Landlords urged to use regulated letting agents

News Category: Legal

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Private landlords might not receive sufficient financial protection by depositing their funds with letting agents which are not part of a regulated scheme, the Association of Residential Lettings Agents (Arla) has warned.

Ian Potter, operations manager at the regulatory body for letting agents in the UK, wants all landlords to do their homework before choosing to use services from letting agents.

Accidental landlords or those new to the residential sector could be "ripped-off" by using unregulated agents which don't have money protection schemes in place, Arla warned at a landlord conference in Walsall last week.

Mr Potter said: "We know there are a lot of unregulated agents out there … To be absolutely sure you are covered, you should always go through a regulated agent."

His comments come after Al Elliott, co-owner of the Homeowners Advice Centre, recommended the introduction of new laws by the government to step up its regulation of sale and rent back schemes.

How to stay legally compliant with letting agency software.