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Letting agents celebrate new protection for landlords and tenants

Wed 29 Mar 2017

Letting agents celebrate new protection for landlords and tenants

 

ehB Residential supports new Government measures on Client Money Protection

  Lettings Team

This week, Government announced that it intends to make Client Money Protection (CMP) mandatory for all letting agents. SAFEagent has campaigned for the last six years for this decision, which will protect consumers by ensuring all agents holding rent money and deposits must protect it in a CMP Scheme.


ehB Residential, a professional letting agent with CMP already in place, is delighted at the decision, but is reminding consumers that mandatory CMP is not yet law, and their finances are at risk if their chosen agent does not have client money protection.


The market is huge, with an estimated £2.7 billion* held by letting agents in client accounts, but unfortunately there are still too many cases of criminal letting agents stealing landlord and tenant cash. This is why it is crucial that consumers check their agent is part of an agent regulatory organisation which already provides CMP.

 

Glynis Frew, Acting Chair of the SAFEagent Steering Group, says:

 

We did it! For all of those SAFEagents who have carried the banner for consumer protection – the Government has finally taken on board our call for all agents to be part of a Client Money Protection Scheme.

 

“It’s wonderful news that Government will make CMP mandatory, but it isn’t in place yet. That means both landlords and tenants are still at risk of losing money. It is so important that consumers understand that they need to choose their agent wisely by asking if they are part of a CMP scheme before entering into a contract with them.”

 

This May, 3,000 professional lettings firms will unite for SAFEagent Awareness Week 15-19 May 2017 – continuing to highlight to consumers the importance of choosing an agent who is part of a Client Money Protection (CMP) Scheme run by an agent regulatory body or trade association.


Tenants and landlords / consumers should always look for the SAFEagent logo, an easily identifiable consumer mark denoting agents subscribed to a Client Money Protection (CMP) Scheme.

 

ehB Residential

01926 881144

info@ehbresidential.com

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Given the current level of concern around COVID-19, we would like to take this opportunity to reassure all of our clients - sellers, landlords, buyers and tenants - that we have a comprehensive business continuity policy which is enabling our team to work remotely.
We have in place robust systems and processes to maintain our service levels and quality, and will look to support all of our clients as best we can in the circumstances.
We will work with all parties involved to limit any inconvenience although there are Government limitations placed on what can be accomplished, and in that event we would ask for your forbearance where possible.
Your key contacts remain as before and can be contacted as usual either by phone or email.
We are confident that we can and will operate as normal possible, and as such, are here to help you though the next phases of the Coronavirus outbreak.
To conclude, all of the team at EHB Residential wish you and yours all the best through this challenging period – stay safe.
 
Leamington Office 01926 881144 or info@ehbresidential.com
Warwick Office 01926 499540 or warwick@ehbresidential.com
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