Fact sheet: The Letting Agent Registration (Scotland) Regulations 2016

Regulation offers the potential to professionalise the industry, stamp out bad practice, create transparency and give consumers more control over who manages their property. Minimum qualification requirements and statutory Code of Practices to be adhered to by all letting and managing agents in England and sales agents across the UK should be introduced.

Since the introduction of the Private Housing (Tenancies) (Scotland) Act 2016, agents have had to adapt to working with the new Private Residential Tenancy (PRT) and get to grips with what that means for them on a day to day basis. One issue that was raised as a potential problem was how to deal with joint tenancies under a PRT where one tenant wants to leave.

The Financial Conduct Authority (FCA) has confirmed a wide-ranging review of mortgage rules to support sustainable home ownership while ensuring standards of consumer protection remain high. The reform signals positive change on the horizon for first- and last-time buyers, self-employed people, and vulnerable customers, who may have experienced limited access to borrowing under the current rules.