Letting Agent Registration is Here…February 6, 2018 2:42 pm
Letting Agent Registration came in to force in scotland on the 31st January of this year. By law anyone operating a Letting Agency must apply for registration with the Scottish Government no later than the 1st October 2018. The Definition of ‘Agent’ is fairly broad and includes someone acting on behalf of another person in relation to the management of a property even if no fee is payable.
The additional responsibilities imposed upon agents now includes the legal requirement to inform the proper authorities where a landlord is not complying with their repairing obligations, essentially using the agent to ‘police’ landlords. The result will mean that landlords refusing to effect repairs within a reasonable timescale may lose their Landlord Registration Status and ultimately be prevented from renting property. Failure to act by a letting agent may result in the agent losing their own registration status which could be catastrophic to any agent!
As an agent who has been voluntarily accredited for many years through ARLA (the Association of Residential Letting Agents) and The Property Ombudsman we welcome the introduction of regulation which will require every agent in Scotland to comply with the Code of Conduct LET it have adhered to for so long. One of the main advantages is that every agent will require to hold CMP (Client Money Protection) which will ensure 100% of all clients money are fully Bonded (protected) through an insurance-backed scheme. For landlords who have seen a previous letting agent disappear with no one to turn to this is perhaps the biggest step forward.