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Letting Agent Fees

almac912
Posts: 8 Forumite
I have a flat that I rent out through a letting agent, which I manage. My tenant has now been there for 3 years and will be renewing again with the fee due to the agent at the end of Jan. My problem with this is I feel that the 8% fee I have to pay again is excessive. The rent is always late (2 weeks) and I had to speak to the tenant myself to understand why - they feel an automated letter to me saying they have chased it is enough. I don't feel an automated letter to the tenant chasing the money, constitutes a fair effort at chasing the money.
They also didn't chase the tenant to see if they were renewing, I had to do this myself. They sent a letter, but never followed this up (I know as I speak to my tenant regularly), so I had to do this myself. I really don't know how they can justify these fees.
Any ideas as to what I can do?
They also didn't chase the tenant to see if they were renewing, I had to do this myself. They sent a letter, but never followed this up (I know as I speak to my tenant regularly), so I had to do this myself. I really don't know how they can justify these fees.
Any ideas as to what I can do?
0
Comments
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If they had known they were staying that long I might have been happier. But its because I have managed her well that she is staying - I think they've just been lucky.
I just wandered if the recent Foxtons case through up anything interesting?0 -
Is the fee for renewing the tenancy agreement or just payable on the passage of time?
If the former, why not just let the tenancy go into a statutory AST? Happens automatically by law, same as the original AST just 2 months notice required from you and one month from the tenant.
If the latter, kind of depends on how the fee is charged and how it was presented to you.
Google OFT vs Foxtons and you should find enough info on that one.0 -
Its the former - what happens if I go to statutory AST? I don't want her to move out.
Also she needs a contract as the council support her rent - I can of course get a contract online and have her pay me directly, but not keen on that route.
Thanks for your help.0 -
The tenancy will continue with the same conditions as before, between you and your tenant, save that the Tenant has to offer 1 months notice, to expire on a rental due date and you have to offer 2 months notice.
The judge in the OFT v Foxtons case simply agreed that renewal fees were chargeable to a landlord as long as it was clearly defined in the lettings terms and conditions and explained by the agent.0 -
Its the former - what happens if I go to statutory AST? I don't want her to move out.
Nothing happens, except that there ceases to be a fixed term. The tenancy continues on a rolling basis with you having to give 2 months notice to end and the tenant 1 month's notice. The tenant is not out of contract - everything in the previous contract still applies except the fixed term. Google it.
You might want the security of the fixed term (or the tenany might), but 8% is a steep price to pay for printing out a new AST and getting it signed again! In reality this is a ridiculous charge you should be re-negotiating with the agent, but these were the T&Cs you signed up to.0
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