Time to cool off
June 13, 2014
As of today, The Consumer Contract (Information, Cancellation and Additional Charges) Regulations 2013 has extended the contract ‘cooling off’ period from 7 days to 14 days. The regulation will only apply to contracts entered into on or after today (13/06/2014).
The introduction of this new regulation means that the following have been superseded and thus do not apply from today:
- The Consumer Protection (Distance Selling) Regulation 2000
- The Cancellation of Contracts made in a Consumer’s Home or Place of Work etc Regulations 2008
Most importantly, for the Private Rented Sector, the regulation now states that the ‘cooling off’ period no longer applies to Tenancy Agreements or guarantor contracts.
The extended cooling off period is still relevant for Terms of Business for both sales and lettings, unless the contract is signed at the businesses office.