Why use a licensed agent?
When you decide to let your property, employing a good agent to handle the letting for you can give you peace of mind. You can trust a good agent to protect your interests by dealing responsibly with the procedures involved in letting and subsequent management.
This means that the tenancy should run smoothly. You can let a property under an Assured Shorthold Tenancy (AST) which will allow you to get the property back empty by giving formal notice after the first six months of any tenancy has elapsed.
Agents who have been licensed by NALS will provide a written agreement for managing your property, setting out the services they provide and what that will cost. You should agree the details before you employ an agent.
Protecting your money
The NALS Client Money Protection Scheme offers protection and peace of mind for both landlords and tenants.
What does Client Money Protection mean?
We are part of the NALS Client Money Protection Scheme. This, in essence means all money we hold on behalf of Landlords and Tenants is insured in the case of any misappropriation. We also have our client bank accounts audited once per year by a qualified, chartered accountant. Non-licenced agents neither audit their accounts nor hold CMP insurance.
How can I make a claim?
In the event that you want to make a claim you can simply e-mail firstname.lastname@example.org providing full contact details and the name of the agent you are dealing with. One of the NALS claims handlers will contact you to discuss the claims process with you and send you a claim form.
The claim form will outline everything you need to know about making a claim, including what evidence you need to support your claim. NALS can advise you further on this when you contact them.
Are there any limits on what can be claimed under the Scheme?
There is a limit of £25,000 for any one claim. With a limit for landlords of a maximum of three months rent. The total payable for any one case is £300,000 and the total that can be paid out in any one year is £3 million. Claims must be made within a 12 month period of the date of notification to NALS of the misappropriation occurring.
The level and scope of the Client Money Protection Schemes operated by ARLA, NAEA, RICS or the Law Society may vary, and details can be provided by each organisation on request.
How can I check if an agent is part of the NALS Client Money Protection Scheme?
Money Laundering Regulations
The Money Laundering Regulations (MLR) were introduced to ensure businesses at risk of being used for money laundering by criminals and terrorists have controls in place to minimise the risk of this happening. It’s an offence to trade as an estate agent unless you’re registered with HM Revenue and Customs (HMRC) for anti-money laundering supervision. CXG’s MLR Licence No. is 12759153.