Client Money Protect Will Keep Your Money Safe
From yesterday, 2nd May 2018, ARLA Propertymark won their campaign to make Client Money Protection (CMP) mandatory. This will benefit both landlords and tenants, so if you don’t know what CMP is, we suggest you have a read below to find out how this benefits you.
What is CMP?
A membership of a CMP scheme protects the money of landlords and tenants against theft or misappropriation by the owner of a letting agent while it’s in their custody.
What is covered by CMP
Any funds being held by the agent as a retainer for maintenance or repairs.
How to tell if your agent has CMP
Agents who are members of ARLA Propertymark or NALS will already have Client Money Protection in place. It’s already a legal requirements for letting agents in England to display if they have CMP or not. If you still aren’t sure it is always advisable to ask the question.
If this gets passed in parliament, all letting agents that manage properties in England will need to belong to an approved CMP scheme by 1st April 2019.
If you have any questions in regards to Client Money Protection or any other property related question please don’t hesitate to get in contact - we’d love to help you.