Housing minister Grant Shapps has announced that he will not introduce further regulations for lettings agents or private landlords, stating that this would create too much red tape. This is a blow for the industry as Marc von Grundherr, director of London‘s largest, independent lettings-only specialist Benham and Reeves Residential Lettings explains: “This is a disappointing decision. We believe the market must have mandatory regulation to protect landlords and tenants many professional agents such as ourselves hoped the new legislation would raise industry standards but this move will only reduce consumer protection.â€
Marc continues: “Shapps says the private rented sector is already governed by a well-established legal framework but he fails to mention that you must register to be a member and that isn‘t cheap. ARLA membership is not mandatory and even the Ombudsman for Lettings scheme isn‘t foolproof many smaller agents slip through the net as there is no reliable system to check membership.â€
“The recession has prompted many amateurs, often estate agents, to set themselves up as lettings agents, often with no experience of drawing up tenancy agreements or knowledge of legislation and this can cause serious problems for landlords.â€
“A client recently let her house through an unqualified estate agent. When she wanted to end the tenancy she found the tenancy agreement had been worded so that the tenant had the indefinite right to live at the property until he terminated it. The estate agent advised her to seek legal assistance but she came to us and we sorted out everything within days - but letting a property can be a legal minefield and this illustrates the importance of using a professional agent.â€
“As a founder member of ARLA, we work within a strict Code of Practice and recommend anyone letting a property use an ARLA agent to ensure full legal protection.â€
Press enquiries:
Tracie Lack
020 7433 6670
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Editor‘s notes:
With 10 offices in the prime residential areas of London (and overseas offices in Singapore, Hong Kong, Dubai and India), Benham and Reeves Residential Lettings is recognised as London‘s largest, independent lettings-only agency. They are also one of the only London lettings agents to offer an interior design, refurbishment and furnishing service for investment properties through their sister company In:Style Direct.
The company is part of established property group, The Complete Property Investment Solution, which offers a complete range of services to help clients maximise their return on investment. With a leading sales and acquisition agent, interior designer and furnishing company within the group, The Complete Property Investment Solution can manage all aspects of property investment.
Media Contact Information
Name: Benham and Reeves Residential Lettings
Website: http://www.brlets.co.uk
Phone: 0800 092 9656
Address: 2/F Marlborough House
179-189 Finchley Road,
London NW3 6LB
Country: United Kingdom