The Private Rented Sector in the UK can be a confusing place. With housing under the remit of the devolved governments, the rules can vary quite dramatically across the different countries. This can be especially confusing if you move across the border from one country to another. This is why we have put together this helpful guide, so you can see whether your letting agent is regulated or not.
This will change in the future
A Letting Agent Code of Practice is in force in Scotland giving your agent a set of minimum standards they must work to. The code of practice means that your agent must have:
Professional Indemnity insurance
Professional Indemnity insurance can provide you with financial recompense should your agent be negligent or breach any of their statutory duties.
Client money protection
Client Money Protection (CMP) ensures that you will receive some compensation if your letting agent your letting agent goes bust or misappropriates your money which would ordinarily leave you out of pocket.
Register of Letting Agents
On 31 January 2018, new laws came into force that created a new Register of Letting Agents. If your agent hasn’t already applied to join the registered they must make an application before 31 October if they wish to stay in business.
The register will add further protection and professionalism to the industry as it builds on the standards set by the code of practice by introducing minimum training requirements that agencies must meet.