It’s not often that the minutiae of property sales reach the public consciousness; but when it comes to money laundering, it’s a big story. People are understandably angered by the thought of ill-gotten gains being ploughed into property so others can profit from the transaction.
However, as Vivienne Harris argues in this issue, the legislation demonstrates little understanding of how agents operate and the impact that regulations could have on them. The situation will be further complicated by the EU’s Fourth Money Laundering Directive, which is due in 2017.
Another important piece of legislation from the EU is the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations. Although this is already in force, many service providers are still not aware of it – even though failure to abide by it is a criminal offence. Read Milton Silverman’s article on the regulations in this issue to ensure that you’re providing with your clients the required documentation.
A further vital update in this issue is on the International Property Measurement Standards (IPMS), now mandatory for RICS members working in commercial property. Tom Pugh has provided a piece that should answer many of the common queries about how the IPMS will affect members on the ground.
Rates come into focus in the Commercial section of the journal – Kevin Muldoon-Smith and Paul Greenhalgh highlight how local authorities might sink or swim according to their capacity to increase economic growth, and hence raise business rate revenue. Meanwhile, Ian Sloan reminds members who advise on rates to be sure they are giving the right information about the relief that is available to small businesses.
In the Residential section, Mike Parrett’s series on damp continues with a piece offering vital advice on getting to the root of the problem – is it design, use or both? Mike’s articles get great traction on social media, we’ve noticed; so do get in touch with me if there are any other common issues on which you’d like more guidance from the Property Journal.
Finally, you can turn to Personal Property to see what Tim Maxwell and Becky Shaw make of a curious case that has the distinction of overlapping between the worlds of art and property, when a work by Banksy caused more trouble than even the renegade artist might have imagined.
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