The Wharf: Home Front – January 18, 2007

Q. Now that my property is under offer, my estate agent has asked me to provide him with copies of my passport and a current utility bill to comply with money laundering regulations. I sold a property a few years ago and was not asked for this information then, so why now?

A. You are right, if you sold a few years ago you would not have been asked for this information. Now however, with the rise of crime globally, including terrorism and drug trafficking money laundering has become a major issue for our government. To meet these concerns the money laundering regulations 2003 came into force on 1^st March 2004. Extending previous regulations passed in 1993 and 2001, hence, estate agents are now expected to play an important role in combating this problem. Obviously property transactions involve large sums of cash, naturally the focus is now on Estate Agents as well as other bodies.

Penalties for breaching the regulations are high, namely unlimited fines or even imprisonment. As a result, agents now need to comply with these new regulations and implement various money laundering control systems and be aware of changing regulations and procedures.

“I have known Dawn in a professional capacity for a very long time, as we used to work together for a number of years. She has a comprehensive knowledge of the Docklands real estate market, but this is not her strongest point. What makes Dawn stand out as an agent is the effort she puts into every deal, the relationships she builds with everyone and the passion she has for what she does. Dawn and Gabriella have been managing my investment property for more than 3 years. I now live overseas and I feel so comfortable knowing they are really looking after my interest, whilst at the same time always being fair and transparent with the tenants. Nothing is big enough job for those ladies and everytime I say ‘thank you – I am so grateful for what you do’, the reply is ‘It’s my job’. I really cannot recommend this wonderful team enough!”

Daniela WeatherillOverseas Landlord

“We are incredibly happy with the service that Dawn Sandoval Residential provide. They offer a personal but very professional service, and we feel secure and confident with their management which is key when letting out a property.”

Amy Facey

“Dawn Sandoval Residential and associates have managed several transactions on our behalf, and each time they have gone above and beyond our expectations. We trust the team highly, and I honestly couldn’t recommend them enough.”

Neil Chinniah

“The Dawn Sandoval Residential team took the time to properly understand what I was looking for. At every stage of the process, I knew they were doing their best for me and valued me as a customer. I have no hesitation in recommending their services in the highest possible terms.”

Andrew Simmonds – Management Consultant

“Dawn Sandoval Residential offer a real personal service. Their response rates are excellent, and we have a sense that they care about our tenants and properties. We cannot recommend them highly enough.”

Cathy & Paul Betts

“Dawn Sandoval Residential have great insights into the property market in London and especially around Canary Wharf. They work very hard to understand their clients’ requirements, and we would highly recommend them.”

David & Ginette Marks