Letting agent bought out... Where do I stand?

freeride

Hello All.

I have been letting my house for around 8 months now without any problems, the tenant has been fine along with the letting agent, however.

I just received a letter from the my letting agent (Countrywide Residential in Chippenham), explaining that they have just been bought by another local letting company (The letting Shop in Chippenham), which came as a bit of a surprise.
All the staff at Countrywide are now working at the Letting shop, so it looks like business as usual, however, i'm slightly concerned about my rights regarding rental guarantee policy, deposit, rent collecion, letting agreement, and what about trems of business with old and new agents?

Has anyone had any experience of this happening to them or have any advice about potential problems I should be looking out for.


Thank you for your help in advance

Regards

theartfullodger

What does your contract with Countrywide Residential in Chippenham say about Countrywide being sold/changing ownership. I think the new lot can only take the deal over without your agreement if the original contract (you with Countrywide, not the tenancy agreement) says it can be done.

However, if the money keeps coming in, tenant is happy & new lot seem OK then maybe stay with it.. I think it would all come down to how good the letting shop are.

Ask for a list of 10 existing LLs of letting shop then ring 3 and see what they say. If Letting Shop won't play then you'll know there's a problem with their reputation.

Anyone else's experience will depend on how good the "old" LA was and how good the "new" one is, which may well be different in your case...

Cheers!

Artful

freeride

Thanks for your reply Artful.

I just checked my terms of business with Countrywide and there is no mention of what could happened in the event of a sale.

It does say, however that either landlord or agent should give two months notice if they want to break the contract, and a finding fee of £400.00 + VAT will be charged..... Slightly one sided I feel..

It just seems a little strange (and annoyining) that, suddenly without a choice, I now have The Letting shop working for me and not Countrywide.

Its a bit like voting for Tony Blair and getting Gordon Brown, if you know what I mean




Cheers

brightonman123

try calling the firm as a new owner, and see how rates compare.

freeride

Hi Brightonman.

Do you mean call anonamously and find out their commision prices?

Debt_Free_Chick

The new LA should have simply replaced Countrywide with all the terms in your original contract unaffected. The Letting Shop has all the same duties and obligations as Countrywide has.

Why not make an appointment so you can "introduce yourself" as this will give you the opportunity to see what you think of them.

freeride

Hello D-F-C, Thanks for your reply.

I would normally go to see them but I live abroad, which makes it more complicated.

I will try to get copy of the new companyies TOB.

Thanks for your comments

brightonman123

new firms rates may be better than what you were on.. if so, may be a case for renegoiating an even better deal.. you didnt choose the new owners, why should you be tied in to their terms?