Is your money safe?

Not everyone realises that there is no law to stop an agent spending tenants’ deposits or landlords’ rents. Nor do they realise that some agents have been known to use tenants’ rents and deposits to run their businesses or enhance their lifestyle to a different level!

This is highlighted by Judith Davis at Penyards Property Management whose reassurance quickly follows:

“The only way a tenant or landlord can ensure that they will have their money protected is to rent or let through an agent who has their client accounts bonded by an organisation such as ARLA – The Association of Residential Letting Agents.

“ARLA registered agents have their client accounts audited every year to ensure that every penny which belongs to a client is in the account and is not being misappropriated. Not only this but if the agent were to disappear with the funds or use them dishonestly the ARLA bonding scheme would reimburse the missing funds.”

Judith poses the question ‘Why risk it?’

She continues: “The pitfalls of using an un-registered agent can be very expensive and painful. What would you do if your agent withheld money from you that was rightfully yours? Who would you turn to? Are there laws to protect you? Sadly there is nothing that safeguards you if you fall foul of an unregistered agent.”

The advice must surely be that when choosing your letting agent always look out for the ARLA logo and double check the ARLA website to verify your agent is licensed.

For further information contact Penyards Property Management on 01962 860303