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08/01/2009
Unregulated agents to have deposit protection withdrawn |
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Tenancy deposit protection and alternative dispute resolution services will shortly no longer be provided to unregulated agents.
From April 6th, the Tenancy Deposit Scheme will not cover letting agents who are not members of recognised professional bodies, it has announced.
The move is at the insistence of the insurers and the scheme will write to all its members who are unregulated agents to let them know that they will have to find other way to protect deposits.
It is advising landlords to ensure that their lettings agents are members of the Association of Residential Letting Agents, The National Approved Lettings Scheme, the National Association of Estate Agents or the Royal Institution of Chartered Surveyors.
The Tenancy Deposit Scheme says that it "regrets the action it has been forced to take" but claims that it is "due to circumstances that are well beyond its control".
According to Tom Entwistle, editor of Landlordzone.co.uk, the tenancy deposit protection scheme should have a "positive effect" on relations between landlords and tenants because it "takes the deposit out of the landlords' hands".
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