Price Point Property has been expelled from The Property Ombudsman (TPO).
The company has been excluded from TPO for failing to pay a compensatory award of £650 following a complaint from a buyer.
Price Point Property is the only agent to be excluded in the last quarter, while a further eight cases were referred to scheme’s independent Compliance Committee this quarter and so far, five of those have gone on to settle their outstanding awards. The remining three are still in the process.
Price Point Property was referred to the scheme’s independent Compliance Committee, which ruled that they should be excluded from The Property Ombudsman scheme. It is not thought that the agent is still trading.
The Property Ombudsman supported two complaints from buyers raised in connection with the service provided by Price Point Property whilst purchasing two properties and attempting to purchase a third.
The buyer was unaware that the properties being purchased were in an area where a major regeneration plan was in place which would involve the demolition of some of the buildings and compulsory purchase orders (CPOs) being put into place. There was no evidence to indicate that Price Point Property (PPP) had discussed or advised of the Council’s plans to regenerate the area, which the agent was aware of, during their dealings with the buyer.
It was clear from evidence provided that there was confusion of the addresses of the properties the buyer was purchasing, which was basic information that should have been known from the outset.
As part of TPO’s compliance process, notification of PPP’s expulsion has been shared with all relevant bodies, including both Local and National Trading Standards for further investigation, as well as all property portals. The memorandum of understanding between TPO and the Property Redress Scheme prevents agents from registering with the other scheme until outstanding awards have been paid to consumers.
