24 February 2020

    Your guide to mandatory client money protection for letting agents

    It has been mandatory for letting agents in England to belong to a client money protection scheme 1st April 2019 in order to safeguard the funds of their landlords and tenants.

    17 February 2020

    What is customer due diligence and how do you apply it?

    Customer due diligence means not only verifying that your customers are who they say they are, but also having an understanding of the purpose and intended nature of their relationship with your business.

    12 February 2020

    How could climate change affect your agency in the next decade?

    Climate change regulations will likely have a significant impact on legislation of the private rented sector in the next few years, with Minimum Energy Efficiency Standards just the first in a series of regulations to help the UK reach net zero emissions. 

    10 February 2020

    Lifetime deposits set to shake up the status quo for letting agents and renters alike

    "Lifetime deposits" or "deposit passporting" looks set to become a reality under the Government's Renters' Reform Bill, but there a number of operational and financial issues that would need to be resolved before they are introduced.

    20 January 2020

    Brexit: How will the transition period affect your lettings agency?

    When the UK leaves the EU on 31st January 2020, it will enter an 11-month transition period, designed to provide time for the details of the new relationship between the UK and the EU to be agreed.

    15 January 2020

    Your guide to risk assessing your agency for money laundering with free template

    Businesses that are regulated by money laundering legislation need to carry out a risk assessment, to identify where they could be at risk of being used for money laundering. Use our free template as the basis for your agency's risk assessment.

    6 January 2020

    The Fifth Money Laundering Directive: Risk assessments and customer due diligence

    Letting agents will need to carry out a risk assessment and customer due diligence to ensure their processes are compliant under the The Money Laundering and Terrorist Financing (Amendment) Regulations 2019.

    19 December 2019

    Your guide to the Renters' Reform Bill

    The government has proposed a sweeping set of reforms for the private rented sector in England with its Renters' Reform Bill, including abolishing Section 21, making changes to Section 8, and introducing "lifetime deposits".

    16 December 2019

    What happens now? Lettings legislation after the election

    The government is likely to forge ahead with its “better deal for renters”, including abolishing Section 21.

    11 December 2019

    Make sure your agency is prepared for another decade of legislative change

    The private rented sector has undergone immense legislative change in the past decade - will this continue in the next one? We take a closer look in this extract from Goodlord's latest e-book, Dawn of a decade: Lettings in the 2020s. 

    Your guide to mandatory client money protection for letting agents

    Posted by Andrea Warmington on 24 February 2020

    It has been mandatory for letting agents in England who hold client money to belong to a client money protection scheme since 1st April 2019, in order to make sure that the funds of their tenants and landlords are protected.

    Read More

    Topics: Compliance

    What is customer due diligence and how do you apply it?

    Posted by Andrea Warmington on 17 February 2020

    Know your customer (KYC) checks, also known as customer due diligence, are an essential part of ensuring that your business is compliant with financial regulations, such as the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.  Customer due diligence means not only verifying that your customers are who they say they are, but also having an understanding of the purpose and intended nature of their relationship with your business. In some situations, you may need to carry out customer due diligence on existing customers, or apply enhanced due diligence. If you have doubts about a customer’s identity, you must stop dealing with them until you’re sure.

    Read More

    Topics: Compliance

    How could climate change affect your agency in the next decade?

    Posted by The Goodlord team on 12 February 2020

    Minimum energy efficiency standards were just the beginning. The UK has passed legislation pledging to end its contribution to global warming by 2050. The target will require the UK to bring all greenhouse gas emissions to net zero by 2050, compared with the previous target of at least 80% reduction from 1990 levels. Net zero means any emissions would be balanced by schemes to offset an equivalent amount of greenhouse gases from the atmosphere, such as planting trees or using technology like carbon capture and storage.

    Read More

    Topics: Compliance

    Lifetime deposits set to shake up the status quo for letting agents and renters alike

    Posted by Andrea Warmington on 10 February 2020

    Lifetime deposits are on the horizon, after being included in the Government’s Renters’ Reform Bill, a package of proposed reforms to the private rented sector. The Government has made affordability for tenants moving home a major legislative focus as part of its efforts to improve the experience of those living in the private rental sector and the concept of "deposit passporting" has emerged as one of its favoured ways to achieve this.

    Read More

    Topics: Compliance

    Brexit: How will the transition period affect your lettings agency?

    Posted by Andrea Warmington on 20 January 2020

    The United Kingdom has left the European Union, marking the beginning of an 11-month-long transition or “implementation” period. The Government has ruled out extending the transition period beyond the end of 31 December 2020. The transition period is designed to provide time for the details of the new relationship between the UK and the EU to be agreed. The EU will not negotiate the details of new arrangements with the UK while it is still a member of the EU. 

    Read More

    Topics: Compliance

    Your guide to risk assessing your agency for money laundering with free template

    Posted by Andrea Warmington on 15 January 2020

    Letting agencies are now subject to money laundering legislation, under The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which came into effect on January 10, 2020.  Under the regulations, letting agencies who process agreements where, for a period of a month or more, the rent during at least part of that period is equivalent to a monthly rent of €10,000 or more, will need to meet certain responsibilities, including risk assessing their businesses to identify where they could be at risk of being used for money laundering.

    Read More

    Topics: Compliance

    The Fifth Money Laundering Directive: Risk assessments and customer due diligence

    Posted by Andrea Warmington on 06 January 2020

    The Fifth Money Laundering Directive came into force on 10th January 2020, making lettings agencies subject to anti-money laundering legislation. The changes will fall under The Money Laundering and Terrorist Financing (Amendment) Regulations 2019. Under the regulations, letting agencies will need to meet certain responsibilities, including carrying out a risk assessment and customer due diligence on agreements with landlords and tenants where, for a period of a month or more, the rent during at least part of that period is equivalent to a monthly rent of €10,000 or more.

    Read More

    Topics: Compliance

    Your guide to the Renters' Reform Bill

    Posted by Andrea Warmington on 19 December 2019

    The government has confirmed that it plans to abolish Section 21, make changes to Section 8, and introduce "lifetime deposits" as part of its “revolutionary” Renters’ Reform Bill, a sweeping set of reforms for the private rented sector in England, which were outlined in the briefing notes to the Queen’s Speech, delivered on 19 December 2019.

    Read More

    Topics: Compliance

    What happens now? Lettings legislation after the election

    Posted by The Goodlord team on 16 December 2019

    The government is likely to push ahead with its plans for a “complete overhaul” of the private rented sector, after the Conservative party won a majority in the general election of December 2019.

    Read More

    Topics: Compliance

    Make sure your agency is prepared for another decade of legislative change

    Posted by The Goodlord team on 11 December 2019

    Will legislation of the private rented sector slow down in the next decade? It’s unlikely. In fact, as the number of renters grows, so too does their influence on the Government, which means the lettings industry could be subject to even more new legislation in the coming decade. That’s while many letting agencies are still getting to grips with recent changes. The ban on tenant fees was the single biggest change to the lettings industry in years, overhauling long-established business models in one fell swoop. It was predicted that revenues would decrease by 30% on average for most agencies.

    Read More

    Topics: Compliance

      Protect your landlords

      Latest ebook

      Latest tweets