Estate Agent Today

The National Approved Letting Scheme (NALS) has called on the Tenancy Deposit Scheme to issue urgent and unequivocal clarification on its new pricing structure.

As the row continues, one London agent said his fees had shot up to £16,500. Based on his company’s 15 disputes, he said it worked out at £1,100 per case. Eric Walker, managing director of Bushells, said: “That’s a higher hourly rate than Cherie Blair!”

He added: “Is it possible that these fees have nothing to do with the workload as the hourly rate for dealing with cases wouldn’t be that high, but rather that these figures actually hide the massive hike in TDS insurance premiums to cover clients’ money?”

At NALS, Caroline Pickering, who chairs the organisation, said: “We have been inundated by calls from our licensed firms who are confused and very concerned about the new pricing increase announced by TDS a week ago. 

“NALS agents, and other firms in their locality who are TDS members, have conferred on the new rates but have not been able to make sense of the new charging structure. We, too, are concerned on their behalf.

“To help agents understand  and, more importantly, budget ahead and allow them to run their businesses cost effectively – we are calling on the TDS to publish a clear formula for the calculation of their fees. 

“This includes complete disclosure regarding the differentiation in fees charged to firms who are part of NALS and to those who are members of a trade association. 

“Protecting the consumer is of paramount importance and our firms are fully committed to this. But it is absolutely critical that agents are provided with clarification on how their rates are being worked out, as at the moment they feel the system is random at best.”

NALS also said it is looking at options to assist any of its firms considering a transfer to one of the other schemes.