Publicising Fees as a Letting/Managing AgentV1-JC-26052015
Under the Consumer Rights Act 2015 it is now a legal requirement for all letting and managing agents in England and Wales to publicise details of their fees and to say whether they do not have client money protection. They must also give the name of the redress scheme of which they are a member. Membership of a redress scheme is compulsory for agents. The intention is that there should be full transparency to deter double charging to both the landlord and the tenant and enabling tenants and landlords to shop around.
Which fees must be displayed
All charges or fees (however defined) which are payable to the agent, either by a landlord or a tenant, where a property is let under an assured shorthold tenancy or other assured tenancy must be displayed both in the agent's office and on the agent's website. This applies where a fee relates to either letting agency work or property management work carried out by the agent.
IMPORTANT: The legislation only applies to letting agents and managing agents. IT DOES NOT APPLY TO LANDLORDS.
The requirement is for a comprehensive list of everything that a landlord or tenant could be asked to pay by the letting agent at any time before during or after a tenancy. There are certain limited exemptions. Landlords and tenants should be able to know how to calculate exactly what they will be charged and when.
Any other relevant potential legislation should also be followed. This includes guidance for advertisers published by the Advertising Standards Authority on how to make sure that there optional fees including the rent are stated clearly and upfront in publicity material.
The rest of this guide for Publicising Fees as a Letting/Managing Agent contains useful information on the following topics:
- The appeals process
- The size of fines
- Where to advertise your fees
- Who it applies to
- Redress scheme requirements
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