This is the third post on the Money Laundering Regulations, specifically on Risk Assessments. To ensure that agents do not fall foul of the Regulation and actively attempt to protect their businesses from money laundering (ML) and/or terrorist financing (TF) a risk assessment of the business must be carried out. This risk assessment is the …
This is the second post on money laundering checks but with detail on the practical steps to take when carrying out your responsibility to carry out Customer Due Diligence (CDD). This is a secondary step once a risk assessment on the customer/client has been carried out. The average person should fall within the remit of …
In Partridge v Gupta the High Court held that the obligation to obtain permission to issue a writ of possession does not require that the tenant be given notice of the actual application for permission. What is required is that “every person in actual possession of the whole or any part of the land … …
We have recently had an influx of calls on the helpline about lettings agents and their obligations under the new money laundering Regulations. Previous posts on the Regulations can be read here. In summary, the Regulations apply to estate agency work only however, as pointed out before it is not that simple. The reason for …
Newham council has discovered that half its 27,000 landlords have failed to register for self-assessment. Unpaid tax is estimated to be £200m in London alone. Newham Council introduced a compulsory licensing scheme for landlords over 4 years ago and shared the landlord’s names and addresses with HMRC, according to a leading newspaper. HMRC has not …
Under the original 2007 Energy Performance Regulations a landlord or their agent are required to make available, free of charge, a valid EPC to any prospective tenant. There are some exceptions to this rule which included: “a building that is officially protected as part of a designated environment or because of their special architectural or …
Energy Performance Certificates and Listed Buildings Read More »
On June 15th, Newham council extended its additional licensing area. The council exercised its power under section 56 of the Housing Act 2006 which applies to all private rented and occupied Houses in Multiple Occupation. The extended designation will be in force for 5 years commencing in January 2018. A map of the designated area …
Newham Council extends additional licensing area. Read More »
Earlier this year the Government issued a series of proposals around beneficial ownership. This is partly motivated by changes to money laundering regulations due to the passing of the EU Fourth Money Laundering Directive as well as efforts to improve the transparency of ownership of companies and property. The proposals follow on from last year’s …
New register of overseas ownership of UK property Read More »
Newham council has approved plans to rate all of the borough’s letting agents from zero to five stars (where five is the best), and then publish the list in full on the council’s website so that it is available to the public. The council suggests that the list will provide potential tenants and landlords with …
Sadly as we predicted some time ago we are starting to see the impact of the Deregulation Act 2015 on claims for accelerated possession. The accelerated possession claim process is meant to be a quick and easy way of landlords obtaining a possession order when this is all they are seeking. It can be used …
Increase in price for Accelerated Possession Claims Read More »
Just a reminder to all current subscribers that those looking to renew their subscriptions have until close of business on 31st July 2017 to send in their forms and payments if they wish to benefit for the discounted rate for current subscribers of £399 plus vat for the year. If you are a new subscriber …
On the PainSmith helpline we are often asked about the “minimum” term of an assured shorthold tenancy. However, the fixed term is really a matter for you because there is no minimum term. When the Housing Act 1988 first came into force, it implemented a minimum term of six months for ASTs. However, the Housing …
In Agents Mutual Ltd v Gascoigne Halman Ltd, the Competition Appeal Tribunal unanimously rejected Gascoigne’s allegations of breach of competition law raised against Agents Mutual. The competition issues in the case essentially arose out of the contractual relationship between the defendant, an estate agent, in the well-known but new to market online property portal known …
The General Data Protection Regulation (GDPR) was adopted on 8 April 2016 and will take effect on 25 May 2018. It is intended to replace the existing Data Protection Act (DPA) and update the data protection regime across Europe. The Government has confirmed that the UK’s decision to leave the EU will not affect the …
In our previous post we advised readers about the Government’s proposal to introduce a minimum energy performance rating of E within the private rental sector. We now have confirmation from the RLA that the proposed changes will be implemented in April 2018. In April 2018, private rental properties will need to have a minimum EPC …
On 26 June 2017, the Money Laundering Regulations 2017 came into force. The Regulations implement the EU’s 4th Directive on Money Laundering (often called 4MLD) which replaces the Money Laundering Regulations of 2007. Those organisations covered by the 2007 Regulations are also covered by the 2017 Regulations. However, the new regulations aim at a far …
Money Laundering Regulations 2017 – now in force. Read More »
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