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The Property Redress Scheme

The Property Redress Scheme The Property Ombudsman is the well-established property industry favorite with many letting agents already voluntarily on its Letting Redress Scheme.

Ombudsman Services Property is a relatively new provider in the property sector although it has been providing dispute resolution services for the communications, copyright licensing and energy industries for some time.

A completely new entrant is The Property Redress Scheme and there is next to nothing about the provider so it will be interesting to see what their proposition will be.

A fundamental of the compulsory redress schemes is that they will be free for complainants to use. Furthermore, the schemes will follow the current residential sales redress model so we should expect:

Easy access for complainants Ability to award compensation if a complaint is upheld Publication of annual reports with full complaints data The good news is that a vast majority of letting agents are already voluntarily part of a redress scheme. Kris Hopkins, Housing Minister, has stated that is 60% which leaves only an estimated 3,000 letting agents which is 40% of letting agents that need to sign up to a redress scheme either voluntarily now or be forced to do so later in the year.

Sheffield Residential has voluntarily joined the National Approved Lettings Scheme (NALS), SAFE Agent and The Property Ombudsman for Lettings some time ago so no change for us!

It will be interesting to see how compulsory redress scheme membership is monitored and how effectively enforcement action is taken to combat any rogue agencies that simply refuse to conform.

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