Letting Agents Property Redress Scheme
From 1 October 2014 new
legislation was introduced, requiring all lettings agents and property managers
in England to join one of two Government-approved redress schemes. The new legislation was brought into force to
protect renters from the poor service delivered by some letting agents and
property managers.
The redress scheme means that
tenants and landlords with agents in the private rented sector, and
leaseholders and freeholders dealing with property managers in the residential
sector, will be able to complain to an independent person about the service they
have received.
The two redress schemes as of 7 August 2018 are:
Penalties
Failure to join the scheme can lead to:
- A fine of up to £5,000 (for lettings agency work or property management work in England)
- A fine of £1,000 and the potential for a formal warning or prohibition order (for estate agency work in the UK)
- Possible revocation of your licence (for lettings agency work or property management work in Wales)
Further information is provided by GOV.UK - Lettings agents and property managers: redress schemes