Publications and Laws Flashcards
Conflicts
Global Professional Statement on Conflicts of Interest (2017)
Dual agency
Professional Statement Conflicts of Interest - UK Commercial Property Market Investment Agency
Section 21 of EA Act 1979
Law- must disclose to buy and seller nature and extent of personal interest in the property
Estate agents laws changing?
May 2022, National Trading Standards Estate and Letting Agency Team has introduced a first phase of changes (Part A)
council tax band or rate
the price
tenure information on properties for sale (freehold or leasehold)
details of any reservation fees to be included.
Complaints?
RICS Guidance Note on Complaints Handling (2016)
PII
RICS PII Requirements Version 9 2021
Risk, Liability and Insurance?
RICS Guidance Note on Risk, Liability and Insurance (2021)
Negligence?
Yianni v Edwin Evans (1981) - resi loan val - mortgagee can rely on
Scullion vs Bank of Scotland- BTL lenders valuation does not owe duty of care to borrower
Burgess vs Lejonvarn - duty of care in pro-bono
Section 18 of EA Act 1979
Clarity on remuneration for the EAs work, when it will be liable and how it will be calculated
Offers?
Under EA act all offers must be submitted to the vendor in writing within 24hours, cannot prejudice a buyer
Limitation Act 1980
Limitation for negligence. Contract - 6 years from breach, Tort - 6 years from date claimant suffered loss
Clients money
RICS Professional Statement Client Money Handling (2019)
Bribes
Bribery Act 2010
Criminal money
Proceeds of Crime Act 2002
ML
The Money Laundering and Terrorist Financing Regulation 2019
Lets over £8,400 to be registered with HMRC within 12 months
CDD Checks mandatory
HMRC to approve all EAs
Part L
June 2022- Conservation of fuel and power in building of new homes
New uplift: All new homes must produce 31% less Carbon emissions
Part M
Access to and use of buildings
Building Regs
Dept of LU, H & C publishes guidance called ‘Approved Documents’ on ways to meet building regulations - -general guidance on performance expected of materials and building work in order to comply with building regs
Reg A- S
Part B
Fire - updated in 2019 but removed for errors - republished June 2022
- Resi Buildings Over 11m need a secure info box giving fire services info on building
- 18m+ incorporate Evacuation Alert system to help inform residents of a change in evacuation strategy during incident
- Tougher EWS standards
- Ban on MCM panels with unmodified polyethylene
Part O
Covers overheating
Part S
Covers infrastructure for charging electric vehicles
Affordable Homes Programme 2021-2026
Grant funding to support capital cost of developing. HE £7.39bn to deliver AH by march 2026. Either scheme by scheme bidding or multi-year strategic partnership. Average grant is £20,000 per home.
40% on site acquisition, 35% SoS, 25% at PC
Safe buildings?
Building Safety Levy Feb 2021
5 Step Plan - £5.1bn to be invested
- Govt to pay for removal of unsafe cladding on resi buildings over 18m
- Finance scheme for shorter buildings 11-18m
- levy on all resi development
Major developers have pledged to undertake at its own costs as quickly as possible to remediate fire risk.
April 2022- extends Levy on all resi buildings - previously only on those over £18m
Developers with profits over £25m also need to pay Residential Property Tax
Asbestos law
Control Of Asbestos Regulations 2012
Management of H&S at Work Regs 1999
Construction. Design and management Regs 2015
H&S Act 2008 enables fines of up to £20,000 + 12months prison
RICS Asbestos
RICS Guidance Note: Asbestos: Legal requirements and best practice for property professionals and clients 4th edition (2021)
Height
Work at Height Regulations 2005