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Don't forget: display of fees and CMP still applies!

Friday 24 November 2017

Whilst we wait for legislation to be passed over letting agent fees, it's important to remember that it's currently a legal requirement to display your fees, and if you belong to a Client Money Protection scheme.

It's been a requirement since section 83 of the Consumer Rights Act 2015 took effect on 27 May 2015 for all lettings agents in England and Wales to display details of all fees and charges, so make sure you're displaying them both in your offices and on your websites. The intention of the legislation is that landlords and tenants will know or be able to calculate exactly what they will be charged and when and to make it easier for them to shop around.

All fees, charges or penalties which are payable to the agent by a landlord or tenant for letting agency and/or property management work carried out by the agent in connection with an assured tenancy need to be displayed. This includes any additional fees, charges or penalties which may be incurred during a tenancy as well as fees, charges and penalties which are referenced in Tenancy Agreements and in Terms of Business. Fees should always be displayed including VAT.

You must display a comprehensive list of fees, penalties and charges at each and every office at which you deal face-to-face with clients, and on their website. The Consumer Rights Act guidance states that “Ill defined terms such as administration cost must not be used. All costs must include tax.”

You also need to display whether or not you are a member of a Client Money Protection, scheme along with details of the redress scheme that you belong to.

Don't forget - we have created fee templates to help you comply with the Consumer Rights Act and provide the best possible services to your clients.

Penalties

Lettings agents and managing agents face fines of up to £5000 by Trading Standards for non-compliance.

Take me to the fee templates