This is great news for tenants and landlords alike, as these compensation schemes recompense landlords and tenants should an agent misappropriate their rent, deposit or other client funds.
The Government has committed to requiring all property agents in the private rented sector to obtain membership of an approved CMP scheme by 1st April 2019.
Spearheaded in Parliament by Baroness Hayter of Kentish Town, and supported by 30 organisations including Propertymark member agents, the other professional bodies for letting agents, tenant groups and landlord bodies as well as both trade and national media titles, the Government ruled in favour of mandating CMP for all letting agents in England.
Are you letting or renting through JTM Homes?
Good news! Our north London estate agency already complies with this new requirement. “We are delighted that the protection client’s money is now mandatory for all letting agents. We have always put our clients’ interests first,” explains Jason Dyer of JTM Homes. “The Propertymark scheme is fair and easy to use and has been our preferred choice for some years.”
Propertymark will reimburse landlords and tenants who are out of pocket up to £15 million per year if their agent is within Propertymark's Main Scheme. Or - if their agent is within Propertymark's Large Corporate Scheme, up to or £35 million per year with a maximum award of £50,000 per individual claim.
When the legislation comes into force on 1st April, all agents will need to have joined an Approved CMP scheme or will be operating illegally.
Would you like to know more? Contact the specialist letting team at JTM Homes on 020 7272 1090. This is a very positive change affecting the entire the lettings market and we’re delighted to share the good news!