The new Consumer Rights Act introduced in October 2015 made it compulsory for lettings agents nationwide to publish their fees in a clear and upfront manner, offering landlords and tenants transparent information and enabling them to make informed choices. Where the fee is variable, estate agents must give the proportion or percentage from which it is calculated.
The law was created to protect landlords and tenants from “hidden” charges. While it’s sad that legislation needs to be brought in because of the cloak-and-dagger approach of unscrupulous lettings agents, we also welcome the opportunity to offer a better service to our clients.
An additional advantage is that we are able to build up an accurate picture of the property sector. With charges made clear not just to clients but also to other estate agents, we are all able to align our rates and offer more consistency across the London rental market. Now there is less variation in fees, landlords and tenants can choose their estate agent based on track record and quality of service, rather than just plumping for the cheapest one and losing out further down the line.
Our Director, Kelly Gallagher, welcomes the new law:
“Having our fees clearly displayed is better for everyone. With landlords and tenants able to understand the costs from the outset, the whole lettings process can run more smoothly. It’s easier for our clients to budget for fees – this means fewer delays, with properties available and tenants moved into them much more quickly.”
Henry Wiltshire’s fees can be found here on our website and are also clearly displayed in all six of our offices.