Rules and regulations - financials
There are strict money laundering laws that landlords and Rettie & Co as your letting agent must adhere to. Other key financial aspects to consider are mortgage arrangements and adequate insurance provision.
To find out more about our letting services and how we could help you through theletting rules and regulations, please get in touch.
Money laundering
We are required by law to obtain satisfactory evidence of identity for all new clients before we can process any transactions on their behalf.
Paper copies of this evidence must be held in our files. For individuals, a copy of a current passport or driving licence (which includes a photograph) is considered satisfactory evidence of identity. This must be supported by proof of current address which can be verified by an official document such as a Council Tax bill or mortgage statement. For companies, we require a copy of the annual accounts including the auditor’s report and a copy of the company registration letter. Failing this, individual identification as above is required from two directors. Estate agents are subject to all the reporting requirements as specified in the Money Laundering Regulations (2003). We are therefore obliged to report any suspicions we have relating to money laundering or proceeds of criminal activity. We are also required to report any cash receipts of £10,000 or more.
Mortgage
If the property is subject of a mortgage agreement, prior permission should be obtained from the mortgage lender and a copy of this authorisation provided to Rettie & Co.
Insurance
The property should have buildings and insurance cover, specifically for rental accommodation, and we recommend that this covers 3rd party public liability, ‘loss of rent’ and accidental damage caused by tenants.
It is recommended that your insurance cover includes a claims management service, as Rettie & Co is not permitted to administer insurance claims on behalf of clients under FSA Regulations.
To find out more about our letting services and how we could help you through the letting rules and regulations, please get in touch.
