Taking over managing property myself from letting agents

katepower

Hi all,
I am a landlord renting out my own property, which I rented out as I moved for work. For the past six months I have used a letting agent but am now wanting to do it myself as they are incompetent beyond belief.

Before I hand my notice in to them, which is a months written notice, I wanted to make sure I was fully informed. Is there anything I need to specifically make sure they give me document wise - eg does the AST still stand if I takeover? Or do I have to start from scratch?

The agency still owe me £330 in fees that they wrongly took from the rent they were 'processing' for me - I am assuming I would still be entitled to that even if I handed them my notice?

I am aware that I would need to take care of the deposit (ie with an independent agency) myself - I have done research and believe I am aware of my obligations as a landlord - but I wanted to make sure I was prepared.

G_M

See

* Letting agents: how should a landlord select or sack?

* Landlordzone: (terminating a LA contract)




More generally, see this thread:

Tenancies in Eng/Wales: Guides for landlords and tenants

katepower

Thankyou

katepower

G_M, I have just read your post on this forum - I wanted to ask about the following points you wrote:

So:
1) decide if you're going to employ a new agent, or self-manage
2) select a new agent if appropriate
3) talk to your tenant so they understand what's going on. Ideally face-to-face. Reassure them this will not affect them negatively. Reassure them their deposit is still safe.
4) Instruct new agent if appropriate, and agree a start date
5) WRITE to your tenants, formally confirming your chat, and instructing them (yes, INSTRUCT - you are their landlord) a) who/how to pay future rent; b) starting when; c) who/how to contact with issues (repairs etc) in future; d) and give them a new address “for the serving of notices”
6) Wait till the next rent payment date has passed and you’ve received the tenant’s rent direct (or via new agent)
7) Only then, give the old agent the required notice, in WRITING. By this point, hopefully, they have none of the tenant's rent and thus owe you nothing.
8) Your letter should also instruct them to pass you
* the(original) tenancy agreement(s), references, correspondence, inventory, gas certificates, inspection reports, documentation
* a final account, and balance of any funds they hold (hopefully £0)
* details of the tenant’s deposit (this needs to be transferred into your/new agents name with the scheme holding it)
8) check their final account. You'll need to pay their fee for the duration of the notice period whatever it is, but that can be balanced against any rent/other funds they hold of yours.

Points 6 + 7 - Would this cause any trouble for the tenant? I've read this as getting the tenant to pay me direct rather than the agent, then letting the agent know that they are no longer required. Have I got this right?

G_M

That's my advice. Yes.

Trouble for the tenant? trouble with who? The tenant's contract is with you, the landlord. the agent is just someone you employ to... collect rent, fix repairs, whatever. But contractually, the tenant pays you - whether direct or via the agent.

The key is to make sure the tenant understands what you are doing and why, and is comfortable. Legally, providing he pays, and you receive the rent, the tenant has complied with his contract.

In practice, tenants sometimes are concerned (just as you seem to be!!) that they "should" be paying the agent, so communication is the key.

But since you will be self-managing, you need to build a relationship with the tenant anyway, so getting the tenant to pay the rent to you is just part of that process.