Letting agent not passing on 6 months rent

mustardseed6

I've just let a property via a letting agent and it was agreed that the tenant pays 6 months rent in advance. So far, the letting agent has only pass on the first month rent. The let started over 2 weeks ago. They said "that the tenant has not authorised to pay us 6 months rent in advance", even though this is stated in our contract. Then they said that their accounts department messed up and that they will get on the case. That was a week ago. I know that the tenant has paid the whole 6 months to the letting agent as I have seen the paying in slip to the bank.

My question is how long should I wait for the rest of the rent before I start to complain.

Thanks for any input.

BitterAndTwisted

Complain NOW. IN WRITING. Those funds belong to you, not the damned agent. Stop messing around and get your money!

Hammyman

And then as soon as you've got the funds, sack the letting agency.

bengalknights

Start charging the letting agency interest for the delay in payment.

BornAtTheRightTime

Do it now. This is business, not charity, so you should feel no guilt in pushing hard for your rights. For all you know the agent has money issues and the longer you leave it the less chance of ever seeing a penny.

theartfullodger

I think the above advice is correct, unless there is anything in the T's & C's or contract you signed with the LA.

They are your agent, should do what you tell them to...

Why did you want 6-months rent??

Cheers!

Artful

tbs624

When a T pays the whole rent for the Fixed Term up front an LA often retains the funds in a ring-fenced account and pays it across in monthly instalments to the LL to tie in with the "rent due" dates under the tenancy agreement.

mustardseed6

The agreement doesn't say anything about ringfencing funds and drip feeding the rent back to the Landlord. It just says 6 months rent paid in advance.

tbs624

mustardseed6 wrote: »

The agreement doesn't say anything about ringfencing funds and drip feeding the rent back to the Landlord. It just says 6 months rent paid in advance.

Presuming you are talking about the agreement between you and your LA, what does the actual tenancy agreement itself say?

Be aware that if it does not categorically state that rent becomes due monthly and the T pays in full in advance, which then got handed to you, the "rental period" for this tenancy would be a 6 month one. Watch out for a subsequent Stat periodic agreement with a 6 month notice period

Is the LA merely a tenant finder for you or will they be managing the property rental on your behalf?

The T may have requested that the LA holds the funds in case you fail to pay your mortgage and do a runner with the advance rent. The LA may be taking it upon themselves to retain it because some LLs who receive rent in advance then fail to pay up for any repairs issues. LA is then stuck in the middle with a T making a valid complaint but the LA lacking any money from the LL to get essential work done

The bottom line is, if you are not happy with what your LA is doing then clearly you need to thrash it out direct with him/her.

mustardseed6

I had a let only agreement with the agent. Their job is finished.

The AST says rent due monthly and paid in advance. There was also a clause that said that if the rent was paid 6 months in advance, after the 6 months it would revert to a statutory periodic tenancy with tenants's 1 month's notice and LL 2 months' notice.

G_M

The tenant pays rent to the landlord. The agent is just that - an intermediary, and 'agent'. Not their job to withold LL's money, dripfeed or the like unless that is what was agreed.

Chase. Do it in writing. And charge interest.