Landlords and tenants are again being warned to ensure that their deposit money is administered by a reputable agent.

The collapse of Joseph Newman Letting & Estate Agents in Canterbury has left landlords and tenants out of pocket to the tune of over £400,000 in lost deposits after it became apparent that the deposits weren't held securely in one of the three deposit schemes. The liquidators are quoted as saying "It appears that these deposits were utilised to fund the company’s loss-making trading"

The case strengthens the call for regulation of the letting industry, and raises questions about the policing of the Tenancy Deposit Scheme.

Jonathan Detheridge from GO Property Services commented "As ever, we would urge landlords and tenants to only use a licensed letting agent as they are then assured of client money protection. Arla Licensed Agents are audited annually by ICAEW or ACCA accountants and also have to be insured to hold client funds. We would urge all landlords and tenants to request proof from their letting agent that their money is sufficiently protected"

GO Property Services are Estate Agents & Letting Agents in Nottingham. We are members of ARLA & the NAEA and have a reputation for providing a high quality service that is competitively priced.

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