Financial Sanctions guidance for Letting Agents
As from the14th May 2025, letting agents will be subject to reporting obligations in order to facilitate Office of Financial Sanctions Implementation OFSI’s aim of encouraging better sanctions compliance.
Why Letting Agents?
Letting Agents have been added to the list of “relevant firms” under financial sanctions regulations.
Under financial sanctions regulations, a letting agent is described as “a firm or sole practitioner (“P”) that carries out, or whose employees carry out, letting agency work-
“Letting agency work” is defined as follows:
“letting agency work” means work—
(a). consisting of things done in response to instructions received from
(i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or
(ii)a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and
(b) done—
(i) in relation to a prospective landlord, from the point that the prospective landlord instructs P [i.e the letting agent], or
(ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more.
Will the Renters’ Rights Bill truly help Pet Owner-Tenants?
The Renters’ Rights Bill has some promising ideas to help tenants with pets, but how much it will actually change things depends on how it works alongside existing laws and whether landlords fully embrace the new rules.
What will the Renters’ Rights Bill do for Pet Owners?
The Right to Ask for a Pet
Under the new rules, tenants can formally REQUEST permission to keep a pet, and landlords can’t just say no without a good reason. This stops landlords from banning pets outright in tenancy agreements.Reasonable Refusals Only
If a landlord wants to say no, they’ll need to have a valid reason, like the property not being suitable for pets or other specific concerns. They can’t just refuse because they feel like it.Tenant Responsibilities
Tenants might have to get pet insurance to cover any damage their furry friends might cause. This is designed to reassure landlords while giving tenants more freedom.
Private Rented Sector in 2024
As the year 2024 draws to a close, it is often a timeto reflect on the accomplishments, challenges, and growth experienced over the past twelve months. This year has been one of significant change and innovation, with organisations adapting to an evolving private rented sector, regulatory landscapes, and the ever-present need for resilience in a competitive environment.
So many property professionals - landlords & letting agents, have demonstrated remarkable foresight, leveraging opportunities for growth while addressing the challenges that inevitably will arise in. 2025. Reflection not only offers an opportunity to celebrate successes but also provides valuable insights for strategic planning and continuous improvement, ensuring a stronger and more prosperous year ahead.
Managing Cold Weather and Winter in Rental Properties
As Storm Bert took hold on parts of the UK, there are still a number of National Severe Weather Warnings in place for snow and ice. It is therefore important to think ahead and prepare how the weather will impact landlords and tenants. The Met Office is working with the Cabinet Office and their Weather Ready partners to help prepare for and cope with severe weather.
As temperatures drop, rental properties face unique challenges that, if left unaddressed, can lead to significant damage, costly repairs, and tenant dissatisfaction. Landlords have legal obligations under Sections 11–16 of the Landlord and Tenant Act 1985 to ensure that their properties are kept in a safe and habitable condition.