Regulation & Law
News articles looking at national legislation and local regulation and the application of law to the residential property industry.
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Agents warned over dangers of relying on ‘gut feel’ to spot AML criminals
88% of estate agents tell iamproperty.com that their instincts are reliable in detecting money laundering in a property sale.
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Letting agents condemn ‘shock’ Welsh move to triple notice periods for tenants
An amendment before the Welsh assembly will give tenants at least a year from the start of a tenancy before they can be evicted via the 'no fault' process.
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Rent controls are top concern for estate agents, reveals report
The spectre of rent controls or caps is a much greater worry for the industry than Brexit or the tenant fees ban, says Goodlord.
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New Law Society knotweed rules may threaten property sales
The Law Society's updated TA6 form guidance sounds sensible enough, but pushes the risk of knotweed being present at a property onto the buyer rather than the vendor.
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Agents given last chance to tell regulators their views on referral fees
Estate agents are being given a last chance to give their side of the referral fees story by the industry’s two key regulators, who have it in their power to recommend that referral fees are banned later this year. The National Trading Standards Estate and Letting Agency Team (NTSELAT) and The Property Ombudsman (TPO) are asking agents to fill in an online form which must be completed by next Monday the 17th February. The short survey gives an indication of the options facing both regulators and the government, including making estate agents simply tell consumers if they are earning a fee; revealing how much their fee earned is as well as its existence, or banning all fees outright. In March last year NTSELAT issued guidance that warned agent they may face prosecution if they don’t make it clear to clients that they are earning a commission or fee from referring business to a third party service or product provider. And in May last year TPO updated its Codes of Practice to require member agents to reveal referral fees. “It’s been just over a year since we launched our industry guidance on transparency of referral fees during the home buying and selling…
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Shocking impact of fees ban on letting agencies revealed in new report
The extent to which the fees ban has made trading conditions tougher for lettings agencies is revealed including how 10% have lost a third of their income.
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Rental house clearance firm highlights ‘out of control’ cannabis farm problem
House clearance company contracted to clear out debris and plants left by drug-growing gangs says it sees daily examples of how brazen the criminals are.
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Trading Standards says its report on estate agency referral fees is ‘imminent’
NTSEALT chief James Munro says ministers will soon have his organisation's report and that a decision on whether to regulate referral fees will be taken.
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Shocking levels of non-compliance with AML rules highlighted by report
Nearly a third of agents say they are unsure if they’re legally compliant with AML and just 65% believe their firms meet the requirements even though it has been a legal requirement for two years.
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Century 21 cancels franchise of London firm after twin fines
On Friday it was revealed that Century 21 Cameron Adams had been fined a combined £44,000 after two separate and damning court verdicts.
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