Menu  

Minister confirms CMP will become mandatory

Home page Bowson Property News Blog Minister confirms CMP will become mandatory

Letting agents across the country will soon be required to protect rental monies through an approved Client Money Protection (CMP) scheme, following the recommendations made in a new Government report published this week.

TPO was one of several industry organisations called to provide evidence for the working party, which was chaired by Baroness Hayter and Lord Palmer of Childs Hill.

The Housing Minister has now confirmed that agents will be required to protect the client money they handle. Announcing his decision on Twitter, Gavin Barwell MP said the government will consult on details shortly, before posting a link to the CMP report.

Lord Best, TPO’s Council Chair, expressed his support for the news and the Government is due to publish further details shortly.

Request a Free ValuationContact Us

Request a free valuation

  • Property Address








You’re in Safe Hands

117 St George's Terrace
Jesmond, Newcastle
NE2 2DN

0191 212 8100
info@bowsonproperty.co.uk

Monday - Friday09:00 - 17:30
Saturday09:00 - 16:00
SundayClosed

Tenancy information

Before the tenancy starts (payable to Bowson)
Holding Deposit: 1 weeks rent
Tenancy Deposit: 5 weeks rent
Rent: 1 months rent less holding deposit with a standing order set up for the subsequent monthly rent

During the tenancy (payable to Bowson if managed or landlord)
Tenancy agreement change: £50 inc vat
Late payment of rent: Interest charged at 3% above bank of England base rate for each day that the rent payment is outstanding over 14 days
Loss of keys/security devices: £15.00 +key cutting cost/ security device replacement.
Early termination of the tenancy: Payment of any unpaid rent up to the tenancy end date and a proportion of the Landlords tenant find fee (calculated by dividing the landlord tenant find fee by the number of months in the tenancy x the number of months left in the tenancy).

During the tenancy (payable to the provider) if permitted and applicable
Utilities – gas, electricity, water
Communications – telephone and broadband
Installation of cable/satellite
Subscription to cable/satellite supplier
Television licence
Council Tax

Other permitted payments
Any other permitted payments, not included above, under the relevant legislation including contractual damages.

Tenant protection
Bowson is a member of safeagent, which is a client money protection scheme, and also a member of The Property Ombudsman, which is a redress scheme. You can find out more details by contacting us directly.