Planned reform for the regulation of letting and managing agents
by Lauren Meade (nee Hayes), 17 September 2018
As part of the Law Commission plans to reform residential leasehold law it has considered the scope of work required for the improved regulation of managing agents
Following a call for evidence the Government issued its response in April 2018. A link to the full report can be found here.
The key proposals are for:
- A single, mandatory and legally enforceable Code of Practice covering letting and managing agents.
- For letting and managing agents to have a nationally recognised qualification to practice with continuing professional development.
- An independent regulator covering letting and managing agents.
- A right for leaseholders to switch managing agents where they perform poorly or break the terms of contract.
- A Simplification of the Right to Manage process.
The Government intends to establish a Working Group to develop a new regulatory model. Whilst the above will be taken in to account how many of the proposals will be put in to effect is currently unclear.
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