Evaluation of Dual Fees and Previous Agent Agreement

If you have engaged another agent under a sole agency or sole selling rights agreement, it is important to review the terms of these instructions to prevent potential liability for dual commissions. Sharing a copy of any current or past agreements with other agents will help the valuer offer appropriate advice. Without this documentation, they cannot determine if there has been any breach of your contract with the other agents.

Certificates of Energy Performance (EPCs)

According to the Energy Performance of Buildings (England and Wales) Regulations 2012, it is legally required to obtain an Energy Performance Certificate (EPC) whenever a property is sold or rented. Only Domestic Energy Assessors (DEAs), accredited by a government-approved scheme, are authorized to produce EPCs.

An Energy Performance Certificate (EPC) assigns a property an energy efficiency rating ranging from A, indicating the highest efficiency, to G, representing the lowest. The certificate remains valid for 10 years and offers details on a property’s energy consumption and typical costs. It also includes suggestions for reducing energy use and saving money.

The certificate also outlines the environmental impact of a home. Homes with higher ratings are expected to have a smaller carbon dioxide (CO2) emission footprint, thus reducing their impact on the environment.

According to the regulations, it is the relevant person’s duty to ensure that the property has a valid EPC when it is put on the market. This means:

• The seller of a building that is being sold;
• Regarding a building that is intended for rental, the potential landlord
• For a building under construction, the individual responsible for carrying out the construction work.
  
  If the EPC has expired, a new one must be commissioned by the relevant person before listing the property on the market.
  
  Unconstructed Properties
  
  Under The Energy Performance of Buildings (England and Wales) Regulations 2012, a Predicted Energy Assessment (PEA) is legally required if you are selling a property that has not yet been built. This assessment offers information on the building’s energy efficiency by providing predicted Standard Assessment Procedure (SAP) ratings for thermal efficiency and environmental impact in terms of CO2 emissions from calculations completed during the design phase. Only On Construction Domestic Energy Assessors (OCDEAs), accredited through a government-approved scheme, can prepare PEAs.
  
  Once the build is completed, it is the duty of the appropriate individual to commission a comprehensive Energy Performance Certificate. This ensures that the finished building meets its projected energy assessment and allows Building Control to approve it for sign-off.
  
  Adherence to Anti-Money Laundering Regulations
  
  If you choose to use Gieva Estates services, the appointed agent is obligated to perform due diligence on your identity in accordance with the Money Laundering Regulations 2017. The agent and their staff will process this information solely for compliance purposes, sharing it only with your designated Conveyancing Lawyer. For sellers, this involves verifying identity and residency status upon signing an Agency Agreement before Gieva Estates can market a property for sale. For buyers, these checks occur after accepting an offer but prior to issuing a Memorandum of Sale.
  
  The 5th Anti-Money Laundering Directive (5MLD)
  
  The UK’s Fifth Money Laundering Directive (5MLD) came into effect on January 10, 2020. This directive introduced modifications to the existing UK regulations and, for the first time, included letting agents under its jurisdiction. As a result, letting agents are now required to evaluate certain tenancy agreements for their potential use as vehicles for money laundering activities.
  
  All rental agreements with a monthly rent exceeding €10,000 will now be subject to new regulations. Consequently, letting agents must conduct “Know Your Customer” checks on both landlords and tenants. This involves verifying identification documents and residency status, as well as ensuring that the tenancy is legitimate and not being used for money laundering purposes by either party involved. Tenancies covered under these regulations will require continuous monitoring to ensure that initial assessments regarding money-laundering risks remain accurate throughout the duration of the agreement. Landlords and tenants in this category should anticipate additional inquiries and administrative obligations.
  
  You can find more information on the Fifth Money Laundering Directive by visiting the official government website here.
  
  Adhering to Regulations when Utilizing Electronic Verification Services
  
  Some Gieva Estates branches utilize an online electronic verification service to confirm identity and conduct Anti-Money Laundering checks. This system enables the agent to verify your information using basic details sourced from electronic data, but it is not a credit check and will have no impact on you or your credit history. You acknowledge that Gieva Estates will perform a search with Smart Search for verifying your identity. To achieve this, Smart Search may compare the details you provide against any databases (public or otherwise) accessible to them. They might also use these details in future verifications for other companies. A record of this search will be kept for five years to comply with regulations.
  
  Disclosure of Referral Fees for Transparency
  
  Gieva Estates suggests that our customers utilise the services of a curated group of third-party providers. If you choose to use any services recommended by Gieva Estates, please be aware that we typically receive a referral fee for introducing these services. To learn more about specific referral fees, please contact the branch directly or check the Supplier List on their branch page.
  
  Please be aware that you are not required to use the services of these recommended providers.
  
  This amount is not given as a gift to Gieva Estates; instead, it is used for business investments that allow us to offer competitive pricing while enhancing productivity and transparency. All of our staff, along with our carefully selected partner suppliers, are dedicated to ensuring customers consistently receive the high level of service they expect and achieve their desired outcomes.
  
  Clarity on “Mark Up” Fees
  
  The Third Party Supplier and Referral Fee Disclosure List, as well as the Landlord Price services page, do not represent a complete list. If you utilise one of our designated contractors or third-party suppliers, or if we coordinate a service with them for you, we may add an additional fee to their price (ranging from 1% – 50%). You can request detailed information about these fees before proceeding.
  
  Furthermore, certain products and services are bought in bulk, allowing us to earn a small profit upon resale. This does not impact the price if the customer chooses to buy directly from the supplier.
  
  Verification of TPO Membership Standing
  
  We want to let you know that Gieva Estates is a member of The Property Ombudsman Scheme for Estate Agents (TPOS). TPOS offers a free, fair, and independent service to help resolve any unresolved disputes between you and your estate agent. It is one of the leading regulatory bodies in the industry.