News

• Jan 10

  Money Laundering Day

  Today is the day the 5th Money Laundering Directive required individual nations to have implemented the 5th Money Laundering Directive. European directives require legislation in each nation whereas European regulations do not, they are directly enforceable. And don't think that in leaving the EU we won't still comply. Firstly because in order to work with Europe they will require the same sort of standards but also because it was the uK who was pressing for better money laundering rules in the first place!
  
  However, in reality, for the lettings market this really is a "non event". Don't be fooled by reading about letting agents have to register for money laundering and do due diligence on their clients. Indeed this is what the law says, but you have to read the definition of letting agent and this is where it only applies to a letting agent  who is letting a property in excess of 10,000 Euros a month (about £8,300). This will therefore be a tiny percentage of properties and agents. Searching Rightmove for the whole London area and properties over £8,000 a month today (10/1/20) it finds 2,797 properties listed over £8,000 a month. Outside London you find far fewer. The point is that you are not considered to be a letting agent if the rent is under 10,000 Euro.
  For some agents they may already be registered for sales and any money laundering compliance will be a small step. For the vast majority they will not need to do anything different as they simply don't rent any properties over the 10,000 Euro threshold.

• Dec 24

  Christmas Helpline Hours

  Please note that the Helpline will be open for all normal working hours over the 

  Christmas and New Year break (bank holidays we will be closed)

  Helpline Opening Hours

  9.00am to 5.00pm on the following dates:

  23rd December

  24th December

  27th December

  30th December

  31st December

  
  

  
  

  We would like to take this opportunity to wish you a very 

  Merry Christmas and a Happy New Year

• Nov 27

  LEGAL UPDATE 2020

  As usual Training for Professionals will be running their hugely popular Legal Update course for 2020 after the New Year. This year we have made the decision that it is best run a little later than usual and we felt it would be helpful to explain the reasoning.
  
  Obviously we have the general election, being held at an unusual time of the year, with a very uncertain outcome. The new Government will then have to organise itself and decide on a legislative program. There are few changes due by April 2020 and we felt we could provide better quality information by delaying the course a couple of months. Therefore, instead of running February/March time we will plan to start a little later. This will ensure we can include the latest updates and will be more likely to know, for example, if the new government will take the regulation of property agents forward and in what form. There is more chance of having an official response to the Section 21 ban consultation and other legislative plans will have become clearer.
  
  We are aware Money Laundering regulations will change in January 2020 with the implementation of the 5th Money Laundering Directive, having some implications for some lettings agents. However, even these we are waiting for decisions from the Government about the monetary threshold they will choose. We can provide updates on our web site or by email.
  
  All in all it seemed to us that we could provide a more useful and beneficial course by a small delay and just wanted to reassure you that you had not missed your favourite annual training event, it will just be a little later to make it better.
  
  Our Welsh Legal Update courses are set to run mid to late February dates and locations to be announced early 2020.

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