Lettings complaints from the UK public have risen significantly over the past twelve months, by around 26% from mid2008 to the current period. This followed an exceptional 200% rise in complaints over lettings during the whole of 2008, as more and more agents joined the The Property Ombudsman scheme for rentals.
Eric Walker, Managing Director of Bushells is not surprised. "With the collapse of the sales market, lots of agents previously unfamiliar with lettings have entered the market to replace income. Lettings is a complex business and requires a high level of knowledge. The effects of not keeping up with legislation can prove very expensive to fix. Unlike sales, there is no solicitor involved, yet the discipline is heavily regulated by many Acts and Laws. As yet, it is still unregulated. Landlords and Tenants really should only deal with an ARLA accredited agent. That way you know a level of knowledge has been achieved and that all monies are safely where they should be whilst insurances protect you in the event something goes wrong. Often, cheap lettings fees are indicative of the service you can expect and, rather than a saving, may prove very costly."
Furthermore, following the infamous Foxtons v OFT case, many agents have yet to revisit their terms of business which will, in time, lead to a whole host of new complaints. After such a deep recession, it is imperative that you know your deposit is safe. Make sure it is registered with an approved scheme and ensure your agent has Clients Money Protection Insurance. This insurance is Mandatory for all ARLA agents.
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