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Letting Agent Fee Campaign Enters Second Stage
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Letting Agent Fee Campaign Enters Second Stage
Around 180 letting agents in parts of Berkshire and Hampshire are being targeted as part of a letting agent fee campaign to find out if agents are displaying their fees correctly.
It is the second stage of the letting agent fee campaign being jointly conducted by The Property Ombudsman (TPO) and the Chartered Trading Standards Institute. As of yesterday, 179 letting agents in and around Basingstoke and Reading are being targeted.
They are being asked to provide photographic evidence of their compliance with the law, which requires fees to be displayed in the branch and on the company’s website.
The second stage follows on from the end of the first phase, where 99% of 266 TPO letting agents in Swansea and Dorset were found to be compliant.
All had been asked for similar photographic evidence.
Agents found to be displaying the required information incorrectly were given the chance to amend it and re-submit their evidence.
The campaign found that just two agents failed to comply, either by not responding or not addressing inaccuracies that had been flagged up.
Both will now be referred to TPO’s disciplinary and standards committee for further investigation.
This committee is independent, and has the power to fine, suspend or expel an agent from TPO, plus refer it to Trading Standards officers, who can impose fines of up to £4,000.
Letting agents are required to display fees, along with their redress scheme membership details and Client Money Protection (CMP) scheme.
The Property Ombudsman, Katrine Sporle, says: “TPO has seen an increase in the number of enquiries about fees from tenants in recent weeks. It is essential that agents provide clarity and transparency about what fees are being charged for what service, so that all parties understand the commitments they are entering into.”
The campaign will continue while details of a consultation on the letting agent fee ban have yet to be announced.
Letting agents, make sure you comply with the law!
