First time landlord

Beaddoll18

Hi Everyone,

In the next few weeks I'm going to be renting my place out for the first time, I'm buying a second house.

I've had a letting agent around to do rental valuation and they have provided me with contract (I have not signed, as I wanted to read it and look into it further).

The fees for a managed service are £250.00 plus vat and the 10% of the rent each month plus vat. I only wanted to use them for 6months, the letting agent was quite puzzled when I said this and said yes ok. I was quite happy to use them.

However, upon reading the contract they will charge me £399.99 plus Vat to dis-instruct them during the management service. It states 'in the event that a landlord dis-instructs LA during management service whilst a tenant is found by LA remains in the property. LA reserves the right to charge £399.99plus vat to cease the agreement and for the landlord to retain the tenant'.

Does that mean at the end of the 6 months tenancy they can charge me £399.99 plus vat if a take on the tenant and draw up my own tenancy agreement with the tenant directly.

The contract also states they will sign contracts on my behalf which I'm not happy with.

I would like to full control over my property and I'm looking at alternative methods to rent my house out.

Has anyone use sites such as openrent or upad and would you recommend a first time landlord using them.

Thanks in advance

tom9980

Read this http://forums.moneysavingexpert.com/showpost.php?p=67759929&postcount=7

I used open rent and gumtree as a first time landlord, really there is little to fear if you are organised and have done your research. I spent 2-3 years reading so was well prepared.

G_M

Beaddoll18 wrote: »

The fees for a managed service are £250.00 plus vat and the 10% of the rent each month plus vat. I only wanted to use them for 6months, the letting agent was quite puzzled when I said this and said yes ok. I was quite happy to use them.

However, upon reading the contract they will charge me £399.99 plus Vat to dis-instruct them during the management service. It states 'in the event that a landlord dis-instructs LA during management service whilst a tenant is found by LA remains in the property. LA reserves the right to charge £399.99plus vat to cease the agreement and for the landlord to retain the tenant'.
So discuss this with the agent and get that clause removed. Cross i out and both of you initial the change.

The contract also states they will sign contracts on my behalf which I'm not happy with.
The word 'agent' means thay act on your behalf! However, if you want to sign yourself, then write that into the contract.

Or write in a clause saying they can only sign on your behalf after receiving your written (or emailed) consent

I would like to full control over my property and I'm looking at alternative methods to rent my house out.
* employ agent on 'tenant find' only basis
* advertise yourself

Thanks in advance

Contracts are not written in stone! If they want your custom, they need to provide the service you want from them.

So specify exactly what you want and get the contract to reflect that.


* New landlords: advice, information & links

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

https://forums.moneysavingexpert.com/discussion/5180214

ognum

Beaddoll18 wrote: »

Hi Everyone,

In the next few weeks I'm going to be renting my place out for the first time, I'm buying a second house.

I've had a letting agent around to do rental valuation and they have provided me with contract (I have not signed, as I wanted to read it and look into it further).

The fees for a managed service are £250.00 plus vat and the 10% of the rent each month plus vat. I only wanted to use them for 6months, the letting agent was quite puzzled when I said this and said yes ok. I was quite happy to use them.

However, upon reading the contract they will charge me £399.99 plus Vat to dis-instruct them during the management service. It states 'in the event that a landlord dis-instructs LA during management service whilst a tenant is found by LA remains in the property. LA reserves the right to charge £399.99plus vat to cease the agreement and for the landlord to retain the tenant'.

Does that mean at the end of the 6 months tenancy they can charge me £399.99 plus vat if a take on the tenant and draw up my own tenancy agreement with the tenant directly.

The contract also states they will sign contracts on my behalf which I'm not happy with.

I would like to full control over my property and I'm looking at alternative methods to rent my house out.

Has anyone use sites such as openrent or upad and would you recommend a first time landlord using them.

Thanks in advance

Remember, everything to do with letting agents is negotiable. Do not except the first thing they offer you. Don't pay set up fees.

Try a different agent, an independent agent that cares about the LL they work with!

Beaddoll18

Hi everyone,

Thank you all for your replies.

I didn't know that they can change the contract in regards to my requirements. I will request the changes if they can't negotiate with me. I will think about other options.

Thanks again

Radsteral

i use open rent too. free for first time user and they did a courtesy call aswell to see how things were going

You could do the propective searches online yourself or through open rent or other websites,.. i never did so far, though unless the prospective tenant brings me originals of 3 or 6 months statement, , proof of payments to previous landlord and proof of work they do , i won't get a tenant without them . It may still go wrong though, it may easily go wrong even though your estate agent does the work for you ..

so far i have kept happy my tenants , treating them decently and even invited them for barbecue ,and anything broken or not working sorted within a day or 2 , but then again i am builder myself so can do that quickly...so far 3 years now, haven't had a issue .. fingers crossed

MisterB1959

no need to use an agent if the property is local enough for you to manage yourself. good agents and bad agents, both take a fee that might be better off in your pocket ! if the property is too far to manage fully yourself, then consider other ways, British Gas do a repair policy for most domestic issues and a local handyperson could take care of those little niggling jobs if you can get a decent one on board and pay them well and on time!

Beaddoll18

We've had a long hard think and are going to go with openrent. My partners dad and brother are builders which will help. Our new house is only a few streets from my current house. I like the idea that I'm in full control and not bound by the letting agents conditions and fees.