Letting and property agents
Letting and property agent responsibilities
Since 1 October 2014, letting and property management agents are required to join a redress scheme. This is similar to the scheme already in place for estate agents.
The scheme enables an approved third party to arbitrate disputes between agents and tenants. Agents that fail to join a scheme face a penalty of up to £5,000.
The following organisations have been approved to run redress schemes:
Duty to publicise fees
Since 27 May 2015, it has been a legal requirement for agents to publicise fees charged to both tenants and landlords.
Fees will need to be displayed on business premises where they can be easily seen by clients and potential clients. They should also be posted on the agents website and be accessible.
This means that terms such as 'admin fee' are no longer acceptable as they do not sufficiently describe the service covered by the fee.
Agents that fail to display fees and the required information face a penalty of up to £5,000.
Agents must also state:
- the name of the redress scheme they belong to
- if they are a member of a client money protection scheme