Young London Receives London Rental Standard Accreditation

London Rental Standard

London Rental Standard

Young London are pleased to announce that we have received London Rental Standard accreditation.

As an accredited letting and managing agent our applicants, residents and clients can enjoy peace of mind knowing that they’re dealing with an agency that fully complies with the law and offers a good service.

The London Rental Standard, a voluntary set of minimum standards, was created by the Mayor of London (Boris Johnson) to set out the level of service that those operating in London’s Private Rented Sector are expected to adhere to.

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Private Rented Sector ‘Code of Practice’ Launched

Private Rented Sector Code

Private Rented Sector Code

A new Private Rented Sector Code of Practice has been launched by 17* leading Private Rented Sector organisations.

The code, requested by the Department for Communities and Local Government, was created with the intention of driving up the quality of Private Rented Sector letting and management standards.

The document contains guidance for agents and landlords that outlines their mandatory obligations as well as recommended industry best practices.

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Supporting Gas Safety Week 2014

Gas Safety Week 2014

Gas Safety Week 2014

Yesterday the Gas Safe Register kicked off their annual ‘Gas Safety Week’, a nationwide campaign designed to raise awareness of gas safety for the UK’s 23 million gas fuelled homes.

Gas Safety Week 2014 will be backed up with national advertising and media coverage as well as various events throughout the week.

The campaign hopes to get across its gas safety message as September is the time when many people will be turning on their boilers for the first time in preparation for winter.

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Calls to Make Client Money Protection a Legal Requirement

SAFE Agent

SAFE Agent

SAFE (Safe Agent Fully Endorsed) Agent, the kitemark that denotes that a firm protects landlords and tenants money, has been urging ministers to use the Consumer Rights Bill to make Client Money Protection a legal requirement for all letting agents.

John Midgley, chairman of SAFE Agent, has written to the Housing Minister, Brandon Lewis, saying: “Currently, if an agent misappropriates clients’ funds or uses them fraudulently, there is no recompense if the agent is not covered by a CMP scheme.

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The Importance of Referencing

The Importance of Referencing

The Importance of Referencing

It is best practice for an agent, on behalf of their client, to carry out a thorough reference check to reassure the landlord that they are doing everything in their power to reduce the risk of letting to an unsuitable tenant.

Referencing is used as a tool to check the suitability of a tenant generally before a Tenancy Agreement is drawn up and signed. A thorough investigation is carried out to confirm the tenant’s identity, income, financial status in terms of affordability, employment status and rental history in an attempt to expose any issues that could be a concern for the landlord.

The necessity for tenant referencing stems from the need of the landlord to mitigate any risk of possibly letting their property to a tenant who could cause them an issue at a later date. Also, with the Immigration Act potentially taking effect from October, the onus is now on landlords, or their agents, to check the immigration status of any prospective tenant.

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Keeping Landlords’ and Tenants’ Money SAFE

A group of like-minded letting agents, one of which is Young London, have got together to launch a simple new consumer kitemark, SAFE (Safe Agent, Fully Endorsed).

Similar to ABTA in the travel industry and ‘Gas Safe’, SAFE enables landlords and tenants to identify simply and easily which agents safeguard their money.

The message couldn’t be simpler: ‘no kitemark, no protection’!

 

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Insurance for Residents and Landlords

Insurance for Tenants and Landlords

Insurance for Tenants and Landlords

The right balance between landlord and resident is vital as they both should be happy with the arrangement.

The tenant wants a place to live they can call home and the landlord wants to know their investment is being looked after.

Something that brings peace of mind to both parties is insurance.

Not many letting agents realise that it is important for a resident to take out contents insurance and a landlord to take out contents and public liability insurance.  The landlord should also have building insurance – though, on a leasehold property, this should be covered through the service charge.

While most people are familiar with contents insurance it is surprising how few actually think to take it out to cover themselves when renting a property. The landlord will need public liability to cover themselves for any accidents to tradesman or any other visitors to the property.

As insurance costs from as little as a few pounds a week the difference between it, when compared to the expense if something went wrong, is stark. I also think it says something about the parties involved, that they are taking their responsibilities seriously.

So, in my view, insurance is a must for both resident and landlord.

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