When letting out your property with a Glasgow letting agent, it’s essential to be aware of the regulations surrounding the industry. This article covers several important topics, including the Renters’ reform bill and new guidance on the material information that must be included in property listings. It also looks at professional indemnity insurance and the requirements for disabled tenants.
Renters’ reform bill
The Renters Reform Bill has several changes which your Glasgow letting agent should be aware of. The main changes relate to the right of eviction. Landlords can use section 8 to evict a tenant on two months’ notice. The Bill proposes to make these periods shorter and more flexible and will make them mandatory in some circumstances.
The Renters Reform Bill aims to improve PRS and lettings industry standards. It will affect letting agents, landlords, and tenants. The new laws will force allowing agents and property managers to meet a higher standard.
New guidance on material information in property listings
The National Trading Standards Estate and Letting Agency Team has released new guidance on disclosing material information in property listings. This guidance has been developed with leading property portals and industry bodies to help let agents comply with the law. The advice can be found on a dedicated webpage on the NTS website.
The guidance requires letting agencies clearly display material information about a property, including the rent, council tax band, and property rates. Failure to include this information may amount to misleading omission. As a result, it will also breach the Consumer Protection from Unfair Trading Regulations 2008.
Professional indemnity insurance
If you run a Glasgow letting agency, you should have Professional Indemnity insurance to protect your business. The policy will not only cover legal costs but also protect your reputation. It also shows that you are serious about protecting your client’s assets. Furthermore, you will need to have this insurance in place under the new Client Money Protection legislation.
Professional indemnity insurance is vital for estate agents as it protects their businesses from the possibility of legal action from a client. This insurance also covers the costs of replacement documents and defence costs. In addition, it will cover the costs of representation at hearings and tribunals. Be sure to carefully read the policy wording before buying one.
Accessibility requirements for disabled tenants
If you’re a letting agency, you must understand the varying accessibility requirements for disabled tenants. These may include lowered countertops or wheelchair ramps. These modifications must be reasonable and not impact the ability of the next tenant to live in the unit. Additionally, alterations must be affordable and easy to remove once the tenant moves out.
Fortunately, there are laws that protect disabled tenants and highlight the obligations of landlords. The are a few key acts, for example, that prohibit discrimination against people with disabilities in housing and workplace settings.
