Redress, Client Money and Regulation

The legal requirements that put unlicensed agencies out of business

A letting agency handles two things the law watches closely: other people's money and other people's homes. This book sets out in plain English what you must hold before you take a single instruction, including redress scheme membership, client money protection, anti-money-laundering supervision, data protection registration and the right planning and premises. You will see what your terms of business with landlords and the tenancy agreements you grant must contain, the fee rules you cannot break, how to match your duties to your service level, and Right to Rent checks. The duties chapter covers handling client money correctly, deposit protection, property safety, insurance and complaints. The tax chapter compares sole trader and limited company, explains the VAT trap that catches agencies and why client money is not your income. A working checklist and an honest account of what non-compliance costs close the book, which is clear about where the rules differ across the United Kingdom. Next in this series: “Growing Beyond Yourself”.

What’s inside

• The legal framework in plain English
• Permissions, licensing and registration
• The contracts, and what must be inside them
• Insurance, safety and your legal duties
• Tax treatment and choosing a structure
• Your compliance checklist
• Getting this wrong: what it actually costs

Educational material only, not financial, legal or tax advice. Results are not typical and are not a guarantee of income. Freedom Property Academy LTD, registered in England and Wales.