Is your rental income protected through Client Money Protection?
Client Money Protection is a scheme that provides compensation for landlords and tenants when rogue agents misuse or misappropriate their rent, security deposits or any other client funds. If you are currently a landlord with Homes4Let Property Services Ltd there is no need to worry, we are a proud member of ARLA Propertymark which means your money is protected and if anything should go wrong, our landlords can make a claim and ARLA Propertymark will arrange a reimbursement.
Being members of ARLA Property mark means we meet higher industry standards than the law demands. Our experts undertake regular training to ensure they are up to date with best practice and complex legislative changes so they can offer you the best advice. We are also backed by a Client Money Protection scheme which guarantees your money is protected.
How to check for money protection:
Similar to losing the value of your car in an accident if you were without insurance, your letting agent not being covered could mean you lose money you're entitled to. This could happen if your letting agent misappropriates your funds, 'runs off' or goes out of business.
It is estimated that 40% of letting agents aren't protected. Here's our tips from ARLA propertymark to check your agent is protecting your money:
Check that your agent is covered at propertymark.co.uk/find-agent
In accordance with the Consumer Rights Act, an agent must display in their office and on their website if they have CMP, and who provides it for them. In the same way, an agent must disclose if they have no CMP cover.
ARLA Propertymark suggests you ask your agent:
a. Are you giving tenants all of the documentation required by law at the start of a tenancy?
b. How can you protect me and my property in this increasingly litigious world?
c. What if the tenant defaults on rent payments and what is your timeline of expectations?