Our guide to the TPO changes 2014: Part 2
From August 1st 2014, the Property Ombudsman is revising its code of practice for all sales and letting agents. To make this transition easier for agents, we will be summarising each section of these changes within this post. This is the second part to our summary of the TPO code of practice. To read the first part of our guide please see:
http://vtuksblog.wordpress.com/2014/08/05/our-guide-to-the-tpo-changes-2014-part-1/
(Use this link for estate agent networking)
https://eauk.rdtsystems.co.uk/vtuks-guide-to-the-tpo-changes-part-1/
Bonds
This sections outlines when a deposit is paid for in the form of a bond, the landlord must be advised.
Rent Collection
Following on from this, you must use legal methods to obtain prompt rental payments from your tenants. These payments must abide by the tenancy agreement you have put in place. As well as the tenancy agreement, you must have procedures in place to notify the client and the tenant in a timely manner of rent that is due. This section goes on to outline how to issue rent in the correct manner.
Management
This establishes how to correctly manage properties in accordance with the law, the tenancy agreement and the terms of business with the client. It suggests how agents should react promptly and appropriately to communications from clients and tenants themself. It’s important to consider the age of the property and whether your tenants are living in a safe environment.
Termination of a Tenancy
This takes you through the steps when it comes to terminating a tenancy. While terminating a tenancy, it’s vital you inform the landlord client promptly and in writing, of the receipt of lawful notice from a tenant. If a tenant fails to leave the property, you should take steps to ascertain the tenant’s intentions and advise the tenant’s landlord. Any legal protection or expense insurer must be notified in the event of a tenant failing to vacate a property.
End of Tenancy –Deposits, Disputes and Damages
This outlines what to do when it comes to ending a tenancy. It suggests how a check out must be completed thoroughly and in detail, with specific references back to the inventory and schedule of condition. To read more on issuing the deposit protection scheme, please see our dedicated blog post here:
http://vtuksblog.wordpress.com/2014/06/12/deposit-protection-schemes-how-to-correctly-issue-them/
Clients’ Money
Your client’s money must be kept in a designated client’s account, under the Financial Services and Markets Act 2000. This section also establishes how it’s important to transfer money to clients on time and in the correct manner.
In-house Complaints Handling
This section establishes how agents must establish an In-house complaints system. These procedures must be in writing and explain how to complain to your business. It then goes on to advise agents how to deal with complaints when they occur.
Referrals to the Ombudsman
Any investigations by the Ombudsman must be cooperated with and conducted with, in relation to the Terms of Reference. It’s important to comply with any direction made against you by the Ombudsman. This is established further within this part of the revised code.
Compliance Monitoring
Any code compliance monitoring procedure by the TPO must be complied with. It’s important to seek consumer’s permission for their contact details to be used in any way under the Data Protection Act 1998.
Non-Compliance with the Code
If you don’t comply with the code the Disciplinary and Standards Committee (DSC) of the TPO Council will deal with the issue. This section elaborates on the disciplinary procedures that could occur if the TPO code of practice is not applied.
Glossary of Terms
The last section of the TPO code, defines a glossary of terms that are established within the code. These terms range from aggressive behaviour to residential property and clearly define the use of the terms throughout the code.
To read the full document outlining the change in TPO codes please click here.
http://www.tpos.co.uk/downloads/TPOE22%20Code%20of%20Practice%20for%20Residential%20Letting%20Agents%20Effective%20from%201%20August%202014.pdf
At VTUK, we treat all our clients as partners, providing you with market leading property software. We don’t just provide you with market leading software, work hard each and every day to ensure we provide you with a total solution, and one which will help your business across four core areas: business continuity; retaining clients; winning new clients and increasing profit from each and every transaction. That’s why we’ve produced this blog, to aid you in the letting and sales process.
To find out more about VTUK! Give us a call FREEPHONE 0800 3280460 or visit www.VTUK.com to find out how we can assist.
You May Also Enjoy
Government Correct to Head Off Climate and Nature Bill
Property expert issues warning ahead of stamp duty changes – this is how YOU could avoid paying more
Rightmove Rental Tracker 28/01/25
Booming UK property market demand from Trump’s US
Rightmove’s weekly mortgage tracker 24/01/25
