There have been situations in Rugby of Lettings Agents ceasing to trade, and large sums of landlords’ and tenants’ money going missing. These were well established firms too! Rents have been collected from tenants and not passed on. Deposits have been taken from tenants and not registered, leaving the landlord liable for the full value.
The Safeagent scheme is designed to show landlords and tenants that their money is safe. Safeagent is the UK’s leading, not for profit accreditation scheme for lettings and management agents operating in the Private Rented Sector. To display the Safeagent logo, a Lettings Agent must meet strict compliance criteria and have Client Money Protection Insurance (CMP) – this pays out if an Agent mishandles client (landlord) money. To qualify for this insurance, the agent’s client accounts must be independently certified.
Belvoir in Rugby is a Safeagent. Our client accounts are checked regularly and we carry full CMP. Landlords and tenants can hence be assured that their money is being correctly handled and they are fully covered in the event of any dishonesty or loss.
- Do you have properties with lettings agents that are not in the Safeagent scheme?
- Do your friends and colleagues?
If so, they are probably afforded absolutely no cover if problems occur. For further information on the Safeagent scheme, please see www.safeagents.co.uk.
