If you've answered yes to any of these questions, then read on, and find out everything you need to know about signing up to NALS.
How your firm can become NALS Licensed
NALS is open to any agent operating in the private rented sector, even if they are already currently part of a professional body or trade association. There are two routes to the NALS licence:
The "affiliated" route
The "affiliated" route is where a firm has a principal, partner or director who is a member of ARLA, NAEA, RICS or the Law Society. If your firm belongs to any of these organisations, you simply need fill in the application form below.
NALS recognizes the verification procedures your sponsoring organisation has already carried out, and that you will already be part of one of the existing Client Money Protection Schemes (and so, you do not have to contribute to the NALS Client Money Protection Scheme).
You can complete the NALS application form on-line, or download our application material, below.
The "non-affiliated" route
The "Non-affiliated" route is where a firm is not already part of any other organisation. The application process is still very straightforward, and we are here to help you at every step too.
To complete the NALS application form on-line or to download it, just follow the links below.
If you have any queries please email email@example.com or call 01242 581712
Costs of being NALS licensed
You might think that such a well respected scheme such as NALS commands large fees to sign up to as a firm. Well, we think you'll be rather pleasantly surprised. On an annual basis our fees for a single office firm can work out to be less than £1 per day.
A small price to pay for the instant reassurance our logo gives prospective tenants, along with the protection it affords agents and landlords.
One-off administration fee (payable on submission of an application) £175 + VAT
Annual subscription(single office firm) £140 + VAT (£168)
(multi-site offices each additional office pays £70 + VAT (£84))
Client Money Protection Contribution - single office firm not holding deposits £230 or single office firm holding deposits £332 (for firms with up to 8 offices contribution rates are £270 and £420 respectively)
Exclusive offer for NALS Firms – Ombudsman Scheme Membership with Ombudsman Services: Property
NALS also requires its firms to be part of an Ombudsman Scheme. Ombudsman Services: Property offers an exclusive reduced rate for NALS firms with two cost options – Annual Fee of £15 per office with payment per complaint should one occur of £125 (first complaint)/£200 (second complaint) or £260 (third complaint). All prices excl VAT. or Annual Fee £120 + VAT per office with no further charges for any complaints.
For further details on Ombudsman Services:
Professional Indemnity Insurance requirements
NALS requires its firms to provide evidence) that they hold Professional Indemnity Insurance that meets certain minimum standards:
- Cover is on a civil liability basis
- The limit of indemnity is on an any one claim basis
- Cover is included for claims arising out of fraud and dishonesty of employees
- Indemnity in respect of claims arising out of all work carried past and present
Preferred supplier Kerry London provides a scheme which meets these requirements. Membership of this scheme removes the requirement for you to declare (provide evidence) annually that you have a policy in force.