I Am Seeking Advice On How To Choose The Right Letting Agent

Anon_John

Hi

I am a newbie here.

After reading many of the exchanges here I am even more cautious than I was before, so unsure where to start.

I am looking for a one bedroom flat. I am presently unemployed and cannot get a guarantor. However, I am easily able to pay 6 months or more upfront from my savings. Therefore would be able to pay the Letting Agent for 6 months. My problem is that (with the present economic climate) will my monies be secure with the Agent. I mean, what if they go bankrupt before my 6 months has been used. Would I lose everything?

Common sense tells me it would be best to choose an agent that has many branches - big enough to survive. Can I trust one branch ie small shop agents?

What should I do to ensure that my 6 months or more down payment is safe?

PasturesNew

It's pretty safe if you've got receipts and an AST as they can't get you out before 6 months anyway. So long as the LL has permission to let.

Not your problem if the agent goes bust as you've paid and the LL chose the agents so he'd have to suck it up.

Anon_John

PasturesNew wrote: »

It's pretty safe if you've got receipts and an AST as they can't get you out before 6 months anyway. So long as the LL has permission to let.

Not your problem if the agent goes bust as you've paid and the LL chose the agents so he'd have to suck it up.

Thanks for replying. I need to give more details. My intention is that the agent holds onto my monies for the whole 6 months but pay the LL for monthly rent as/when it becomes due, for the first 4 months or so from my funds, with the LL or agent holding onto 2 months at all times. So if the LL goes bankrupt and it emerges that he didn't get the lenders permission, I can reclaim from the agent. I would guess that the agent is more secure than the LL.

I mean is it safer to leave a large sum of money with the agent or the LL?

G_M

You will have no say in the arrangement between the landlord and his agent. Yes, the agent works for the LL. That's why they are called 'agent'. If the LL instructs the agent to pass over the 6 months rent, that's what HIS agent must do.

However your contract is with the LL, and provided you can prove you have paid rent (either to the LL or his agent) then you cannot be made to leave before your contract expires.

Unless ordered to do so by a court which could only happen
1) if you seriously breach your contract (run an illegal cannabis farm in the property?) or
2) the LL's mortgage lender applies for possession due to mortgage arrears - however if the lender has approved the tenancy, then they too have to honour it for as long as it lasts.