Estate agent overcharged commission fee

focus77

My estate agent has been overcharging me commission for their property management and tenant find service as a landlord client. I just noticed the discrepancy when filing invoices and comparing it to the signed terms and conditions. It stretches back to the first invoice in May 2024 when the first tenant moved into the property and has continued until Friday when they amended their billing system and confirmed a repayment has been arranged. But I am wondering if I should be asking for interest and/or a gesture of goodwill for this error. I’m considering requesting the statutory interest for late business payments which is 8% plus the Bank of England base. Does anyone have experience of reclaiming money back from an overpayment scenario like this or thoughts on what’s fair and appropriate?

Thank you

caprikid1

What is the full amount of the repayment due ?

focus77

The full repayment amount is £1692

Woodstok2000

So that'll be around £150 in interest - worth asking them!

Grumpy_chap

Not £150 in interest as not all the balance for the whole period. The balance slowly accrued since May 2024.

Any claim needs to be balanced with maintaining positive relationship with the LA going forward.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/81895553#Comment_81895553

£1692 over 20 months averages £85 per month. £85 per month in a regular saver at 8% plus base would have earned £150 in interest.

GDB2222

https://forums.moneysavingexpert.com/discussion/comment/81895553#Comment_81895553

This is the point. Is the op satisfied with their work in other regards?

gazfocus

My gut is that if you're otherwise happy with the estate agent, in the grand scheme of things the interest isn't worth pursuing. You're already getting £1,692 back that you didn't know you were due so as long as they pay that promptly, I probably wouldn't push for compensation/interest.

That being said, you'd have to check when the statutory interest becomes payable as I'm not convinced it would be payable from the dates they took the overpayment. It might well be that the interest is only 'due' from the date you formally requested the repayment and therefore will be peanuts anyway.