'Lord of The Bricks
01-02-2009, 16:17 PM
:mad:
I am a landlord with my first ever tenants. I will try to keep this short. I am renting the flat next to mine, conveniently...
An agency calls me after doing a viewing to tell me that there is a couple who loved the place and want to move in. They are willing to pay me 6 months rent upfront, the reason for this being as they are from the U.S. and have no history here it will be very difficult to do a credit check on them. I am happy with these terms.. They want keys for the following week and 4 days later they are going to the U.S. for 2-3 weeks but don't want the place to go to anyone else so are happy to take it from now.. Ok.. a few days later the agent calls to ask about the EPC, gas certificate etc.. and then mentions that actually though the tenant is giving the agent the 6 months' rent, that they will pay me from that monthly as a safety in case I have any problems with the house etc... I then go and think about this, speak to people I know including a cousin property lawyer, my uncle (also a landlord), his good friend at another high-level estate agency, a schoolfriend in property management and my dad who has done property development abroad.. they all say that the agent cannot hold onto your money like that.. they can keep the deposit in a 'clint's account' but the rent is yours to take.. So I get on the phone to the agent and they try to negotiate to paying me quarterly.. I agree to this for a day or two and on the day of the actual agreement I decide I will not go ahead unless I get what they initially offered, 6 months up front. I give them the ultimatum and mention that I am a freeholder with no mortgage and what guarantees my safety if the agent goes under and has my money?! They decide to go ahead with the 6 months upfront afterall.. Now, I make two mistakes.. When I go to the office to provide certificates and keys, I sit with the agent but the tenants are not present, they were round the corner having coffee, I was told.. I ask the agent if I get copies of their agreement with the tenant, and about contracts of our agreement.. he says we will sort all that out at the end of the month when the tenants return from the U.S. and move in properly.. I feel odd about this and make him hand-write a paper saying the amounts and and dates that transfers would occur as he has also just told me that they are paying a quarter of the amount for 6 months now and then will transfer the rest from abroad which the agent will pay into my account on the 27th of Jan.. So I sort of get this in writing but looking back at the paper it is not very clear or in enough detail, it mentions amounts and dates, gives the address of the property and is signed but doesn't say who is paying who.. just says 'this will be payed by this date'... I go away and after a few days of phonecalls receive the first instalment in my bank account..
Now, at the end of the month, a couple days after I was expecting to receive the money in my account I call the agency and ask if they have heard from the tenants and what the situation is. The agent tells me the money is in the process of being transferred to them and that these things take time and that he would call me back when he knows more but in the meantime he would sort out the statements for the first instalment from the begining of the month as that has not been done yet.. I call back the next day, twice being told he would call me back due to being busy/on the phone.. I call back a third time just before the end of the day and I am put through to him. Not even a 'hello', he angrily says 'what? what is it? what's the big emergency?! why are you calling every minute?' I tell him he is my agent and I just want to know what the progress is, we agreed money to be in my account by the 27th and I understand it may run a few days late but in the last week I had some serious plumbing done and have payed for half of it and given a predated cheque for the rest for the 2nd feb, giving the tenants money a week to clear in my account and just wanted to know what was going on.. if he told me I would get it on the 2nd feb, for example, i would have told my plumber the 9th.. no big deal but i am syncing up my incomings and outgoings accordingly to what was agreed.. The agent then turns on me saying 'Why are you putting me under this pressure, your plumbing work is not my problem, and anyway I am paying you quarterly, it is not safe giving you the 6 months upfront as I told you before.. I never agreed I would.. what evidence have you to prove it?'... I accuse him of being a malicious dishonest, smallminded person with no business sense who I could have potentially worked with for years that now I never want to work with again as I am a good person who's trust he had betrayed.. He has ruined his relationship with clients, and in theory he gets his fee either way so why hold onto the money when we agreed otherwise? My theory is he is after the interest as it is a lot of money.. though he says it will be in a 'client's account'..
I then feel ill and go to see my tenants to tell them how furious I am with the agent and to find out what they thought about it.. It turns out he had told them different things to me as well.. surprised?! he told them initially that they would not get keys unless they payed 6 months rent upfront! So it wasn't their suggestion in the first place! Anyhow, had a chat with them and they are sympathetic and said they would support me.. Now tomorrow, me and the tenants are going into the agency office to try to sort it out..
Where do I stand? What do I say? Any help would be eternally appreciated as I am seriously furious and want to resolve this matter. Even if I do, the relationship with the agent will never be resolved now, not after this.. He called me greedy! A lot of that money I've already spent on making the place better for the tenant, increasing water pressure and flow rate, cleaning windows on the roof, replacing blinds, painting and filling, etc.. Some which I'd planned to do anyway, and other bits at their request, while they were away...
Where do I stand? What do I say? If the tenants and I are happy for me to get the money, is there any way the agency can keep ahold of it regardless? It isn't their decision is it?! It isn't their money!
Another thing I was thinking about.. I only signed one paper, before the agency brought me the tenants.. I think it was just to agree the fee but cannot be sure what else was written in that and do not have a copy.. Am a bit worried about this.. will this be a factor?
Sorry for making it long, I could have provided more specific details even believe it or not! I hope someone has read through all this and has some feedback for me!
thanks for reading and any feedback and advice I get, I would be eternally grateful!
I am a landlord with my first ever tenants. I will try to keep this short. I am renting the flat next to mine, conveniently...
An agency calls me after doing a viewing to tell me that there is a couple who loved the place and want to move in. They are willing to pay me 6 months rent upfront, the reason for this being as they are from the U.S. and have no history here it will be very difficult to do a credit check on them. I am happy with these terms.. They want keys for the following week and 4 days later they are going to the U.S. for 2-3 weeks but don't want the place to go to anyone else so are happy to take it from now.. Ok.. a few days later the agent calls to ask about the EPC, gas certificate etc.. and then mentions that actually though the tenant is giving the agent the 6 months' rent, that they will pay me from that monthly as a safety in case I have any problems with the house etc... I then go and think about this, speak to people I know including a cousin property lawyer, my uncle (also a landlord), his good friend at another high-level estate agency, a schoolfriend in property management and my dad who has done property development abroad.. they all say that the agent cannot hold onto your money like that.. they can keep the deposit in a 'clint's account' but the rent is yours to take.. So I get on the phone to the agent and they try to negotiate to paying me quarterly.. I agree to this for a day or two and on the day of the actual agreement I decide I will not go ahead unless I get what they initially offered, 6 months up front. I give them the ultimatum and mention that I am a freeholder with no mortgage and what guarantees my safety if the agent goes under and has my money?! They decide to go ahead with the 6 months upfront afterall.. Now, I make two mistakes.. When I go to the office to provide certificates and keys, I sit with the agent but the tenants are not present, they were round the corner having coffee, I was told.. I ask the agent if I get copies of their agreement with the tenant, and about contracts of our agreement.. he says we will sort all that out at the end of the month when the tenants return from the U.S. and move in properly.. I feel odd about this and make him hand-write a paper saying the amounts and and dates that transfers would occur as he has also just told me that they are paying a quarter of the amount for 6 months now and then will transfer the rest from abroad which the agent will pay into my account on the 27th of Jan.. So I sort of get this in writing but looking back at the paper it is not very clear or in enough detail, it mentions amounts and dates, gives the address of the property and is signed but doesn't say who is paying who.. just says 'this will be payed by this date'... I go away and after a few days of phonecalls receive the first instalment in my bank account..
Now, at the end of the month, a couple days after I was expecting to receive the money in my account I call the agency and ask if they have heard from the tenants and what the situation is. The agent tells me the money is in the process of being transferred to them and that these things take time and that he would call me back when he knows more but in the meantime he would sort out the statements for the first instalment from the begining of the month as that has not been done yet.. I call back the next day, twice being told he would call me back due to being busy/on the phone.. I call back a third time just before the end of the day and I am put through to him. Not even a 'hello', he angrily says 'what? what is it? what's the big emergency?! why are you calling every minute?' I tell him he is my agent and I just want to know what the progress is, we agreed money to be in my account by the 27th and I understand it may run a few days late but in the last week I had some serious plumbing done and have payed for half of it and given a predated cheque for the rest for the 2nd feb, giving the tenants money a week to clear in my account and just wanted to know what was going on.. if he told me I would get it on the 2nd feb, for example, i would have told my plumber the 9th.. no big deal but i am syncing up my incomings and outgoings accordingly to what was agreed.. The agent then turns on me saying 'Why are you putting me under this pressure, your plumbing work is not my problem, and anyway I am paying you quarterly, it is not safe giving you the 6 months upfront as I told you before.. I never agreed I would.. what evidence have you to prove it?'... I accuse him of being a malicious dishonest, smallminded person with no business sense who I could have potentially worked with for years that now I never want to work with again as I am a good person who's trust he had betrayed.. He has ruined his relationship with clients, and in theory he gets his fee either way so why hold onto the money when we agreed otherwise? My theory is he is after the interest as it is a lot of money.. though he says it will be in a 'client's account'..
I then feel ill and go to see my tenants to tell them how furious I am with the agent and to find out what they thought about it.. It turns out he had told them different things to me as well.. surprised?! he told them initially that they would not get keys unless they payed 6 months rent upfront! So it wasn't their suggestion in the first place! Anyhow, had a chat with them and they are sympathetic and said they would support me.. Now tomorrow, me and the tenants are going into the agency office to try to sort it out..
Where do I stand? What do I say? Any help would be eternally appreciated as I am seriously furious and want to resolve this matter. Even if I do, the relationship with the agent will never be resolved now, not after this.. He called me greedy! A lot of that money I've already spent on making the place better for the tenant, increasing water pressure and flow rate, cleaning windows on the roof, replacing blinds, painting and filling, etc.. Some which I'd planned to do anyway, and other bits at their request, while they were away...
Where do I stand? What do I say? If the tenants and I are happy for me to get the money, is there any way the agency can keep ahold of it regardless? It isn't their decision is it?! It isn't their money!
Another thing I was thinking about.. I only signed one paper, before the agency brought me the tenants.. I think it was just to agree the fee but cannot be sure what else was written in that and do not have a copy.. Am a bit worried about this.. will this be a factor?
Sorry for making it long, I could have provided more specific details even believe it or not! I hope someone has read through all this and has some feedback for me!
thanks for reading and any feedback and advice I get, I would be eternally grateful!