulted a lot of media coverage, with agents and landlords voicing valid concerns about the potential impact of future legislation on their businesses. However, it is important to note that the Bill has not yet become law and is still undergoing scrutiny and possible amendments.
The regulations set out the rules for advertising boards, including property sales and lettings boards. They came into force on 6 April 2007 and apply in relation to the display of advertisements on sites in England only.
Production and possession with the intent to supply is a criminal offense which can carry up to 14 years in prison and an unlimited fine. Landlords and agents who are aware or have suspicions of a Cannabis farm in one of their properties can be liable under law and face the same penalties.
As the leading regulator for the property sector, our team of experienced agency auditors has increased to help Propertymark members avoid the hazards that generate local authority fines worth tens of thousands of pounds.
As the leading regulator for the sector, Propertymark is launching a service called Calm about Compliance which will bring our expertise to the sector where our auditors work alongside agents at their offices.
Packed with practical advice on the issues facing agents as we enter 2023: maintaining professionalism with abusive clients, rental reform in Wales and Northern Ireland, Right to Rent checks in England, sale board regulations and data protection for agents across the UK.
To ensure that the demands of the industry continue to be adhered to, particularly with the new Decent Homes Standard implementation, KPR, specialists in automated property inspection management and habitation compliance software, has created Willis, an innovative software upgrade to their inspection, maintenance, and compliance software.
Propertymark has opened compliance cases against a small number of members following the latest HMRC publication of businesses who have failed to comply with anti-money laundering regulations.
Following HM Treasury approval, on 27 July 2022 the UK Government updated guidance for estate and letting agent businesses supervised for anti-money laundering. Designed to help agents comply with the Money Laundering Regulations 2017, it covers customer due diligence, record keeping and reporting suspicious activity.