Do I need to pay Foxtons for a New Contract?

Jonesbo

I don't know about anywhere else, but in central london at least Foxtons fees aren't wildly different from the competition.

Yes they're more expensive, and in an ideal world I wouldn't go with them. But as I said they were the only agent to get me any offers, and all the offers that did come were from corporate tenants where the company was paying...so very secure from my perspective.

Anyway I will be listing with other agents also assuming F's are unwilling to waive this fee. I just wanted to know if anyone had any experience of this. As I said all agents do this to my knowledge, not just Foxtons.

BitterAndTwisted

OP: I suspect that fee you've been quoted is not for drawing up a new contract at all. It's very likely a new tenant-finding fee as the agent will be charging your new tenant/s a similarly sizeable fee for drawing up their contract.

Have you been in contact with your tenant to discover why they are not renewing or going onto a periodic tenancy?

angrypirate

Jonesbo wrote: »

I don't know about anywhere else, but in central london at least Foxtons fees aren't wildly different from the competition.

Yes they're more expensive, and in an ideal world I wouldn't go with them. But as I said they were the only agent to get me any offers, and all the offers that did come were from corporate tenants where the company was paying...so very secure from my perspective.

Anyway I will be listing with other agents also assuming F's are unwilling to waive this fee. I just wanted to know if anyone had any experience of this. As I said all agents do this to my knowledge, not just Foxtons.

For the tenant they are easily double. Thats why there were no private tenants. Also with private tenants you are more likely to find someone who will be there long term.

Jonesbo

angrypirate wrote: »

For the tenant they are easily double. Thats why there were no private tenants. Also with private tenants you are more likely to find someone who will be there long term.

If I'd had it listed solely with F's I'd agree. However there were no private tenants full stop. The other agents didn't come up with anything. And I set the price based on their recommendations, not F's higher recommendation.

Jonesbo

BitterAndTwisted wrote: »

OP: I suspect that fee you've been quoted is not for drawing up a new contract at all. It's very likely a new tenant-finding fee as the agent will be charging your new tenant/s a similarly sizeable fee for drawing up their contract.

Have you been in contact with your tenant to discover why they are not renewing or going onto a periodic tenancy?

It's definitely the fee for the contract and not a tenant finding fee.

Tenant is not renewing because of family issues (needs bigger place), they (the tenant) told me that directly a while ago.

BitterAndTwisted

So, they are expecting you to cough up £400 for drawing up the contract in addition to their outrageous tenant-finding-fee on top while charging a new tenant the same fee? I'm obviously in the wrong business!

Please be aware that there are thousands of reliable tenants out there who will not deal with Foxtons point-blank because of their previous experience of their completely ruthless and unreasonable fee-extracting methods. I'm totally incredulous that no other decent agent could find you a suitable tenant/s. London is the most bouyant rental-market in the country, if not the world!

Jonesbo

Yeah it's a joke I know!

Flat is a very central studio so is expensive compared to what you can get for your money in London as a whole.

Market is good, but I guess most people would go for a one bed at the same price just slightly further out.

BitterAndTwisted

Studios can be very attractive to younger people who value proximity to all of the entertainment facilities central London has to offer. To say nothing of the saving in travel-costs.

I'm really surprised that people aren't beating a path to your door.

I've got an axe to grind about Foxtons' business-practices which is why I'm not very keen on them. If they are providing the service you require at a price you are prepared to pay, good luck to you.