More regulation for lettings from Jan 2020

Posted: 22/12/2019

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Further regulations for the letting industry are to come into effect on 10th January 2020. They come in the shape of the 5th Anti-Money Laundering Directive and will require letting agents to conduct "know your customer" checks on both landlords and tenants. It applies to annual rents of €10,000 or more, so about £8,500 at the minute, or just over £700 per month. However, it will mean little change for the landlords and tenants that we deal with in Key One, as we have been well ahead of the legislation and conducting this type of due diligence for a number of years. In particular, as part of the comprehensive tenant checks that we perform, we require official I.D., proof of address and we conduct electronic I.D and address verification. That has caught out a few prospective tenants who have tried to hide a previous tenancy from us where they defaulted. If you are interested in any of our letting or management services, we do not charge VAT, saving you 20%. Get in touch for a chat. 

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