Does Your Letting Agent Have Client Money Protection?
Updated: Nov 11, 2018
Have you ever asked your agent if they have Client Money Protection (CMP)?
Do you know how Client Money Protection benefits you and that it could be mandatory for all Letting Agents possibly as early as April.
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?
The monies that are covered for tenants is the deposit and for landlords rental payments and any funds 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 you have any questions in regards to Client Monet Protection or any other property related question please don’t hesitate to get in contact - we’d love to help you.