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dougal991

Letting agency in recievership

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My Letting Agent has gone bust, I have a copy of the original Tenancy Agreement, can anyone tell me if it is still valid or will I need to enter into a new contract with my tenant?

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Does the agreement state it is between you personally as landlord or the agency? If you OK but if agency I would get around to having a new agreement with your tenant.

Mortitia

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do you know if they took a deposit? if so, can you check if it is protected. If they have taken one and it is now protected, unfortunately this will become your liability. You will need to lodge the deposit with a scheme (the dps is free) or you could insure with mydeposit. you also need to contact the tenants and ensure they are paying direct to you. i would also ask to see proof of any rent payments they have made to the agents. you must act quickly and professionally in this case to you get this situation under control

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No AST should be between the agent and the tenant. Ever! The agent is just that, the landlord's agent. They may well sign on behalf of the landlord but they are "invisible" in the AST in the eyes of the law. Even where the property is managed and rent paid to the agent rather than the landlord. If that is the case and the agent becomes insolvent, then the landlord need to issue a Section 48 Notice as soon as they are made aware.

As of the deposit, hopefully you have been advised of how the deposit has been protected? If with the DPS then the money is helf by them and safe. If not then it may be lost and you will not only have to protect it, but account for it. So much for deposit "Protection" which only works in favour of the tenant! :)

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