Every year, unprotected landlords and tenants lose money when funds are misappropriated. The best way to ensure money is kept safe is something goes wrong is to always choose an agent who is a member of ARLA propertymark (like us).
“Client Money Protection is fundamental for tenants and landlords, ensuring that their money is protected even if the worst happens”
CMP PROTECTS LANDLORDS’ AND TENANTS’ MONEY : Should a Propertymark Protected agent go bust or misuse your rent, deposit or other funds, Propertymark will reimburse you.*
ALWAYS DOUBLE CHECK YOUR AGENT HAS CMP: Check that your agent is covered at propertymark.co.uk
YOU DO NOT HAVE TO PROVE FRAUD: You only need to provide supporting evidence that you have not received the money you were legally entitled to. You will need to provide the tenancy agreement or deposit protection certificate along with bank statements.
NOTE TO TENANTS: CMP does not cover disputes over the return of deposits- this must be dealt with deposit scheme direct.
It is estimated that Letting Agents currently hold approximately £2.7 billion in client money and yet, if the Letting Agent is not covered by CMP, both Landlord’s & Tenant’s could face losing their money!
With thanks to http://@arlapropertmark for the CMP information.