Setting up as an agent?

Setting up as an agent?

9:15 AM, 16th August 2024, About A day ago 4

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Hi, I have a friend who has had too many bad experiences with letting agents and sick to the back teeth of them not doing what he pays them to do.

He has approached me to look after and manage his property on his behalf – exactly on the same basis he would employ an agent. He can either find the tenant himself or I do this for him. Contract between him and tenant only. Rent gets sent to him directly. He will receive the deposit but I will log it in his DPS account and I will serve the tenant the PI etc.

I will take his instruction if he wants to increase the rent and deal with associated paperwork and communication with the tenant. I will be the first port of call for the tenant and deal with getting any contractors in to do repairs etc. I will carry out regular landlord checks and report back to him.

Basically run manage his property as I manage my own. He pays me a set fee each month and anything additional as and when the occasion arises. (eg if he has to have a selective licence for example and wants me to apply for the licence). I already have the Information Commissioner’s Office (ICO) registration.

So do I need to set up as an official agent in some way – or would I simply be his be his ‘representative’? I would not deal with any evictions etc, just make sure all paperwork was served correctly to allow him to do this either himself or employ someone separately to do. Do I still need to register with the Property Ombudsman or another body?

Anyone do something similar and have any guidance/advice?

Thanks,

Reluctant landlord


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Graham Bowcock

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10:54 AM, 16th August 2024, About A day ago

If you are to act as agent then you need the following:

Property Ombudsman registration
HMRC AML registration
PI insurance
ICO registration
Terms of business

You might be friends now, but if things go wrong you could be in trouble. It's not worth trying to do someone a cheap favour - why can't he use a proepr agent that's already in the system?

DPT

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13:15 PM, 16th August 2024, About A day ago

You may also need a protected client money account and would share liability for any deposit penalty awarded to a tenant.

Reluctant Landlord

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17:02 PM, 16th August 2024, About 21 hours ago

Reply to the comment left by Graham Bowcock at 16/08/2024 - 10:54
would this all be necessary/applicable if I were simply acting on his behalf and not an agent then?

Just googled the HMRC AML registration bit and it states only applicable if............

letting agency businesses (with individual monthly rents of €10,000 or more)

His one property doesn't receive that same amount in a year??

Graham Bowcock

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10:45 AM, 17th August 2024, About 4 hours ago

If you're acting on his behalf then you're his agent.

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