CMP/ Redress Scheme Disclosure Cenred Elworthy Principal Trading - - PowerPoint PPT Presentation

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Mar 17, 2024 122 likes •208 views

Property Agent Fee CMP/ Redress Scheme Disclosure Cenred Elworthy Principal Trading Standards Officer Page 2 Consumer Rights Act 2015 Chapter 3 Does not apply to Landlords Requires letting and management agents to display fees to tenants

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Property Agent Fee CMP/ Redress Scheme Disclosure

Cenred Elworthy Principal Trading Standards Officer

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Consumer Rights Act 2015 Chapter 3

Does not apply to Landlords Requires letting and management agents to display fees to tenants and landlords on the agent’s premises and their websites. Each activity charged for must be indicated i.e. references, drawing up of contracts. No general statements i.e. “admin fee £600”.

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Property Agent Fee Declarations Must include VAT in the price listed. “3% +VAT” is not compliant. “1 weeks rent +VAT” is not compliant. “8 days rent inclusive of VAT” is fine. Must state if fees to tenants apply per property or tenant.

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Client Money Protection /Redress Must declare whether a member of a Client Money Protection Scheme, and if so, which

Or, “We are not a member of a Client Money Protection scheme” And must state which redress scheme the agent is a member of.

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Positioning

(2)The agent must display a list of the

fees—

(a)at each of the agent’s premises at which

the agent deals face-to-face with persons using or proposing to use services to which the fees relate, and

(b)at a place in each of those premises at

which the list is likely to be seen by such persons.

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“The expectation is that a £5,000 fine should be considered the norm and that a lower fine should only be charged if the enforcement authority is satisfied that there are extenuating circumstances.” NB: The fine is per offence.

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Thank you. tradingstandards@lbbd.gov.uk

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