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Property Management fees
hazelito
Posts: 2 Newbie
Hi there
I'm looking for some advice on the legality of this. At the moment I am renting out an apartment which I own. The property is managed by a high street real estate agent and I have been unhappy with the amount of fees charged. It feels like at every turn, the agency is out to make money from me and I'm having to carefully investigate my options and be very explicit in my instructions. Just recently the tenancy came up for renewal and I decided to change the management of my property to an internet company whose fee structure are simpler to understand and transparent. According to this high street real estate agency I still need to pay them the renewal fee as it was agreed at the start of the contract despite transitioning the tenancy renewal to the internet real estate. Stupidly I did not read the paragraph in detail on the fee agreement form when signing it. This is what they said:
"Letting agents are by law, entitled to receive 2 renewal fees on top of the initial fee for finding a tenant. This came into place following a high court ruling. Prior to this, letting agents were charging renewal fees without limit. The court deemed that an agent should receive reward for renewal as without it, it may prompt some unscrupulous agents to favour prospective tenants that they were certain, would not stay for the long term."
Does anyone know if I have any recourse? It is obviously my fault for not paying enough attention to that paragraph but I'm wondering if anyone had any experience contesting this in the past.
Many thanks
I'm looking for some advice on the legality of this. At the moment I am renting out an apartment which I own. The property is managed by a high street real estate agent and I have been unhappy with the amount of fees charged. It feels like at every turn, the agency is out to make money from me and I'm having to carefully investigate my options and be very explicit in my instructions. Just recently the tenancy came up for renewal and I decided to change the management of my property to an internet company whose fee structure are simpler to understand and transparent. According to this high street real estate agency I still need to pay them the renewal fee as it was agreed at the start of the contract despite transitioning the tenancy renewal to the internet real estate. Stupidly I did not read the paragraph in detail on the fee agreement form when signing it. This is what they said:
"Letting agents are by law, entitled to receive 2 renewal fees on top of the initial fee for finding a tenant. This came into place following a high court ruling. Prior to this, letting agents were charging renewal fees without limit. The court deemed that an agent should receive reward for renewal as without it, it may prompt some unscrupulous agents to favour prospective tenants that they were certain, would not stay for the long term."
Does anyone know if I have any recourse? It is obviously my fault for not paying enough attention to that paragraph but I'm wondering if anyone had any experience contesting this in the past.
Many thanks
0
Comments
-
What does the contract you have with the Letting Agency say?
Are they charging you based on what you signed and agree with them?EU expat working in London0 -
Hi always_sunny,
Unfortunately the answer is yes. Does that mean I have no recourse?0
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