New Rules on Fee Disclosure
PUBLISHED: 12:37 24 July 2015 | UPDATED: 12:37 24 July 2015
NEW rules have been introduced on fee disclosure for lettings agents.
Tenants and landlords will find it easier to compare fees as agents must now clearly display all fees at their business premises and on their website.
Previously, letting agents had to disclose fees if they were asked about them and were reported to the Advertising Standards Authority if they failed to do so.
But now they must made it publicly clear what their charges are, including tax, and whether the landlord or tenant needs to pay.
These charges must be displayed at the lettings agent office and also on their website if they have one – if they fail to do so, they can be reported to trading standards through the local authority and be fined for failure to make charges clear.
Lettings agents should also publicise whether or not they are a member of a client money protection scheme and which redress scheme they have joined.
These rules only apply to lettings agents so if you are renting direct from a landlord you will need to make sure their charges are clear yourself.