Property 118 Action Group is not alone!  Facilitating best practice and raising standards across the UK Private Rental Sector is also the core objective of The Letting Partnership with the two having now formed a strategic alliance.

Jennifer Markham, a highly respected industry figure who heads up the specialist and award winning team at the Letting Partnership, by providing accounting and administration support to letting agents nationwide with the company having become leaders in the provision of outsourced client accounting services and innovators in the field of client money protection.

In 2013 the company launched a revolutionary web based system and analytical programme – ‘The Client Money HealthCheck’ – designed to immediately identify irregularities and discrepancies in client money accounting, tenant deposit protection and areas of non-compliance without the need for an ‘on-site’ audit.  Services of the Lettings Partnership are now used by industry regulators, national franchisors, insurance providers, tenant deposit schemes and the police. The latest addition to their range of client protection services is an ‘On Site Compliance Review’ which entails an in depth examination of tenancy agreements, agency documents, business practices and overall standards of compliance with all current legislation.

Jennifer says “I am passionate about raising the standards in the letting industry with our HealthChecks and Compliance Reviews being our way of ensuring that landlords, tenants and reputable letting agents are protected against the actions of rogue agents.   I believe there should be a statutory requirement on all agents to meet and adhere to a minimum level of operating rules.  With co-operation from current regulators, local authorities and insurance providers providing a basic level of governance by way of an independent register of letting agents would not be difficult to create and would provide a degree of reassurance for landlords and tenants alike.

We are delighted to be able to join Property 118 in the pursuit to protect good landlords, tenants and letting agents alike.”

Mark Alexander, who started the Property118 Action Group said Private housing providers (buy-to-let landlords) often lack the experience and finances to defend their rights. Property118 Action Group offers them a unique and powerful umbrella at a very reasonable price.”

In the Court of Appeal last week Property118 Action Group won refunds for landlords of £27.5 million in terms of mortgage interest that had been overcharged by West Bromwich Mortgage Company.

Property118 Action Group are currently:-

  • Assisting with fund-raising for the Judicial Review of the withdrawal of finance cost relief for individual landlords
  • Challenging the Bank of Ireland decision to add a premium to tracker rate mortgage margins. Over 13,000 borrowers are affected!
  • Challenging Skipton Building Society breach of contract in respect of abandonment of their contractual commitment to cap their standard variable mortgage rates to 3% over the Bank of England base rate. Around 130,000 mortgages have been affected since 2010.
  • Prosecuting agents who abuse their position and fraudulently use client money to fund their businesses
  • Challenging many more unreasonable laws, organisations and contract terms unfairly affecting the rights of their members

Several other big names in the letting industry are supportive. These include ARLA and Ewemove. More large organisations are expected to announce the formation of a strategic alliance over the coming weeks and months.

Neil Patterson, Managing Director or Property118 said “we are delighted with progress to date as we are significantly ahead of where we expected to be at this stage. We have a four phase strategy to unite the letting industry and we are only in the middle of phase 1. The next phase is to form more strategic alliances with professional bodies operating in the letting sector. Phase three will involve strategic alliances with letting agents recommended by their professional bodies. Phase 4 will involve the industry uniting to recommend Property118 Action Group membership around one million private landlords.”

 

For more information on Property118 see http://www.crowdfunder.co.uk/property118-action-group