OCTOBER 02, 2018 | BY A & S Property
All letting agents in Scotland must now be registered
All letting agents in Scotland must now be signed up to a new register in order to trade legally.
The Letting Agent Code of Practice was introduced on January 31, but all agencies had until yesterday to register.
It is now a criminal offence for agents in Scotland to carry out letting agency work if they have not applied or are not registered on the Register of Letting Agents. Those breaking the rules could face a fine of up to £50,000 and up to six months imprisonment.
The new rules are intended to increase professionalism in the sector and make sure that agents are properly able to handle money received from both tenants and landlords.
Landlords should check that their agency is registered and is compliant with these new rules.
The new registration system offer landlords and tenants reassurances that all agents have been vetted by the government, which will also store information on whether an agent has been refused or had their registration removed.
Possessing professional qualifications and having previous lettings experience is compulsory as part of this new registration process.