Estate Agent Local - A Directory Of UK Estate Agents

Regulation Act of Estate Agents in SW3

The Act contains provisions under which all estate agents in the UK can be required to belong to an OFT-approved industry redress scheme dealing with complaints about the buying and selling of residential property.

The Act also implements measures to improve the regulation of estate agents by:

• Requiring estate agents to make and keep records, including records of offer letters, for a period of six years

• Giving the OFT and local Trading Standards officers powers to require access to premises and on-site production of records in a wider range of circumstances.

• Expanding the circumstances in which the OFT can consider the fitness of an estate agent to practice, and issue prohibition or warning notices under the Estate Agents Act.

Goverment's stand on Regulation Act of SW3 Estate Agents

The Government is committed to reform of the home buying process in England and Wales in order to make the process quicker, easier and more efficient.

From 1 August 2007 estate agents in England and Wales marketing a property where a HIP is required have needed to belong to an approved HIPs redress scheme, ensuring consumers have access to redress for HIP-related complaints against estate agents. From 14 December 2007, all estate agents marketing homes with HIPs will be required to join an approved redress scheme.

In addition, the majority of estate agents voluntarily belong to the Ombudsman for Estate Agents (OEA) Scheme, which is devised to address unresolved disputes between member agencies and consumers who are actual or potential buyers or sellers of residential property in the UK.

Estate agent members of the Royal Institution of Chartered Surveyors (RICS) are required to belong to the Surveyor Ombudsman Scheme, unless they are members of another redress scheme. These schemes will investigate complaints against their members, including those related to estate agency work. Regulation Act of SW3 Estate Agents.