MANAGING AGENTS NOW REGULATED BY LAW - IN SCOTLAND

The Property Factors (Scotland) Act 2011 has become law, setting out minimum standards for managing agents to comply with including registration with the Scottish Parliament to continue trading. A “factor” is the term used for a managing agent in Scotland. One managing agent has been critical of the new legislation, believing real reform may still be some way off. Keith Murray, Peverel Scotland Property Director, explained: “This was a golden opportunity to bring our codes of practice in line with some of the more stringent regulations required elsewhere in the UK and up to the standards recommended by governing bodies including the Royal Institute of Chartered Surveyors (RICS).”