tenants
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Regulation & Law
New protection for tenants and landlords
Letting agents are now required to publish full details of the fees they charge. In addition, agents are also obliged to state whether or not they are a member of a client protection scheme and which redress scheme they are signed up to. The new legislation contained within the Consumer Rights Act 2015 came into force last week and is designed to ensure a fair deal for landlords and tenants, closing off the opportunity for a small minority of rogue agents to impose unreasonable, hidden charges. All letting agents are now required to publish a full tariff of their fees – both on their websites and prominently in their offices. Anyone who does not comply with these new rules will face a major fine. David Cox (left), Managing Director, Association of Residential Letting Agents, said, “Relevant information should be placed prominently in offices where letting agents have face to face contact with clients, as well as on their websites. Any costs to landlords and tenants must be clearly defined and comprehensively outlined, including all fees, charges and penalties that may be charged before, during and after a tenancy.” Meanwhile, more than 3,000 professional lettings agent across the UK have joined…
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Latest property news
Regulation of the letting agents needed, says CEO
The newly elected Conservative Government should make the regulation of letting agents a priority in a bid to deal with unscrupulous letting agencies and help improve standards in the industry, according to Leaders’ Chief Executive, Paul Weller. Mr Weller (left) believes that millions of landlords and tenants in the private rented sector (PRS) would prosper from the formal regulation of letting agents. He said, “More people and families than ever before now use the PRS and the services of letting agents. Yet the vast majority are unaware that letting agents are not regulated by the Government and that anyone can set up a letting agency, with no experience, knowledge of lettings law or client money protection in place. “Letting agents can hold hundreds of thousands of pounds in rent which they are supposed to protect. But without regulation, there is no way to enforce this and there have been countless cases of letting firms losing their clients’ money, using it for their own ends, or completely disappearing with it, leaving landlords and tenants badly out of pocket. Too many people have suffered at the hands of agents like this, as well as incompetent and unscrupulous agents who fail to provide…
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Agencies & People
‘Lack of evidence’ gives tenants advantage in disputes
A high volume of tenants are continuing to win deposit scheme disputes due to a lack of evidence, according to Imfuna Let, which has commented on the issue in light of statistics from the Tenant Deposit Scheme Annual Review 2014. According to the Review, since the tenant deposit schemes initiative came into force in 2007, tenants have won 100 per cent of a deposit more often than landlords. The figures reveal that renters have received the full deposit in 20.25 per cent of cases, compared to 18.21 per cent for landlords. Furthermore, the dispute amounts have leapt from £736 in 2010-2011 to £860 in 2013-2014. Cleaning remains the most common cause of dispute, appearing in 53 per cent of all cases. This is followed by damage (46 per cent), redecoration (29 per cent), arrears (16 per cent) and gardening (14 per cent). “Despite the best efforts of the deposit schemes, landlords and agents are not being awarded 100 per cent of the deposit as often as tenants,” said JaxKneppers, Founder and CEO of Imfuna Let. “It is worth asking ourselves why landlords have failed to improve their success rate at disputes over the last few years? One obvious reason is…
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Features
Stress in the PRS
11,000 tenant evictions in three months – will the problems for landlords and tenants worsen in 2015, asks Paul Shamplina of Landlord Action.
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Features
Using tenant deposits
Over the years, I have received a number of complaints about agents, often instructed on a tenant find only basis, who have not forwarded the tenant’s deposit to the landlord, as they have advised they will do in their Terms of Business, to allow the deposit to be protected in a tenancy deposit scheme. Instead, the agent has retained the tenant’s deposit and used it to offset the fees due to them from their landlord client, considering this to be perfectly acceptable and no more than a ‘paper exercise’ to ensure payment of their fees. I have always criticised the agent for such action. So concerned have I been by this practice, that the 1st August 2014 version of the TPO Code of Practice for lettings agents has been amended to incorporate an agent’s obligations in this regard. Paragraph 11k of the Code specifically emphasises that deposits belong to the tenant and states that where it is passed to the landlord for protection in a tenancy deposit scheme, any charges due from a landlord for fees etc must be dealt with as a separate issue and not deducted from the funds passed to the landlord. Put simply, the deposit monies…
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Agencies & People
What is ‘fair wear and tear’ for lets?
Pat Barber, Chair of the AIIC, is weary of wear and tear disputes.
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Products & Services
Why bother with reference checks?
Many landlords, and some agents, fail to run reference checks before tenants move in. Sheila Manchester explains their importance in today's market.
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Features
The perfect tenant
How do you find one? Your first step could be to use tenant referencing specialist, says Marc Da Silva.
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Features
Letting a home that is For Sale
Early warning? When do you tell the tenant that the landlord is selling the property? Chris Hamer, the Property Ombudsman, advises.
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Features
Should we worry about rent control?
Ian Wilson, Managing Director, Martin & Co, thinks that maybe we should…
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