Probe into ‘missing money’ allegations after agency folds

Police and Trading Standards are investigating a Huntingdon letting agency over possible missing rents and tenancy deposits.

The firm ceased trading last week. Local paper the Hunts Post told Estate Agent Today that it had been “inundated” with complaints.

Price Property Rentals Ltd trading as 'Price Properties' of High Street, Huntingdon, ceased trading on February 19th. Sharon Price had apparently described herself on her company website as an NAEA member and Trading Standards are advising landlords and tenants that they may be able to make a claim under the 'Client Money Protection' scheme of the NAEA.

Another local agent claimed there had been misappropriation of client money.

He said: “One landlord who has moved to us has lost at least £5,000 in rent not passed on to him. I have others who have lost £2,000–£3,000 although, hopefully, they will be able to recover the money through the NAEA insurance. We have also discovered that tenants’ deposits have not been protected.”

Cambridgeshire Trading Standards said: “We have launched an investigation due to the sheer number of people who have contacted us with regards to Price Properties.”

According to the Hunts Post, liquidators have not been appointed but a London-based chartered accountant and business advisory firm, MacIntyre Hudson, said it had been ‘assisting’ the company.

TO ENSURE THIS DOESN'T HAPPEN TO YOU, USE AN 'ARLA LICENSED LETTING AGENT' SUCH AS cmRENT, ENSURING THE BEST STANDARDS, PROFESSIONAL INDEMNITY INSURANCE AND CLIENT MONEY PROTECTION IN SUCH AN EVENT LIKE THIS.

Article taken from Estate Agent Today