Letting agents who cease trading owing large sums of money are causing grief to an increasing number of landlords and tenants, according to online landlords’ resource Property118.com.
The site has launched an e-petition advocating the compulsory licensing of agents to protect both landlords and tenants.
More than 4 million homes are provided by the private rented sector in the UK by 1.5 million private landlords, many of whom appoint agents to manage their portfolios.
“They assume that this will be done within all applicable legal obligations,” says Mark Alexander, Property118.com’s managing director.
“In fact Letting Agents handle large sums of clients’ money but may be unqualified to manage property within the relevant legal liabilities.
We believe this is unacceptable – we believe that a simple compulsory licensing structure would offer greater protection both to tenants and to landlords whilst ensuring that only the most professional Letting Agents continued to thrive.”
The licensing scheme proposed by Property118.com would ensure that redress is available in the event of financial failure or negligence on the part of Letting Agents.
“It is inconceivable that any other industry handling large sums of client money could do so without even basic best practice rules to oversee their business procedures and protect their clients in the event of fraudulent practice, incompetence or unforeseen business failure,” says Alexander.
Useful Resources, Advice + Guides From TheAdvisory.co.uk:
> Instant & Free Online House Valuations
> Find Cheapest Conveyancing Fees
> Compare Best Mortgage Deals And Save £1000′s
> How To Sell Your House Fast For Cash
Related posts:
No Comment Received
Leave A Reply