Anti-Money Laundering (AML) involves conducting standard verification procedures to ensure the legitimacy and authenticity of funds associated with a transaction.
|AML is a mandatory obligation for estate agents, as HMRC actively monitors for any illicit activities within the property sector. When engaging with an estate agent to promote a property, it is essential to furnish a valid photo ID and a recent utility bill.These identical checks will be carried out on potential tenants to maintain compliance with AML regulations.
The Energy Performance Certificate (EPC) is a mandatory evaluation of a property's energy efficiency.
|Landlords are legally required to possess a valid EPC with a minimum band E rating before advertising the property for rent.Using a scale of A-G, the EPC assesses a property’s energy efficiency and remains valid for 10 years. Letting legislation mandates that properties leased on a new tenancy or renewed on a fixed term must have an EPC rating within bands A-E. Renting out a property with an EPC rating of band F or G is illegal. Since April 2020, existing tenancies must also meet the minimum band E rating. Exemptions for specific properties are applicable and must be registered on the Government’s exemptions register, accessible here.
Property licensing in London differs across boroughs, posing a challenge in staying abreast of evolving regulations in different city areas.
|When partnering with Ashmore Residential, you can expect comprehensive updates on all licensing prerequisites relevant to your rental properties. Additionally, our services extend to assisting you throughout the entire license application process, ensuring a seamless experience from initiation to completion.
A Gas Safety Certificate (GSC) is a mandatory examination confirming the safety of gas appliances and supply points within a property.
|These certificates necessitate renewal every 12 months, conducted by a registered engineer who assesses both the flue and appliances. Whether or not Foxtons manages your rental portfolio, we are available to help facilitate these checks. Furthermore, it’s crucial to provide your tenants with a copy of the new GSC within 28 days of the examination. This ensures compliance with safety regulations and keeps all parties informed about the property’s gas safety status.
Portable Appliance Testing (PAT) is a crucial process that guarantees the safety of all portable electrical appliances within your property.
|The PAT certificate is an official document that records the safety testing of portable electrical devices, such as fridges, freezers, washing machines, toasters, etc. If any item is deemed unsafe during the testing, it is imperative to either replace or remove it from the property to uphold safety standards. This proactive approach helps mitigate potential hazards associated with electrical appliances.
The Electrical Installation Condition Report (EICR) is a comprehensive evaluation of the safety and condition of the existing electrical installation in a property.
|This assessment encompasses consumer units (fuse boards), protective bonding, lighting, switches, sockets, and other electrical components. For all rental properties, obtaining an EICR with a ‘satisfactory’ rating is mandatory. In cases where the report indicates an ‘unsatisfactory’ condition, corrective actions must be undertaken within 28 days or sooner if necessary. A ‘satisfactory’ EICR remains valid for up to five years.
Legionnaires' Disease is a type of pneumonia resulting from inhaling droplets of water containing the Legionella bacteria.
|Despite its rarity, landlords bear the responsibility of evaluating their properties for potential risks. A straightforward initial assessment can determine whether water systems pose any risk. Typically, regular water usage in domestic systems keeps the risk low by preventing standing water. Feel free to reach out for guidance on risk mitigation and assistance in organising a thorough assessment to ensure the safety of water systems in your properties.
Ensuring rental properties are clean upon tenant move-in is crucial, with a check-in process documenting the property's condition at that time.
|This approach streamlines both the move-in and move-out procedures, reducing disputes and delays when addressing cleaning or damage claims at the end of a tenancy. We recommend a professional cleaning before the move-in date, coupled with an independent inventory conducted during check-in. This meticulous record captures the precise condition of all areas inside and outside the property, promoting a transparent and efficient tenancy experience.
Verifying a tenant's right to rent a property in the UK is a legal obligation, necessitating a thorough check for all prospective tenants aged 18 and above.
|Utilising technology, we can swiftly assess a tenant’s eligibility. However, it remains crucial for either you or your agent to meet the tenant in person before releasing the keys to the property. This in-person interaction adds an extra layer of assurance to the right-to-rent verification process.