Leasing and letting Flashcards
Tell me about the RICS Professional Statement Code for Leasing Business Premises 2020
> Aims to improve quality and fairness of negotiations
Promote comprehensive HoTs and provides template
Tell me about EPC requirements…
When a property is sold or leased an EPC is required.
Since April 2018 landlords cannot grant a new lease if its EPC rating is below an ‘E’.
Does the government have plans to increase minimum energy efficiency standard (MEES)?
The government announced EPC ratings being a minimum C by 2030 but they have gone back on this.
What does MEES stand for and what is it?
Minimum energy efficiency standards
They are a set of legal standards in the UK aimed at improving the energy efficiency of private rented properties. MEES aims to encourage landlords to make energy efficiency improvements.
What year did minimum energy efficiency standards come in?
New tenancies from April 2018 onwards have to have a minimum rating of ‘E’ for their EPC.
What is the Misrepresentation Act 1967?
UK law that addresses the issue of misrepresentation in contracts and provides remedies for parties who are misled by false statements during negotiations.
A person who makes a misrepresentation is liable for damages.
What is the Estate Agents Act 1979?
UK law that regulates the activities of estate agents and protects consumers.
Keep proper records
proper handling of client money
act in best interests
etc
Tell me about high street rental auctions implemented by the government?
When a property has been vacant on the high-street for a long term period, the council can step in an auction the properties for rental.
Levelling up and Regeneration Act 2023
What sort of compliance must you carry out on commercial lettings?
EPC certificate and rating of ‘E’ or higher
AML checks on client and tenant - proof of identity and address
Fire safety standards
Are you aware of any new compliance matters that could affect your work going forward?
From 14th May 2025 all letting agents, regardless of the rental value of the properties they handle, must report to OFSI (Office of Financial Sanctions Implementation) if they have a suspicion that a landlord / tenant has breached the financial sanctions regulations.
