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New regulations for rental sector
With the number of people renting out their properties because they can’t sell them in the current climate, the rental sector has been pushed into the spotlight.
The Government has been told that the UK rental sector needs to be better controlled and subject to compulsory regulations, with strict penalties imposed on those that don’t comply.
One benchmark for landlords and tenants is the National Approved Letting Scheme, (NALS) which is calling for added protection for both landlords and tenants.
NALS said that there is unanimous support for mandatory licensing of lettings agents through an organization independent of the industry.
But, they emphasized that the licensing must be enforced and checked to ensure people are following the guidelines.
Some of NALS’ regulations are that all of its member firms belong to a Client Money Protection Scheme, which ensures that their client’s cash is protected. They also require that firms are members of the Ombudsman for Estate Agents Scheme, which adjudicates on complaints against member firms.
All firms must also take part in a customer service audit to ensure their service is up to scratch.
Caroline Pickering, chairman of the National Letting Scheme Board, said: “The licensing body needs to retain independence to provide a solution that commands respect and can deliver the necessary strength of purpose. NALS is the obvious candidate for this role.
“We have in place standards that are rigorous but achievable by all conscientious letting agents,” said “These standards are under continual review to ensure they best meet the changing demands of the industry.
“It’s exactly what NALS was set up to achieve and we have the infrastructure, the independence and ability to deliver.
"Ultimately, we offer peace of mind to landlords and tenants who know that a firm bearing the NALS kite-mark is committed to delivering good and well-defined standards of service,” Ms Pickering went on to say.
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