Greycoat Real Estate: An Agency Fined £15,000
This article concerns Greycoat specialists´ predictions for UK´s housing market trends. A real estate agency in north London has been fined £15,000 for licensing and management failures. The managing agency has been operating without the required license.
An investigation was carried out, and it was found that some properties in Haringey were occupied but unlicensed, and there were no management measures in place. Repairs were not happening and it posed hazards due to inadequate fire precautions. Greycoat informs that, before the finding, the property owner and the managing agents had been informed about the preventive measures they needed to take, but they ignored them.
As a result, based on the evidence available, the managing agents and the property owner will have to pay a civil penalty. Greycoat informs that the managing agents will pay a fine amounting to £8,000.
This, in addition to being listed on the Agent Checker database, which documents those who have been convicted for housing offenses. The Assistant Director for Stronger and Safer Communities said that they are guided by a zero-tolerance policy when dealing with rogue landlords who fail to comply with the set regulations. For Greycoat, this is vital information for their clients to handle.
Private landlords operating unlicensed property or using incorrect licenses will have to pay fines or get prosecuted. The residents of Haringey are important, and they must be protected in all ways possible. According to Greycoat Real Estate, the landlords and letting agents must comply with the regulations; otherwise, enforcement action will be taken.