BTL- moving agents; done it before?

iso_2

Hi,

I've got a couple of BTL properties that are long time lets and are on 1 month rolling contracts. I'm thinking about de-instructing the agent as they cost 60 quid a month to collect rent, pay into my account and send me a statement. They also hold the deposit as a stakeholder.

So, as one option they've offered to rewrite the tenancy agreement and just hold the deposit for which there is a one-off of charge of £75+vat, and not do rent collection. Tenants would be informed to pay me the money directly. They still hold the deposit (or transfer in to one of the deposit schemes I presume).

My other option is to de-instruct the agent. I think this would involve informing the agent and the tenants of my intentions and then getting a new tenancy agreement written up and getting the tenant to sign this. I'd need to get the deposit off the agent and get this lodged in a tenancy depost scheme. Tenant would then pay me directly.

I wonder:
- has anybody done this before?
- might there me any issues with the order the old and new tenancy agreements being signed?
- if the deposit was returned to the tenant instead of me, they might not hand it over
- is the right order to do this?
- should I just take the hit for £75+vat

iso


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thesaint

I would simply disolve the contract with the agent and get the deposits returned to yourself, they should not pass the deposits to the tenant as they are holding it on your behalf.

iso_2

ok - I can dissolve the contract with the agent, but what about the tenancy agreement - it refers to the agent's responsibilities (like what happens at the end of the tenancy) - should I get a new one in place?