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Landlords handed wake-up call over tenancy deposit protection
2009-01-08
Buy to let mortgage holders have been urged to ensure their letting agents are regulated with an approved body under the Tenancy Deposit Scheme (TDS).
The government's accreditation organisation on tenancy deposit protection, the National Approved Lettings Scheme (NALS), backed new legislation to withdraw support for all unregulated letting agents from April 6th.
Optimum levels of trust and support need to be made available for both landlords and tenants, the NALS said.
Caroline Pickering, independent chairman of the group, added: "This recent development will surely come as a wake-up call to all firms who are not part of any regulatory body and cannot demonstrate to the consumer that they meet industry standards in the operation of their businesses."
The TDS requires residential letting businesses to be accredited under government deposit protection schemes, such as mydeposits.co.uk and The Deposit Protection Service.
Accreditation can also be achieved if letting agents are members of certain organisations, which include the Association of Residential Letting Agents, the Royal Institution of Chartered Surveyors and the National Association of Estate Agents.
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