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Anti-Money Laundering (AML) Checks
In recent years the government has taken steps to eliminate opportunities for money laundering in many different industries. One industry facing additional duties as a result of this is the letting industry.
If using landlord services to oversee your properties, these duties will be taken on by your letting agency. However, private landlords not working through agencies must carry out AML checks themselves now.
Tenants must be checked against the UK sanctions list and the identity of each adult tenant must be verified before a new tenancy agreement is signed. (Letting agencies like ourselves also need to carry out these checks on our landlords.)
This information must be retained for at least five years. As personally identifying information, it is also governed by GDPR, and so safety measures must be taken.
If you have good reason to believe your tenant or payment may be connected to a crime, this must be reported to the appropriate authorities.
We do have some deeper examination of AML regulations for landlords.
Gas Safety
Legally, Landlords are held responsible for the gas safety of each dwelling they own and are responsible for. This responsibility is outlined by the Gas Safety (Installation and Use) Regulations 1998.
Pipework, appliances, and flues must be maintained in safe condition and gas appliances should be serviced in accordance with manufacturer’s instructions. If there are no available instructions, the recommendation is to have them serviced annually unless a Gas Safe registered engineer advises otherwise.
An annual gas safety check must be carried out covering every gas appliance and flue, and this must be carried out by a registered Gas Safe Engineer.
New tenancies may not begin unless these checks have been carried out in the year before the tenancy start date. The only exception to his is for gas appliances newer than 12 months old at the time the tenancy started.
Important Note: These checks are essential for both mains gas and liquefied petroleum gas (LPG) appliances. They include hobs and gas fires as well as boilers. More specific information can be found at the Gas Safe Register site.
Smoke & Carbon Monoxide Alarms
On every floor of a property containing a room used wholly or in part as living accommodation, landlords must ensure a smoke alarm is fitted. Carbon monoxide alarms must also be fitted in any room where solid fuels are burned.
Electrical Safety Standards
All tenancies in England should have an EICR (Electric Installation Condition Report). These require electrical safety checks, and are sometimes colloquially referred to as such.
All fixed installations in a rental property must be inspected and tested by a qualified electrician every five years (or more often).
Energy Performance Certificates (EPC)
If a property is built, sold, or rented, it must have a valid Energy Performance Certificate. These rate the property from A to G, with A being most efficient and G being least efficient. They are valid for ten years after issuing.
In addition, it is unlawful to grand new tenancies in properties with an energy efficiency rating of F or G without having made sufficient improvements to energy efficiency recommended in the EPC to reach at least an EPC rating of E (or having been granted an exemption).
Payprop
We’re proud to be one of the select few Lettings Agents in the North West providing our clients with a real time, interactive payment system.
Payprop is a real time, automatic and consistent communication with both landlords and tenants which is 100% accurate.
- Ring-fenced, same day rental payments giving existing and potential landlords complete peace of mind.
- The only payment system which is fully bank integrated ensuring all money movement and subsequent communication is both immediate and transparent.
- Landlords will receive the following automatic communications at the same time as they are released from the bank;
- A remittance advice showing any payments deducted from the rent.
- A monthly owner statement to the landlord.
- Cumulative summary statements for multi-property landlords.
- Quarterly, Year End statements.
- All communications can be emailed up to a further 10 recipients (i.e. accountant/joint owners).
- All statements generated from within the bank environment ensuring complete transparency for the landlord.
