merrion street

• Extra four months for licences expiring between now and end August

• Measure necessitated by Covid-19

The Minister for Justice and Equality, Charlie Flanagan TD, has agreed to provide a 4-month extension for property services sector licences. The measure, which applies to licences due to expire between 7 May and the end of August, is to enable property service providers to meet their licence renewal obligations despite the COVID-19 restrictions.

Announcing the measure Minister Flanagan said:

Given that it is an offence to provide property services without a valid licence, I think this will be a welcome measure. It could have been difficult for providers to meet their licence renewal obligations during the COVID-19 restrictions, but this will assist auctioneers, estate agents, letting agents and property management agents to meet their statutory obligations, while also ensuring that requirements which protect those selling, buying, or renting property will remain effective.

The Minister also consented to the Property Services Regulatory Authority (PSRA) making Regulations to amend the relevant professional indemnity insurance rules, the Property Services (Regulation) Act 2011 (Professional Indemnity Insurance) Regulations 2012, to ensure that the obligation on licensees to have professional indemnity insurance available to them will continue to apply to the 4 month extension period.

He added:

It is a condition of the licence extension that licensees who benefit from the four month extension of their licences must ensure that there is professional indemnity insurance available to them over that period.

Currently the PSRA licenses approximately 1,800 businesses (property services employers and independent contractors) and 4,000 employees annually. Licensing occurs throughout the year, however, for historic reasons, peak licensing renewal occurs on 5 July annually, involving the processing of approximately 3,000 licence renewal applications.