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Proper Estate Agent

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There is a total misunderstanding of what Lloyds are doing. They are closing ALL accounts even with AML and CMP. If your manager says they aren't, it's because his area hasn't been rolled out yet. You may also wish to know that their designated account working method does not meet the AML requirements. So they close the ones that does and open one that doesn't...totally genius.

From: Proper Estate Agent 12 September 2019 15:17 PM

That's rubbish; we comply and I was even a Chartered Accountant and still we have been told to close the account. They are doing it area by area and most of their managers / directors don't even know yet. On top of that I have raised the issue that their designated account working method does not comply with AML from a legal perspective and I'm awaiting an official response while they look into it.

From: Proper Estate Agent 12 September 2019 15:12 PM

In theory it's potentially worse than people realise because when you take a holding deposit from a tenant, that should go into the tenants designated client account, so you would need to open a client account for each applicant until such time as they lawfully become a tenant of the landlord, until then it's their money. Imagine having to open a bank account just for a tenant to apply! I'm not sure how 3rd part companies like proppay will deal with it unless they have an arrangement of some kind. A corporate landlord I spoke to had to have a client account too as they needed CMP, so it will affect everyone in the PRS. What a total an utter mess.

From: Proper Estate Agent 08 August 2019 20:26 PM

No, everyone. I spoke to Lloyds and they didn't even know that agents had to have CMP and their client accounts audited. They said they made the decision 2 years ago and its taken them this long to implement it! They also said that they will close all accounts of ANY company that is not FCA regulated, not just agents. I also spoke to the TPO who were not aware of the crisis about to hit the fan.

From: Proper Estate Agent 08 August 2019 16:50 PM

This is such a joke. Anyone with a clue about free market economy will agree. What next no mortgage 'Arrangement' fees? how do they help people buy homes? A mortgage surveyor get £90-£180 for a mortgage valuation yet the arrangement fees can be £1000s! My point is the ** FEES WILL JUST MOVE ** so for instance agents can CREATE A A REFERENCING COMPANY and the tenants must use that if they want to rent and the fees will be the same; no longer a letting agent, but a referencing agency. Or the reference agencies will offer a big commission to the agents and the agent states how much the tenant is to be charged....either way the tenants will pay but because the agro has increased, so will the the over all cost of renting. The fools should pray that BTL landlords don't sell up else rents will sky rocket. Complete stupidity yet again.

From: Proper Estate Agent 23 November 2016 12:08 PM

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