Alison67 Posted September 7, 2012 Report Share Posted September 7, 2012 I signed up for full management with a letting agency over five years ago and they have been collecting a percentage of the rent every month since then. We let to four young professionals. Some of the original people on the tenancy have moved out but new ones were vetted by the tenants themselves and moved in. They have no intention of all moving out at the same time but every year they have to pay another fee to renew the Tenancy agreement or when someone leaves and another person moves in. They have asked me if we can cut out the letting agent as they don't do very much for their percentage. I could really do with saving the money too. As their Landlady I always deal directly with the tenants over matters of maintenance. The LA only write up the tenancy agreements and charge them the fee. They also arrange the Gas safety certificate. They receive the rent money and forward it on to my bank account. Which is something I can easily set up myself. My problem is the LA want to charge me the sum of £900 to get out of the management deal. Even after 5 years. Is there anyway I can avoid paying this fee if the tenants are not moving out? Is there anyone who knows where I stand? Any advice would be much appreciated. Ali Cat Link to comment Share on other sites More sharing options...
Richlist Posted September 7, 2012 Report Share Posted September 7, 2012 Is there anyway I can avoid paying this fee if the tenants are not moving out? Almost definitely NO. If they found the tenant(s) and they are still there they are usually entitled to their fee after all they did the initial work. I'm on the lettings agents side on this one. You can always get rid of the tenant(s) the agents found and find your own then you can dispense with the agent. Link to comment Share on other sites More sharing options...
Guest tenants_from_hell Posted September 7, 2012 Report Share Posted September 7, 2012 You got the original contract you got between yourself and the letting agent? Check the t&c. £900?! Must be having a joke... I know they usually charge an initial fee and then a monthly percentage, but a fee nearly a grand for ending a contract??! This is where I dont understand the purpose of "full management" when you are going to deal with the repairs yourself, collecting rent and charging a fee for that and doing nothing else is a complete rip off IMO hence I stay away from LAs! Link to comment Share on other sites More sharing options...
fisherman Posted September 11, 2012 Report Share Posted September 11, 2012 Would this not touch on the Foxtons court case? Link to comment Share on other sites More sharing options...
Richlist Posted September 11, 2012 Report Share Posted September 11, 2012 Yes it might but, the case of Foxtons vs OFT was a specific set of circumstances which may or may not be relevant. Perhaps you could review the Foxton case, compare it to the OP's circumstances and let us know if it applies ? Link to comment Share on other sites More sharing options...
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