Moving away from a Letting Agent

Essex_Jim

Looking for some advice about moving away from a letting agent. 

We have one flat that we have rented through the same small independent agent with the same tenants for nearly five years now. Tenants are great. We have to remind the agent on a regular basis to pay us they rent they have received! So we question what value there is in staying with the agent. Can you help with the following queries?

1. How much notice do we have give the letting agent?
2. Should we get help drawing up new tenancy agreements when renewal comes up?
3. The Deposit is secured (may be totally the wrong terminology) as the agent is a member of the mydepoist insurance based depoists protection scheme. How should we manage the deposit ongoing if we take over tenancy management?

Any other advice very welcomed

propertyrental

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Post 9: Letting agents: how should a landlord select or sack?

Mr.Generous

Join the TDS yourself, it costs about £20 to protect a deposit. You keep the cash and get the interest, they arbitrate any dispute. Gov website has tenancy agreement to download, I'd use this and the one from your agent to word one that suits you and your property best and use that, but make sure any changes in the law are integrated.

Having to remind agent to pay you?? I'd send 'em an email saying late payments incur a chasing fee of £20 !!

Essex_Jim

Any experience on charges for ongoing referral as the tenants are the same 

El_Torro

Having to chase the letting agent to send you the rent money would be a big red flag for me. This might be a sign that they are having cashflow issues.

Some years ago I used an independent letting agent. I went with them because their charges were low. They went bust eventually though, which was a headache for me. I now use a more established letting agent. I moan about them but they make sure I keep up with my responsibilities as a landlord (deposit protection, annual gas safety certificates, etc...), I also never have to chase them for money they owe me. Sometimes you really do get what you pay for. 

If you want to manage the property yourself that can work for some. Just be very aware of all your responsibilities, it could cost you more than the cut a letting agent takes if you're not.

Essex_Jim

Mr.Generous said:

Having to remind agent to pay you?? I'd send 'em an email saying late payments incur a chasing fee of £20 !!

Yes. The monthly email usually starts 'This is your monthly reminder to pay the rental money'!

RAS

Read your contract. What does that say about termination?

Are you absolutely bang up to date all the LL requirements, gas, leccie, deposit etc?

Essex_Jim

I have to find the contract with the letting agent. Got all the ones with the Tenant. Job for the weekend.

Electrics was updated and certified just under a year ago. Boiler will be due soon. Deposit is with the Agent

Essex_Jim

Thanks @El_Torro. 

I suspect in this is not a cash flow issue. When reminded we are paid within hours. I really just suspect this is an agent on a manual office and poor admin. They certainly keep me up to date on Gas / electrics etc

RAS

Essex_Jim said:

I have to find the contract with the letting agent. Got all the ones with the Tenant. Job for the weekend.

Electrics was updated and certified just under a year ago. Boiler will be due soon. Deposit is with the Agent

Have you confirmed that the deposit is secured in a scheme and that the scheme details were sent to the tenant within the required time limit? 

If you agent can't pay the rent on time, I'd wonder what else hasn't been done on time?

Essex_Jim

Thank you for highlighting this. Let me check.