Property Clubs

A guide to .....

Code Of Conduct

To date there is no governing body overseeing and regulating Property Clubs. We at think that each PIC should promote self regulation by having a code of conduct. Whilst this will not give any guarantees or protection at least it means that they are attempting to address best practice principals in an unregulated environment. We have a "Property Clubs Code of Conduct" that we believe PIC's should be looking to adhere to as a minimum standard. Please email us at Property Clubs if you feel that we should add anything else to the list. It is a living document and we expect input from clients and PIC's alike.

                                                        Code of Conduct

All property deals should only be offered to members if the figures have been verified by independent third parties, including both not limited to, gross / discounted prices, rental estimates and mortgage rates.

Assess each property with impartiality and integrity and then only offer the property if the PIC truly believes this is of benefit their clients.

Only use figures that are no more than 30 days old. Any figures older than this should be revalidated.

Do not offer properties where the PIC is aware it would immediately place their client in a loss making position without first making them aware.

Any calculations should use up to date, truthful and verified figures, including all relevant costs or highlight costs that have been omitted i.e. Letting agents fee / Service charges.

Incorporate a "Cradle to Grave" approach, i.e. see the process through from it's reservation to it's first tenancy.

Allow a 24 hour cooling period where the client can extract themselves from the purchase without penalty

Do not offer any strategies that are not approved by the CML or the Law Society

Should a deal fail, any fees or client monies held shall be returned within 7 working days.

Any PIC's that earn a commission from solicitors, mortgage brokers, or any party they recommend that a client should use, will make it clear that they benefit from this, though the level of remuneration need not be advised.

Always to act with utmost good faith throughout the process.


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