24th Feb 2019|News|

Legislation changes ramping up in the lettings industry…

Were you aware that in the last 2 1/2 years, 161 new regulations have been brought into force that affect the UK lettings industry?

We suspect that you knew of some of these but all 161? One hundred and sixty one…!

Industry sector articles published to date have clearly set out ministers’ intentions to ‘more tightly regulate the industry’:

“The Government intends to require that all letting agents must register with an appropriate organisation in order to trade.”

“This will mean that letting agents would be required to satisfy minimum training requirements, abide by an industry code of conduct in order to practise and comply with all existing legal requirements.”

“Once Client Money Protection scheme membership is mandated, non-compliant agents will not be permitted to operate until they obtain cover, since being a member of a scheme will be a requirement to trade.”

At Centrick Property, we’re proud to have been voluntarily a member of ARLA Propertymark and regulated as such for over 10 years. We understand that compliance is an integral and vital part of letting any property and helps raises the standards of the industry, to the benefit of landlords and tenants alike. In our experience, a happy tenant is the best tenant…

We are extremely well equipped to help guide you through the legislation minefield that is lain out before you, with a dedicated compliance department, teams of experienced and qualified lettings professionals, regular updates and communication to landlords and a genuine desire to achieve the best for our landlords, tenants and properties.

Back in 2017, the Government revealed it will link the tenant fee ban, introduction of mandatory Client Money Protection (CMP), new minimum training standards and a requirement to belong to a recognised body all into a “Big Bang” day of legislation.  This is still on the near horizon but since then, the industry has already seen a swathe of regulations introduced, including minimum EPC requirements, licensing for HMOs, tax relief changes and how Section 21 notices work.

Private landlords are understandably a little bewildered and perhaps under-prepared for these changes but not if you’re using the right letting agent, a fully regulated agent such as Centrick Property. Your agent should not only manage your property to an exceptional standard, for the benefit of both you and your tenants, but should also manage all aspects of the legal side of owning a rental property and advise you accordingly, in good time and ensure your investments are all compliant.

To provide you with an opportunity to learn more and ask your questions, we are hosting a series of live webinars, starting on Wednesday 28th November, hosted by our Director of Tenancy Services, Sarah Bailey MARLA and Head of Compliance, Nicola Hopley MARLA. To register your interest and sign up, simply email marketing@centrickproperty.co.uk