LA has been bought by another LA

[jimdunn]

Hello All.

I have been letting my house for around 8 months now without any problems, the tenant has been fine along with the letting agent, however.

I just received a letter from the my letting agent (Countrywide Residential in Chippenham), explaining that they have just been bought by another local letting company (The letting Shop in Chippenham), which was a bit of a surprise.
All the staff at Countrywide are now working at the Letting shop, so it looks like business as usual, however, i'm slightly concerned about my rights regarding rental guarantee policy, deposit, rent collecion, letting agreement.

Has anyone had any experience of this happening to them or have any advice about potential problems I should be looking out for.


Thank you for your help in advance

Regards
Jim

[Paul_f]

Your main priority should be to obtain a new Terms of Business with the newly named agent as the one you have might have been voided. Countrywide might have withdrawn owing to a downturn in business.

[jimdunn]

Hello Paul, Thanks for your reply.

I'm having trouble understanding what has happened with my old terms of business. Surely if Countrywide is not my letting agent then the TOB doesnt exist anymore!.

And, what if I dont like The Letting Shops TOB?

Thanks
jim

[jeffrey]

Hello Paul, Thanks for your reply.

I'm having trouble understanding what has happened with my old terms of business. Surely if Countrywide is not my letting agent then the TOB doesnt exist anymore!.

And, what if I dont like The Letting Shops TOB?

Thanks
jim
Your Agency Agreement was presumably with a specific named company. Despite change of control, does that company still exist?

[jimdunn]

Hello Jeffery, thanks for your reply.

Countrywide Residential Lettings (CRL) does still exist with outlets all over the country, the branch that I employed in Chippenham has been sold to The Letting Shop.

The address on top of the agents contract and TOB is the main address of CRL


I appreciate you time here.

Jim

[jimdunn]

Oh yeah, I forgot to add that my rent money is now 2 weeks late.:)

[Esio Trot]

Your main priority should be to obtain a new Terms of Business with the newly named agent as the one you have might have been voided. Countrywide might have withdrawn owing to a downturn in business.
Almost every agency agreement I have seen contains clauses allowing for it to be assigned, the one that didn't had a 28 day notice in writing of any changes to the agreement - thus this agent simply sent the assignment clause under the 28 day rule to all landlords, then a bit over a month after sold his business assigning all agreements to the new owner.

Seems to me likely that the poster's original agent would have had an assignment clause, that this was invoked and thus the new agent operates under the terms of the original unless and until varied.

[jeffrey]

But if the original Co. (CRL) still exists, has the Agency Agreement been assigned? Sale of a business itself makes no difference.

[jimdunn]

Sorry Jeffery, what do you mean by assigned?.

jim

[jeffrey]

Sorry JeffREy, what do you mean by assigned?
"Assigned" = legally transferred, from previous agent to new agent, if they really are different legal entitities.

[jenny_adams]

I've been in the same situation so this thread has been useful for me too, thanks!

[jimdunn]

"Assigned" = legally transferred, from previous agent to new agent, if they really are different legal entitities.

To be honest, I dont really know what the full story is. I dont think i'm getting the full picture of what is going on. How would I find out?

jim

[jimdunn]

I've been in the same situation so this thread has been useful for me too, thanks!

What happened in your situation Jenny?..

Jim