A Middlesbrough man has been banned from acting as an estate agent but he can still run a property letting business. He was banned under the Estate Agents Act because of an extensive criminal record involving 23 convictions and an ASBO. The Office of Fair Trading have confirmed that the act only applies to selling property, it does not apply to running a letting agency or managing a portfolio of buy to let properties either as an agent or as an investor.
The man concerned is rumoured to control an empire of as many as two hundred let properties. There has long been criticism of the lack of regulation in the let property market. Many feel that there should be controls over who can run lettings businesses. Criminal convictions could affect a landlord’s ability to obtain let property insurance for his portfolio. Any relevant circumstances should always be disclosed to the insurer.
If you need landlord insurance quote contact Click4quote.com for a quote over the phone or go online.