Estate Agents Act 1980

Where an agent has ceased to carry on his business as an estate agent, whether by reason of his death, or the surrender, cancellation or suspension of his licence or for any other reason, that estate agent or (in the case of an estate agent who has died) his executor, trustee or administrator (as the case may be) shall—

within 28 days after the cessation of the carrying on of the business, notify the Director in writing of the cessation; and

within three months after the cessation of the carrying on of the business cause the accounts of trust money for the business for that part of the financial year for which the estate agent carried on business to be audited.

The agent or executor, trustee or administrator, as the case may be, must not engage a person or firm as an auditor for the purposes of subsection (1) if the person or firm is not qualified under section 66 to act as the auditor.

The powers given to and duties imposed on persons by section 64 (other than subsection (1) or (2) of that section) shall apply to an audit conducted under this section, and for that purpose any reference in section 64 to the estate agent shall, in a case of the death of an estate agent, be read as a reference to his executor, trustee or administrator (as the case may be).

As soon as the report has been completed, the auditor must—

give it to the agent (or executor or trustee or administrator) concerned; and

give a copy of it to the Director and advise the agent (or executor or trustee or administrator) concerned in writing that he or she has done so and of the date on which it was done.