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New mandatory conflicts of interest requirements for UK commercial property investments will take effect from 2018

  • New mandatory conflicts of interest requirements for UK commercial property investments will take effect from 1 January 2018 as introduced by the Royal Institute of Chartered Surveyors (RICS). The requirements have clarified the following specific areas.
  • Dual agency must not be undertaken under any circumstance and terms of engagement must be agreed in writing, confirming whether the agent is working in an exclusive or non-exclusive basis (when undertaking multiple agency relationships).
  • Additionally, the circumstances of when incremental advice can be provided (instances where an agent is approached by another party to give advice that is incremental to an existing instruction) been clarified. The only circumstance under which incremental advice can now be provided is when consent from the client is obtained before providing incremental advice to another prospective buyer. This happens when an agent has an exclusive instruction to purchase, or where the agent has a sale instruction.
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Gary’s practice focuses on property disputes for landowners, landlords and leaseholders. He acts extensively in disputes about land ownership and Trusts of Land.