Letting agents

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london edition aUTUmn 2016 LETTING AGENTS Lets be Fair In a world of increasing property prices and rents, letting agents are advised to follow the latest rule changes to help raise standards Letting agents can no longer have an admin fee; they must clearly state what each fee is for Housing, particularly in the private rented sector, is a hot topic in London, and is the number one concern for residents. Property prices keep getting higher and higher, and this coupled with peoples desire to own their own home has resulted in a sharp rise in rental costs. This, in turn, has brought into the market letting agents looking to make a fast buck by exploiting those who dont necessarily understand the law around tenancy. While these operators are in the minority, they are in danger of spoiling it for the responsible agents. To try to raise standards in the lettings sector, the government has brought in legislation over the past two years, to control the practices of letting agents. Since october 2014, all agents have had to be a member of one of three government-approved redress schemes: the Property Ombudsman (tPO); theProperty Redress Scheme; and the Ombudsman Services: Property. Trading Standards can issue a penalty charge notice for each branch that is not registered with a such a scheme. In october 2015, legislation was brought in to ensure that all letting agents and their websites give clear information about the fees they charge. This means they can no longer charge a vague admin fee; they must clearly state what each fee is for. Again, Trading Standards can issue a penalty charge notice up to 5,000 for breaching this law. This notice can be appealed against in the First-tier Tribunal (General Regulatory Chamber). Trading Standards works with the sectors professional bodies, including: the National Approved Letting Scheme (NALS); the Association of Residential Letting Agents; and the National Association of estate Agents. In June this year, NALS launched a national toolkit for Trading Standards enforcement, to help local authorities tackle rogue agents and improve the letting agent marketplace. London Trading Standards is made up of 33 boroughs, several of which have prioritised letting agent enforcement. A recent survey found that nearly 99 per cent of agents are members of redress schemes; it also found that 49 penalty charge notices have been issued and 28 appeals made. Nine of the notices were issued for failing to display fees and four have been appealed against, although none of the hearings has yet taken place. The majority of notices were for failing to be a member of a redress scheme. London Trading Standards intends to tackle more rogue agents to further improve the rental market for the capital and to protect vulnerable tenants. Contact your local Trading Standards Service if you want advice on how to ensure your business is complying with the law. If you do not know which Trading Standards Service you should approach for advice, enter your postcode at the bottom of the webpage here. Credit: Martin Hartland Images: 3ddock / Shutterstock You can also get useful information or advice from Business Companion just type letting agent in the search facility and London trading Standards. For further information please contact your local Trading Standards Service