Almost anyone can set up as an estate agent with no necessity for formal training however most estate agents are now either professionally qualified or employ professionally qualified staff. Professional negligence by an estate agent is often covered by indemnity insurance either arranged on a voluntary basis or as a necessity required by membership of many professional associations.
Erroneous Sale Price
The most common issues relating to estate agents professional negligence involve offering properties for sale at a price that is too low, thereby ensuring a loss on sale or too high, running up expensive advertising and delaying sale causing subsequent financial losses. In addition whilst a property may have been placed on the market at the correct price, market forces and a change in the financial climate may necessitate an adjustment to the offer price, up or down and an estate agent who fails to keep an eye on a changing property market may be guilty of professional negligence in failing to offer advice to his client in regards to a potential alteration to the price of the property on offer.
Negligent Letting Agents
It is worth remembering that when instructing an estate agent, who may also handle your money as a letting agent that, as in all walks of life there are unscrupulous characters who will act in a totally dishonest or negligent manner. Not all estate agents or letting agencies are insured against professional negligence and your choice of agent should be dictated by reputation and qualification rather than price or self-promotion.
Estate Agencies Professional Associations
Professional associations for estate agents include Royal Institution of Chartered Surveyors (RICS), National Association of Estate Agents (NAEA), Association of Residential Letting Agents (ARLA), Association of Residential Managing Agents (ARMA), National Approved Letting Scheme (NALS), UK Association of Letting Agents (UKALA). And if things do go wrong you may be able to refer you matter to the Property Ombudsman formerly known as the Ombudsman for Estate Agents (OEA) for those businesses who are members of the scheme.
Professional Negligence Lawyers Association
The Professional Negligence Lawyers Association (PNLA) was formed in 2004 with a view to supporting an accreditation scheme proposed by the Law Society’s Training Committee. The Solicitors Regulation Authority which is effectively part of the Law Society has now taken over administration of the specialist panel accreditation schemes whose main purpose is to increase public confidence and enhance the reputation of legal practitioners.
The aims and objectives of the Professional Negligence Lawyers Association include :-
- Promotion of specialist dispute resolution skills
- Networking of members to exchange information
- Provision of education & training
- Development of a media profile
Professional Negligence Solicitors
Please Note that solicitors do not deal with complaints about poor service, bad attitudes or inadequate procedures. Professional negligence solicitors deal with claims involving financial loss that has been or is likely to be sustained. For More Information Visit: UK probate lawyers