March 2011 - Consumer Protection and Property Panic
"Don't Panic!" (Douglas Adams, Hitchhiker's Guide to the Galaxy)
Property sellers, estate agents and landlords - many of your deals will be subject to the requirements of the new Consumer Protection Act ("CPA"), so prepare for them now!
Firstly, be ready to comply with the Act when it comes into force at the end of March - you risk major losses if you don't. You could for example have your agreement declared invalid and administrative penalties, even criminal prosecution, are provided for contraventions.
Secondly, the additional consumer protections expose you to some serious new restrictions and risks. Indeed, a note of panic has crept into some recent media articles on the subject, with suggestions that the whole property industry will be adversely affected.
Property sellers, estate agents and landlords - many of your deals will be subject to the requirements of the new Consumer Protection Act ("CPA"), so prepare for them now!
Firstly, be ready to comply with the Act when it comes into force at the end of March - you risk major losses if you don't. You could for example have your agreement declared invalid and administrative penalties, even criminal prosecution, are provided for contraventions.
Secondly, the additional consumer protections expose you to some serious new restrictions and risks. Indeed, a note of panic has crept into some recent media articles on the subject, with suggestions that the whole property industry will be adversely affected.