Consumer Rights Act 2015
As of 27 May 2015 Lettings Agents in England are under a statutory duty to publicise the fees they charge.
The Consumer Rights Act 2015 imposes on all Lettings Agents in England a requirement to display prominently both in their office and on their website a detailed list of the fees that they charge, including detailing whether those charges are per person or per property.The fees displayed should include any applicable VAT.
If the fee is not determinable in advance, for instance because it is commission based, then the method of calculating the fee must instead be displayed.
"Fees" in this context mean any fee, charge or penalty to be paid by a landlord or tenant in relation to the lettings agency work or property management work where the work is provided in connection with an assured (including shorthold) tenancy.
In addition to the obligation to display information on fees, the Agent must confirm whether it is a member of a client money protection scheme, if it holds client monies.
They must also display a statement to say that they are a member of a redress scheme, and give details of that scheme.
Agents that are not aware or flaunt these new statutory obligations risk a fine of up to £5,000.00 imposed by Trading Standards.Notice will be served on the agent identifying the breach and giving them time to rectify it before the fine is imposed, but agents would be wise to avoid this unnecessary regulatory attention and ensure they are compliant today.
If you are an agent or a landlord or tenant, and you would like any further information on this article please do not hesitate to contact us.
The Consumer Rights Act 2015 imposes on all Lettings Agents in England a requirement to display prominently both in their office and on their website a detailed list of the fees that they charge, including detailing whether those charges are per person or per property.The fees displayed should include any applicable VAT.
If the fee is not determinable in advance, for instance because it is commission based, then the method of calculating the fee must instead be displayed.
"Fees" in this context mean any fee, charge or penalty to be paid by a landlord or tenant in relation to the lettings agency work or property management work where the work is provided in connection with an assured (including shorthold) tenancy.
In addition to the obligation to display information on fees, the Agent must confirm whether it is a member of a client money protection scheme, if it holds client monies.
They must also display a statement to say that they are a member of a redress scheme, and give details of that scheme.
Agents that are not aware or flaunt these new statutory obligations risk a fine of up to £5,000.00 imposed by Trading Standards.Notice will be served on the agent identifying the breach and giving them time to rectify it before the fine is imposed, but agents would be wise to avoid this unnecessary regulatory attention and ensure they are compliant today.
If you are an agent or a landlord or tenant, and you would like any further information on this article please do not hesitate to contact us.
