RICS voices transparency concerns

Residential landlords in the UK could be among those to benefit from new pressure being placed on the government in regards to professional fees.

There are currently a number of examples of "unwelcome practice" in regards to the transparency of the charging of service fees including administration cots for leasehold contracts, commission on letting renewals, commission for home information packs and energy performance certificates.

This is the view of the Royal Institute of Chartered Surveyors (RICS), which has now published a report on the matter and called on the government to improve the way in which the sector is regulated.

Max Crofts, RICS president and chairman of the Transparency Working Group, said: "This consultation has highlighted both good and bad practice in how the property market operates. However the current market solutions are piecemeal at best.

"We need to put a stop to the unwelcome practices and enhance regulation and its coverage across the sector in order to improve standards and raise consumer protection."

The RICS has now called for greater consistency in the way fees are charged and for full explanations on how fees are formulated and the level of commission included.

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