The Scottish Government is introducing new legislation and regulation to the Scotland’s private residential sector over the next few months which all landlords and letting agents need to be aware of. From 31st January 2018, any person or business letting and managing any Scottish residential property on behalf of another person will need to apply to join the Letting Agent Register. There will be a range of requirements which all applicants to the register must abide by.
So what are the requirements?
- The person, or ‘key people’ in the letting agency business, will need to hold a professional qualification as specified in the new Code of Practice.
- The person or letting agent must meet each of the requirements of the Code of Practice. All team members in the business must understand and adhere to them.
- Client money (landlord or tenant) must be held in a separate and dedicated client bank account, thus protecting their funds.
- The business must hold relevant client money protection and professional indemnity insurance.
At Cullen Property we have been adhering to Scotland’s best recommended property practises for some time and have all of the above already in place.
What are the benefits of the Letting Agent Register?
We welcome the Letting Agent Register and believe it will improve standards and professionalise the letting industry. Not only will the register give landlords and tenants increased power to challenge poor practice, but the responsibilities and expectations of the letting agent are clearly stated within the legal requirements they are bound to follow. This register has been a long time coming and will rid the industry of less scrupulous organisations and improve its image in the longer term. For more information on the Letting Agent Register, click here.