Requirement for Registration – Residential Letting Agents and Property Managers
As of 1st October 2014 the Government’s proposals for improving standards in the Private Rented Sector have come into force by the means of the Redress Schemes for Lettings Agency Work and Property Management Work (Requirement to Belong to a Scheme, etc.) (England) Order 2014. (Quite a mouthful!).
This scheme was mentioned in a previous E-Bulletin, but just to remind you, it does require any persons who engage in letting agency work or property management work to belong either to a redress scheme that has been approved by the Secretary of Stage or to a government administered redress scheme. This is all set out in Sections 83 and 84 of the Enterprise and Regulatory Reform Act 2014.
In short, the order (which came into force on 1st October 2014):
- Imposes the requirement to belong to a redress scheme;
- Excludes those engaged in certain types of activity from that requirement;
- Provides for the enforcement of the requirement.
For further information please check on the relevant Government websites for details or with ARMA or AIRPM who will be able to give guidance on whether your business needs to be registered.