RESIDENTIALlettings
INSURANCE REGULATION
Agent opts for Solicitor SARB
LetSense warning
Kent estate Wright & Wright
and letting Solicitors, has issued a
agency warning to letting agents,
Robinson, asset managers and Law
Michael & of Property Act (LPA) receivers that
Jackson has they may be unwittingly walking
boosted its service to landlords into a sale and rent back (SARB)
with a new partnership regulation storm.
agreement with LetSense. The lack of information on
Their lettings insurance and regulation of the sale and rent
tenant referencing will help back sector by the FSA means
protect Robinson Michael & many agents may be completely
Jackson’s clients. “We were unaware that they could be
looking for a company that committing a criminal offence
shared our fresh thinking and by administering a SARB tenancy
flexible approach to business,” post 1 July.The FSA has recently
said Jamie Bartholomew, issued rules on regulation outlining
Senior Manager, Robinson, that letting agents who “perform
Michael & Jackson.
SOFTWARE
functions such as collecting rent
LetSense’s software has
Landlord tax returns sorted!
from an agreement seller are
been rolled out to all six of required to be regulated”.
the agent’s branches in the CFP Software is offering all letting software, CFP also offers a six hour Julian Sampson, partner at
Medway and central Kent agents a free downloadable flow training session for £480 plus VAT. Wright & Wright, commented:
region enabling agents chart to assist in completing the Mark Daruvalla, MD, comments, “Certain agents can be
to administer LetSense’s Overseas Landlords Tax Returns on “Good software should ensure that excluded from regulation by
products electronically to CFPwinMan software. legislative and legal compliance allying their business with a
eradicate paperwork. “We have The specialist software company matters are taken care of and we regulated SARB provider and
been particularly impressed is also offering experienced pride ourselves on providing the this will work well for post 1 July
with LetSense’s Essential trainers to come on site to lettings advice and tools to help lettings tenancies. The problem will come
rental protection cover which agents and help them complete agents to deal with all aspects with retrospective regulation on
is very competitively priced,” the process during a three hour of their ‘paperwork’, such as existing tenancies which could
said Jamie Bartholomew. training session at a cost of £300 Overseas Landlords Tax Returns.” be dragged into a regulated
plus VAT. If agents would like an environment and bring the agent
www.propertydrum.com/
extended training session to go
www.propertydrum.com/
into breach. This problem is going
articles/letsensejuly
through other elements of the
articles/cfpjuly
to be exacerbated for lenders, LPA
receivers and asset managers who
are managing buy-to-let properties
WEBSITE UPDATE
for landlords in default.”
Re-brand for
www.lettingsearch.co.uk
Wright & Wright believes that
several lenders have already been
involved, knowingly or otherwise
and even if fraud is proven on
the part of the landlord, lenders
will still have the core duties to
protect the consumer. Sampson
continued, “I have heard that
Lettingsearch.co.uk, the lettings- Sales & Marketing Director, has
‘The business
some lenders will view these cases
only portal has a new branding made significant progress in as a breach of the mortgage
for their main website and 300+ appointing regional licensees to
has moved on in
agreement and all tenants would
local town portal sites. The fresh promote lettingsearch to agents in
look has new features including a their area.
leaps and bounds
have to be switched to a proper
assured shorthold tenancy. This
faster property search and a photo Phil Calderbank, MD
and we hope that
will be very dangerous post July.
carousel. Also planned is a letting commented, “The business has Moving to a different tenancy
portfolio acquisition and disposal moved on in leaps and bounds the new look and or varying the existing terms will
service for letting agents. and we hope that the new look
Lettingsearch features 160,000 and our licensees will encourage
our licensees will
be a substantive variation of the
original SARB agreement and will
rental properties and averages one more agents to upload properties
encourage more
drag the parties into conducting a
million tenant searches a month. to lettingsearch. We have the regulated activity. Failure to vary
The key to this site is sophisticated technology, the traffic and a agents to upload permissions to administer SARB
search engine optimisation (SEO) website that is built exclusively for
– type ‘letting’ or ‘renting’ into the lettings market and we offer a
properties to
will mean that a lender, receiver or
otherwise will commit an offence.”
Google and you immediately hit more cost-effective solution than
lettingsearch.’
the portal. the bigger portals. Our aim is to be
www.propertydrum.com/
Peter Everett, recently appointed faster, easier and more local.” PHIL CALDERBANK, MD
articles/sarbjuly
52 JULY-AUGUST 2009 PROPERTYdrum
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