For anyone that’s ever rented, purchased or sold a home in the UK, it’s likely that you may have heard of The Property Ombudsman (TPO). But what does it do and why should you care?
Within this article, we’ll explore the role of TPO in property transactions and the safety net it provides for sellers and buyers alike.
What is The Property Ombudsman and what’s its role?
TPO was formed in 1990, which means it’s been active in the UK property market for more than three decades. It was originally known as the Ombudsman for Estate Agents, before being later rebranded to its current guise in 2009. The rebrand was designed to better reflect TPO’s purpose, looking beyond estate agents and incorporating various other property professionals.
Today, TPO exists as a 100% independent body. Its services are free of charge to consumers that wish to dispute the actions of property professionals.
Anyone that signs up to the scheme must follow TPO’s Code of Practice – a framework which promotes fair dealings in the property market. The types of professionals that sign up to the scheme include estate and letting agents, property managers and even sell house fast cash-buying services. These professionals do so to legitimise their own work and give all parties peace of mind that they are a serious outfit, committed to doing the right thing by consumers on either side of a property transaction.
Selling properties can be stressful enough without having sleepless nights over whether an estate agent is doing things by the rule book. However, the TPO is there to right any such wrongs. Anyone that feels misled by a property professional can seek solace with TPO. In the event that an agent has misled you, withheld key information or simply handled the sale unprofessionally, the TPO can help to resolve such issues.
Typically, the TPO will only step in if the matter can’t be resolved between the consumer and the property professional. For instance, if a consumer isn’t satisfied with an agent’s response or, worse still, their complaint is ignored, TPO can step in at this stage.
TPO will review the whole case impartially. They will consider all of the evidence and make a final decision. In the event TPO rules in a consumer’s favour, they have the power to enforce agents to pay compensation or correct the situation.
How does TPO get involved with sale disputes?
TPO is enlisted to resolve all kinds of property sale disputes. It may be that an agent incorrectly markets a property, unexpected fees spring up at the last minute, or an agent breaches its contractual obligations. Without TPO in place, the British property market, which has stagnated of late, would lack a sense of transparency and oversight, which could deter people from entering the market outright.
Whether you’re a first-time seller or an experienced landlord, knowing that TPO has your back can provide much-needed reassurance. So, before you choose an estate or letting agent, make sure they’re TPO-registered – it could save you a boatload of hassle down the line.
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