Frequently Asked Questions

Are there any requirements for limited companies or partnerships?


Yes. For partnerships and limited companies, at least 1/2 (50%) of the work force, actively involved in the business, will need to attend a development course. Those attending will need to agree to the code of conduct and be a fit and proper person. They will be accredited in their own right as well as gaining company accreditation.

For  a company or letting agency  to gain the London Rental Standard (LRS) badge, one officer from each office will need to attend and successfully complete 1/2 day additiona training.  The agency also need to satisfy the following requirements:

Accrediting Companies / Agencies under LRS/LLAS  

Agents need to satisfy the following criteria to become an Accredited Agent with LLAS and LRS

  • The Agency must satisfy the 2/3rds rule that applies to all companies and partnerships, AS ABOVE.
  • At least one staff must attend the LLAS/LRS additional trainingfor letting and managing agents
  • If the Agency has several offices, only the office attending the training will be accredited.
  • To become accredited the director or manager and staff directly involved in the management of premises must attend a one-day Official Accreditation Training course run by LLAS/UKLAP, the staff within the agency must be “fit and proper” persons and comply with the LLAS/UKLAP code of conduct.
  • The Agency must be a member of any of redress Scheme, or a professional body that is governed by a code of conduct, enforced by the professional body.
  • The agency/company must have in place a Client MoneyProtection (CMP) Insurance 
  • Professional Indemnity Insurance,  AND

Accrediting Companies / Agencies under LLAS only

Agents need to satisfy the following criteria to become an Accredited Agent with LLAS and LRS

  • The Agency must satisfy the 2/3rds rule that applies to all companies and partnerships, AS ABOVE.
  • At least one staff must attend the LLAS/LRS additional trainingfor letting and managing agents
  • The Agency must be a member of any of redress Scheme, or a professional body that is governed by a code of conduct, enforced by the professional body ??
BUT

agents who are not a member of a recognized organization/redress Scheme, can provide other evidence of competency, for example

1. From your Bank, we will require a standard letter to state that your client account (s) is/ are set up in the correct manner and separate from your office or trading bank account (s) or

2. Professional Indemnity (PI) Insurance depends on your firms approximate annual (projected) fee income turnover. If your turnover is up to and including £150,000, then UKLAP requires that you have a PI minimum limit of £150.000. If your fee income turnover is in excess of £150,000 your PI limit needs to be at least £500,000. or

3. Supply details which we may use to obtain two references

4. Details to show how long the agency has been operating


Was this FAQ helpful?

This FAQ has not been rated yet.


Return to FAQ Category List

Azad Ayub
Less Tax 4 Landlords
LanlordBase
Legacy Education Alliance
London Property Licensing
Central Housing Group
RHE Consultant

Your session will expire in xx.xx
Continue or Log Out