Letting Agent Fees

[A. Rudd]

Hi ,

I have been letting a property to the same tenants for the past 4 years.

My letting agency charged me 10% of the annual rent plus VAT, for the first year, and they have been charging me 8% for each year there after.

This is not a management fee, it is purely for introducing the tenants. The tenants now wish to stay for another year and it is looking like they will be there for many more to come. I feel like I am paying money to my agent for doing nothing. (which I am) Is this legal? Can I get out of it in any way? I signed the contract in 2005 which states the renewal fee, which is why I have been paying it, but I have since been advised that my agent’s methods are unethical at best.

Please help if you can. I'm due to pay again by the end of the month.

Many thanks.

[Melboy]

Welcome! Please read this below. The story now moves on whereby LA's will have to refund Landlords due to this landmark legal ruling.

Whether you want to pay up is up to you but if it was me I would be refering your LA to this legal ruling article which I am sure they will be well aware of by now.

Mel.

Quote.............

• "The requirement for landlords to pay a substantial sum in commission to Foxtons where a tenant stays on in a property after an initial fixed period, even if Foxtons played no part in persuading the tenant to stay and does not collect rent of manage the property".

Full Article Below...........

http://www.thisismoney.co.uk/mortgages-and...=moretopstories

[A. Rudd]

Thanks Mel,

That's very helpful. My LA's are not very nice people and they'll find a way of scaring the hell out of me, but I'll be positive.

Thanks again.