Warning to Landlords and Tenants
Following recent articles in the press a severe warning to landlords must be to use a regulated agent.
There have been a number of reports recently about agents who have gone into administration, bankruptcy or are being investigated by the police where they have used tenant’s deposits to fund their business or lifestyle.
All letting agents should keep tenants deposits in a separate bank account but not all do it seems.
Regulated agents such as members of the RICS or ARLA are strictly monitored to ensure they do, unregulated agents are not.
This follows on from the news last month that the largest body overseeing tenants deposits, The Tenants Deposit Scheme, have refused to allow unregulated agents to be members.
The advise to all landlords and tenants must be to only use an agent such as Robert Oulsnam & Company who are members of ARLA and the RICS.