I WAS amazed to read in the industry press just this week that in 2016 alone 14 agents have been prosecuted for stealing over one million pounds of tenant’s deposits. The amounts per conviction range from £500.00 to £400,000.00 and it is felt that this is just the tip of the iceberg.
Landlords often think they are safe from prosecution because they employ the services of a letting agent, however if the agent doesn’t register the deposit on behalf of the landlord within 30 days of receipt, the landlord risks fines of three times the amount of the deposit. The other worrying fact is that you cannot serve a Section 21 notice of eviction if the deposit hasn’t been registered. This has a huge impact if your tenant fails to pay the rent and you need to get them out.
Are you sure your agent is doing things right?
By choosing an ARLA regulated agent, you can have the peace of mind that things are being done properly. The accounts are audited annually, the client money is protected by a bonding scheme, they have to have a qualified member of staff in each office and follow the ARLA code of conduct, which includes many other measures that offer protection to the landlords and tenants.
If you are unsure about your agent or experiencing any of the problems highlighted please don’t hesitate to call us for free advice.