Property Sourcing Compliance: Keeping You on the Right Side of the Law by Tina Walsh – Review

One of the first books I bought when I got into Property Investment was ‘Property Sourcing Compliance’ by Tina Walsh. The book is the de-facto reference to keep you on the right side of the law. That is hugely important, especially for property professionals who are sourcing property for other people to buy.

It’s simple really: investors learn how to keep their hard-earned cash; sourcers learn how to avoid losing their business! That is what can realistically happen these days if your business isn’t compliant.

Read Tina Walsh’s book and you’ll discover:

Step-by-step process to achieving property sourcing compliance

The 7 questions all investors should ask sourcers before working with them.

Clear guidelines to relevant legislation and regulation.

Simple process for effective client due diligence

How to stay compliant, day, day out.

Great Testimonials from the Property Investment Gurus

You can tell that this book has gravitas because of the glowing testimonials it receives from the most respected and skilled personalities in the property investment sphere. She clearly is THE person to ask about anything to do with Property Sourcing Compliance. Sarah Poynton-Ryan, Daniel Latto, Rob Stewart and Alex Matts all sing her praises.

“Tina, The Queen of Compliance” (Alex Matts)

After extensive name checks, The book gets down to business in the Foreword to ‘Property Sourcing Compliance’, written by Kevin Green (Channel 4 “The Secret Millionaire”). Kevin declares that the book is a must read for those involved in property sourcing, deal packaging, experienced investors and anyone completely new to the sector.

Everyone and Everything is now under scrutiny

The property investment sector has changed hugely over the last couple of years. As well as increases in stamp duty and tax that landlords must pay, there is now also legislation about immigration (right to rent), new HMRC guidelines and rules, EPC certificates and the Construction, Design and Management Regulations.

The property sector is coming under intense scrutiny, not only the landlord community, but also the companies who will “buy your house for cash in 24 hours”. There is no longer anywhere to hide for those intent on less than ethical behaviour, money laundering or other underhand tactics that some in the industry have become notorious for.

For example, it is believed that in excess of £36 billion is laundered through the UK every year! One of the main targets of the criminal gangs and terrorist groups who are involved is the Property Sector. The latest regulations are trying to cut a swathe through this illegal activity, and if you as a property investor or sourcer are guilty of breaching the rules, you could face an unlimited fine or even imprisonment. If this happens, kiss your property investment empire goodbye. Ignorance is no excuse, which is why you need this book. You also need to understand it and put the recommendations in place.

About Tina Walsh

Perhaps unsurprisingly, Tina Walsh has been interested in the law for most of her professional life, joining the Police Service at the tender age of 16. Tina covered everything from juvenile antisocial behaviour to fatal road traffic accidents in her career, before retiring from the force in 1995 after receiving an injury whilst on duty.

Tina and her husband had moved up the property ladder by purchasing, renovating then selling properties. In 2005 they became private landlords. She met Kevin Green in 2011, who suggested she should look into Property Sourcing, which was what she had really wanted to do.

She founded Sanctuary Property Sourcing Ltd in 2012 and spent the first 10 months building her network whilst creating a legal and compliant platform. This became highly regarded in the industry, providing services to BTL investors, HMO and commercial conversions and healthcare companies.

Property Sourcing had a poor reputation

The property sourcing sector had sadly been saddled with a poor reputation over the years, with the impression that it was being run by amateurs who didn’t really know what they were doing, inflicting dodgy deals on unsuspecting investors.  Tina wanted to expand into training, to teach people about the legalities of property sourcing and compliance, to raise the standards and professionalism within the sector, sharing her vast accrued knowledge of the property sourcing world.

That is how this book was born.

How the book is structured.

Tina’s book is sectioned into 8 main chapters, covering the main areas that must be noted to ensure compliance and protect yourself (and your clients) as a sourcer.

Chapter 1 – What is Property Sourcing?

Property Sourcers, Investors, Estate Agents and Sourcing Agents

Chapter 2 – How to avoid a heavy fine or even a stretch behind bars.

The Estate Agents Act 1979, The Consumers, Estate Agents and Redress Act 2007, The Data Protection Act 1998, UK Anti-Money Laundering Legislation, The Proceeds of Crime Act 2002, Terrorism Act 2000, Money Laundering Regulations 2007, The Bribery Act 2010, The Consumers Contracts Regulations 2013, The Consumer Protection from Unfair Trading Regulations 2008, The Business Protection from Misleading Marketing Regulations 2008, Consumer Rights Act 2015, Electronic Commerce Regulations 2002, Enterprise Act 2002, Provision of Services Regulations 2009, Financial Services and Marketing Act 2000, Performance of Buildings (England and Wales) Regulations 2012, The Town and Country Planning (Control of Advertisements) Regulations 2007, Estate Agents (Accounts) Regulations 1981, Companies Act 2006, and the Companies, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015.

Chapter 3 – Insurance – Must have, Should have and Could have.

Professional Indemnity Insurance, The Property Ombudsman Scheme,  Vehicle Insurance, Employers Liability Insurance, Client Account Insurance, Buidings and Contents Insurance, Income Protection Insurance, Public Liability Insurance, Directors and Officers’ Liability Insurance.

Chapter 4 – Are you ready for: Compulsory Registration and Compliance or Heavy Fine and Imprisonment?

Property Redress Scheme, Anti Money Laundering, Data Protection.

Chapter 5 – How to Avoid Lost Fees and Fines

Seller Information Gathering Fors, Seller Contracts and Agreements, Seller Guidance and Letters, Property Information Gathering Forms, Investor Due Diligence, Investor Contracts and Agreements, Investor Guides

Chapter 6 – Client Due Diligence (CDD) – Investor, Seller and Property

Investor, Assessing the Risk, Verifying Identity, Company (Listed) – Simple, Company (Listed) – Enhanced,  Partnerships -Simple, Partnerships  – Enhanced, Evidence Types, Certified Copies (Identity Documents), Electronic Verification Methods, Guarding Against Forged Identity Documents, Remote Clients, Exemptions from Verification or Identity Requirements, Introduction by 3rd Parties, Certificates for 3rd Party Introductions, Knowing your Clients Business, Ongoing Monitoring, Record Keeping, Record Keeping, Internal Suspicion Report – Money Laundering Reporting Officer, Limits of Any Enquiry, Disclosure to Authorities, Exceptions to Duties Report, Tipping Off, Freezing Transactions and Consent to Continue, Communication with Client Whilst Waiting for Consent, Communications with Client when withdrawing from the relationship, Complaints via your Ombudsman, Seller, Property

Chapter 7 – Optional Professional Registrations

Residential Landlords Association,National Federation of Property Professionals (PropertyMark), National Association of Estate Agents,  Association of Residential Letting Agents, National Association of Property Buyers, National Crime Agency

Chapter 8 – I Am Insured and Registered, What Now?

Policies Procedures and Processes, Contracts Documents and Guides, Ongoing Training, Data Protection, Email Alerts Newsletters and Notifications, Ongoing Monitoring of Existing Clients, (Invetors) and their Transactions, Packaging and Marketing Deals, JV’s and Profit Sharing,

Summary

As can be seen above, the coverage of the book is vast, and you need to have knowledge of all of the sections above if you are involved in Property Sourcing of any kind. There isn’t really any other book like it for UK Property Professionals and I would recommend you get your copy now. It’s available here (click cover to order):

 


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