The Negotiator: Visit to Ministry of Housing: MHCLG reported
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3rd July 2018

AIPP asks government to clarify if overseas property agents to face same regulation as UK

Exerpt from an article by Nigel Lewis on Industry Body: Association of International Property Professionals (AIPP) meeting with Ministry of Housing Communities and Local Government to talk Regulation.

Negotiator Nigel Lewis 3.7.18 REVISEDv2

'...The Association of International Property Professionals (AIPP) sent a group of senior industry figures including its co-founder Peter Robinson ...and agent Louise Reynolds, who is a director of overseas agent Property Venture, to get answers from MHCLG civil servants.

Agents based here and overseas but operating in the UK have been free to sell foreign properties to Brits both via the big portals and to attend consumer property shows, as long as they adhere to the Estate Agents Act (1979), register with a Redress Scheme and adhere to Anti-Money Laundering rules. But soon agents in the UK will be required to have minimum qualifications, which is part of the government’s stated aim to regulated (sic) the industry more heavily.....'

'....One thing is for sure; agents selling overseas property in the UK are not immune from fines; an AIPP member was recently given a four-figure fine by HMRC for non-compliance with Anti Money Laundering rules.'

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Property Venture® is an award-winning, European investment property specialist that offers advice, sourcing, support and problem-solving services to time-strapped entrepreneurs, expats and executives to help them enrich their lives through property investment in Europe. The focus is mainly: UK and German investment property, buy-to-let and homes in Poland, Managed Leaseback in France, Spanish property.

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