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How can i get out of a landlord managment contract with my estate agent
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Gillsfan
Posts: 48 Forumite
I signed up with an estate agent, who take quite a percentage of the rent on my property in exchange for a management service.
Over the period of the tenancy, as a landlord I have struck up a nice rapport with my tenants who treat my house with respect. They want a more long term tenancy, but the contract with the estate agent is killing me
I tried to get out of the contract, I tried to approach them and ask the fee as it does not state in my contract with them. It just states- severance fees 'TBA'.
When asked, they quoted 3 months management plus a severance fee. Which considering they have not really supplied much of a service, and I have dealt with the tenants with issues if they arise. The estate agent made a point that they don't have to let me out of the contract as the tenants would remain 'in-situ'.
So question, could I reduce the rent amount on my property with the estate agents and then cancel a few months down the line to save on severance fee costs?
Or could I even setup an agreement with the tenant to pay both the estate agent a lower amount and then a direct settlement with me?
Maybe I could ask the tenants to move out temporarily after the tenancy has broken and then cancel it and start a new private tenancy agreement?
Alternatively.. what is the best way I can get out of the contract? If I have to pay I guess I will but its financially killing me.
Thanks for comments/advice
Over the period of the tenancy, as a landlord I have struck up a nice rapport with my tenants who treat my house with respect. They want a more long term tenancy, but the contract with the estate agent is killing me
I tried to get out of the contract, I tried to approach them and ask the fee as it does not state in my contract with them. It just states- severance fees 'TBA'.
When asked, they quoted 3 months management plus a severance fee. Which considering they have not really supplied much of a service, and I have dealt with the tenants with issues if they arise. The estate agent made a point that they don't have to let me out of the contract as the tenants would remain 'in-situ'.
So question, could I reduce the rent amount on my property with the estate agents and then cancel a few months down the line to save on severance fee costs?
Or could I even setup an agreement with the tenant to pay both the estate agent a lower amount and then a direct settlement with me?
Maybe I could ask the tenants to move out temporarily after the tenancy has broken and then cancel it and start a new private tenancy agreement?
Alternatively.. what is the best way I can get out of the contract? If I have to pay I guess I will but its financially killing me.
Thanks for comments/advice
0
Comments
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* Letting agents: how should a landlord select or sack?0 -
If they have "TBA" in the relevant section of the contract they the agents are on very weak ground legally.
In such circumstances, I would write to them advising that you are cancelling the contract with immediate effect and enclosing a cheque for an amount equivalent to 1-months fee on an ex gratia and without prejudice basis.0 -
Great thanks for replies!
The letting agents are chasing the tenants quite fiercely to return the new 6mobth tenancy agreement signed but still haven't provided a list of fees!
Do you think they are trying to get my tenants to sign and secure their services for next 6 months. Maybe I should ask tenants not to sign??0 -
Great thanks for replies!
The letting agents are chasing the tenants quite fiercely to return the new 6mobth tenancy agreement signed but still haven't provided a list of fees!
Do you think they are trying to get my tenants to sign and secure their services for next 6 months. Maybe I should ask tenants not to sign??
Maybe and also the cost of the renewal.0 -
Great thanks for replies!
The letting agents are chasing the tenants quite fiercely to return the new 6mobth tenancy agreement signed but still haven't provided a list of fees! - just tell the tenant not to sign. There's no obligation to renew.
Do you think they are trying to get my tenants to sign and secure their services for next 6 months. Maybe I should ask tenants not to sign??
Just pay them to go away. Signing a tenancy means nothing in this case0 -
Okay thanks, could they take any additional fees they invent from the tenants deposit?
They still haven't even told me what it would cost to sever the agreement!0 -
Can't you tell the agent that the tenants are not renewing,. and you don't need their services anymore as you don't plan on renting it out anymore.
Then your plans change?
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