"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.
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.
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.
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.
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".
The government is likely to forge ahead with its “better deal for renters”, including abolishing Section 21.
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.
Uncertainty abounds almost four years after the referendum. We look at how Brexit could impact the PRS in this extract from Goodlord's latest e-book, Dawn of a decade: Lettings in the 2020s.
We’ve put together a quick guide to the housing policies announced by the Conservatives, Labour, Green Party, and Liberal Democrats, which include everything from ending "no fault" evictions to increasing minimum energy efficiency standards.
Landlords will be looking to letting agents to manage increasingly complex legislation, so letting agents should be prepared to demonstrate their knowledge.
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.
Topics: Compliance
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.
Topics: Compliance
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.
Topics: Compliance
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.
Topics: Compliance
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.
Topics: Compliance
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.
Topics: Compliance
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.
Topics: Compliance
The impact that Brexit will have on the lettings industry - and, indeed, on the United Kingdom itself - remains an unknown almost four years after the referendum.
Topics: Compliance
Housing remains a priority for most parties going into the general election, which takes place on 12th December 2019. We’ve put together a guide to the key housing policies from the manifestos that have been released by the Conservatives, Labour, Green Party, and Liberal Democrats.
Topics: Compliance
Legislation changes represent one of the most significant opportunities for agents to win new landlords in the coming years. Sixty-two percent of landlords cited legislation changes as their biggest concern, and many are also unaware of recent or upcoming legislative changes - a survey found only 66% of landlords were aware of the Tenant Fees Act.
Topics: Compliance
