Conveyancing Explained

September 8, 2008

In October 2008, all Estate Agents selling residential property must be members of an Estate Agents’ Redress Scheme. Such a Scheme has to be approved by the Office of Fair Trading.

There are currently two approved estate agents redress schemes. In June 2008 the OFT approved the Ombudsman for Estate Agents Company Limited’s estate agent redress scheme.

The scheme has been put in place because recent research by the OFT has found that there is a high level of customer dissatisfaction with estate agents, but those who are dissatisfied find it difficult to complain and gain redress when problems do occur.

The purpose of the approved redress schemes is to deal with a range of complaints about estate agents relating to their acts or omissions in relation to a Home Information Pack (including providing advice as to whether a Pack is required) and to award redress where complaints are upheld. In addition, the approved redress schemes will have to pass information to Trading Standards and the Office of Fair Trading regarding misconduct.

All estate agents must join an approved scheme by October 2008, failing which they can be fined or ultimately banned.

Make sure when instructing your estate agent that you check whether they are members of an approved scheme and if so, which one. Check how you can seek redress in the event of a complaint that is not dealt with to your satisfaction through the company’s complaints procedure.