Estate Agency blog

From 31 July 2009 all estate agency practices will need to regsiter with the OFT under the Money Laundering Regulations 2007.  Firms that only undertake lettings or property management work will not have to register.

At the time of writing this, the registration forms are still not available but will be availble on the OFT website from 31 July 2009 and information can be obtained by emailing amld3@oft.gsi.gov.uk

Registration will begin on 31 july 2009 and firms will have six months in which to register.  The registration process will take up to 45 days, so firms are recommended to apply before the end of November.

Regsitration will involve a fee.  The fee levels are £115 per office with a maximum fee of £2,300 where there are multiple offices.  Operators without an office will pay £115.  There will also be an ongoing charge to continue registration payable from 2010, but the amount has not yet been decided.

Firms that continue to trade after 31 January 2010 without registration will be committing an offence.  Prosecution could result in an unlimited fine and/or a prison sentence of up to two years.

Further information will be avialble on the OFT website at www.oft.gov.uk/mlr

David Hughes

July 2009