Letting Agency Regulation
Published / Last Updated on 05/05/2009
Letting Agency Regulation
We have all seen the stories, particularly in London, of letting agents changing keys on properties or taking deposits on properties that have been let already and refusing returns or even going in liquidation having spent and therefore owing clients money.
Perhaps time is now up as new guidelines are coming to protect both tenants and homeowners from mal-practice by Letting Agents.
The Association of Residential Letting Agents (Arla) is introducing a licensing scheme for its UK members and a code of practice for letting agents. Each licenced member will have to:
- Have professional ‘lettings’ qualifications
- Demonstrate ongoing training and knowledge maintenance
- Have professional indemnity insurance
- Hold client moneys separately
- Have yarly independent audits on client money accounts
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