D & G Residential has long been rumoured within the industry to have been teetering on the brink of bankruptcy having previously been through a corporate restructuring. Last week finally saw their demise when HMRC forced them into administration owing thousands of pounds of unpaid taxes.
While the lettings side of the business was never that big, there are, allegedly, doubts over whether tenant deposits were properly protected (as they should be by law) and landlords being owed rent monies not paid over to them. Though the number of landlords may be small, the amount of money involved could collectively be quite large.
The issue for landlords affected by this is not just the missing rent money but the responsibility they now have to make good the missing security deposits. Because of the additional penalties involved for a landlord not protecting a tenant's deposit, this can be a minefield. And, yes, it is always the landlord's responsibility to ensure the deposit is properly protected. This of course is terribly unfair when a landlord, in all good faith, appointed a letting agent to undertake the legal niceities for them only to find said agent has left them completely in the lurch.
Without wishing to preach, landlords should always check and double check the bona fides of their chosen agent before entrusting them with their valuable assets and money. An agent can very quickly accumulate several thousands of pounds belonging to a landlord and unfortunately there is nothing to stop the unscrupulous from walking off with it. The good news is there are many fine letting agents in Norwich who can prove they do things entirely by the book by subjecting themselves to the rigours of professional bodies such as NALS or RICS or ARLA and show their credentials by belonging the the SAFE AGENT scheme.
As the founding SAFE AGENT member in Norwich we know that at Martin & Co., we are among this elite group of letting agents in Norwich who care about the needs of their clients.
If anyone has been affected by the whole D & G debacle, we would urge them to discuss the matter with us at Martin & Co and we will happily advise what can/should be done given their own individual circumstances. Please call Mike White on 01603 766860 for a confidential chat.
To read how the D & G story broke in the Norwich Evening News CLICK HERE