Estate agents pay out as result of Ombudsman complaints

Posted by Jasmin Stopford in Mortgages on 7 October 2016 - Jasmin is a Credit Analyst at checkmyfile

Estate agents have been warned that they need to raise their standards, as the Property Ombudsman had to step in to resolve more than 3,000 complaints in the last year.

The Ombudsman backed more than three quarters of the complaints received, which forced agents to pay out a total compensation amount of £811,134.

Katrine Sporle, of the Property Ombudsman says, “In the vast majority of cases, enquiries are dealt with satisfactorily through Ombudsman intervention to facilitate early resolution between agents and consumers.”

The most common complaints were for poor management regarding repairs and maintenance, poor communication and record keeping, end of tenancy issues with deposits, disputes and damages, mis-leading marketing and advertising and unclear instructions, terms of business, commission and termination clauses.

According to the data, £16,954 was awarded for a single letting dispute, which was the highest amount of compensation paid out. One of the cases saw an agent fail to disclose material information to a potential buyer. The buyer was left completely unaware of the planning application for an 850 house development opposite the property, which would cause considerable noise and disruption for the foreseeable future.

Another case saw a buyer purchase a ‘two bedroom’ property at an auction, which turned out to actually have one bedroom. The buyer alleged that the agent had failed to provide accurate property particulars and with the Ombudsman on their side, they were awarded £750 compensation.

Katrine Sporle concludes, “The number of agents joining the Ombudsman has grown 82% in the last five years – 35,374 offices are now signed up and following our approved Codes of Practice. My message for those agents is simple – pay more attention to the Ombudsman’s Codes of Practice and raise your standards.”

Check Your Multi-Agency Credit Report

30 Day Free Trial

Last minute mortgage checks

When could a non-bankrupt person be considered bankrupt? When they’re buying a house.

Published on 17 Jan 2018 by Richard Catlin

Full Article

Guarantor loans can affect mortgage applications, lenders warn

Guarantor lenders are always keen to point out that you don’t need a credit report check to get their loan, just a friend or family member who has a good credit history and is able to act as a guarantor. For those with a poor credit rating, this type of loan provides a solution to a problem – they can afford the loan repayments but are unable to get credit due to prior adverse credit history.

Published on 9 Jan 2018 by Kelly Luff

Full Article

How your credit file could help you get a good mortgage deal

There have been plenty of reasons to get people thinking about making that first leap onto the property ladder in recent months, including Help to Buy schemes, the recent removal of stamp duty charges for about 95% of first time buyers and an increase in affordable houses being built.

Published on 29 Dec 2017 by Kiah Phillips

Full Article

The best credit score for a mortgage

A lot of customers come to checkmyfile because they are planning on applying for a mortgage – your credit report is, after all, the best place to start is it’s helpful on more than one occasion . But often the question is often asked: “what credit score will get me the mortgage I need for my dream home?”

Published on 16 Feb 2017 by Kelly Luff

Full Article

Homeownership among 25 year olds halved in 20 years

Homeownership among 25 year olds has more than halved in the last 20 years, according to a survey conducted for the Local Government Association (LGA). The study carried out by Savilles the estate agents found that only 20% of 25 year olds now own a home of their own, compared to 46% in 1996.

Published on 5 Jan 2017 by Erika Bone

Full Article

Housing Values Rise to 5.6 trillion

While housing prices have displayed a consistent rise over the past several years, according to a recent study conducted by Halifax, the total value of privately owned housing in the UK has exceeded £5.5 trillion for the first time.

Published on 14 Dec 2016 by Tom Magor

Full Article

First-time lenders can borrow against parent's home

In recent decades, the “bank of mum and dad” has increasingly become a cardinal resource for their offspring achieving independence and for first-time buyers attaining a foot on that all-important first rung of the property ladder.

Published on 9 Dec 2016 by Erika Bone

Full Article

Buy to let slows as mortgage rate offers begin to increase

In the last few years we have not only seen some historically low mortgage rates, but also a rush to make property investments. Now the tide may finally be turning, as lenders begin to increase their lowest mortgage rates, and buy-to-let figures drop in the wake of new regulations.

Published on 7 Dec 2016 by Kelly Luff

Full Article

Mortgage costs reach record low

The cost of obtaining a mortgage could be in reach for first-time buyers, as rates drop to a record low.

Published on 16 Nov 2016 by Simon Hadley

Full Article

Surge in House prices recorded in October

House Prices shot up in October, showing a monthly increase of 1.4%. This is according to Halifax’s house price index, which showed its largest monthly rise since March. The growth was well up on the 0.3% recorded by Halifax in September and is in contrast to the signs of a slowing housing market recorded in its index over the last 6 months.

Published on 10 Nov 2016 by Neil Greenhill

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews