Landlord Action highlight the need for client money protection as London agent disappears owing thousands

Landlords and tenants are in despair as a London letting agent, Oliver Knights, is thought to have closed down, owing thousands of pounds in unpaid rent and holding deposits.

Landlord Action had been instructed only weeks ago to recover more than £10,000 for one landlord and £8,000 for another, but with signs the company has ceased trading, and more cases coming to light on a daily basis, the outcome is looking bleak.

Read the full story here.

Thank you to Paul Shamplina of Landlord Action for his continued support of client money protection with this comment:

“Until the industry is properly regulated, and every letting agent is required by law to have Client Money Protection insurance as well as belong to an association (ARLA, NALS, SAFEagent, The Guild of Letting & Management) and a redress scheme such as The Property Redress Scheme or The Property Ombudsman, then unfortunately these nightmare cases will continue.

Unfortunately these rogue agents are tarnishing the vast majority of good agents who are offering an excellent lettings and management service. I believe the Government’s latest plans to tackle this should go as far as combining each trade body’s list of rogue agents to create one ‘black list’.  This data should then be made accessible to the public to protect the consumer i.e. landlords and tenants.”

Mr Shamplina warned:

“Landlords, when you instruct an agent, make sure they have Client Money Protection Insurance”.

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@McDowallsSurvey Thanks for the supportive comment and now following you.