Ending letting agents' contract

[les]

Hi, signed up with LA almost a year ago, they found me a tenant at 10% full management, I lose over £100PM....wouldn't mind but 1 yr contract to expire soon and want to get rid of them as all they do is take the payments and don't always pay me on time. Have had a few issues and get bull££it in return when questioned as to why, which insults my intelligence. They have been in once in 9mnths to inspect property.

I have got to know tenant who is a decent person, he has told me he always pays on time personally, and he tells me he wants stay on as like's property etc. So, whats the LA for, I believe I still have to pay them a finders fee but want to de-instruct them, as no need for them to do anything for me.

Whats the legal aspect, and how do I de-instruct them the right way please..thanks..Les

[Reading_up]

Read all clauses in your contract with them carefully, then read them again just to make sure. I got rid of fully managed and went to T find only but cost me one months rent to do so. Was worth it in the long term as now have my own contract and do all my own searches if I find a T and get charged quarter what I did when they did everything??

Had to get legal advice to de-instruct them otherwise could have cost me more, but 30 minutes legal was free, so no cost and saved money.

Only my experience and might be different now.

[littlemisslettings]

Read your agency agreement and follow the instructions! Most agreements will expire when a tenancy agreement expires but will still require written instruction from you to terminate the agreement from anywhere from 6months to 1 month in advance. This is just based on my previous experience, and each agency agreement is a bit different.

So long as termination is clearly spelt out in the agreement, you shouldn't need a solicitor.

[digital]

do all my own searches if I find a T and get charged quarter what I did when they did everything??
I'd be interested to know how you do the searches and how much they cost.

Where/how do you advertise the property?

TIA

[les]

thanks for answers...one aspect also is they hold T's deposit protected, what happens to that, I have to get that back somehow?

[P.Pilcher]

If you manage to de-instruct this agent then he will have to refund your tenant's deposit which you must place in your own government approved scheme (like the DPS) and notify your tenant appropriately.

I always use agents to find me tenants which costs me about a month's rent. Remember that for this fee you have access to unlimited advice with regard to the "rentability" of your property, the agent will organise all viewings and when an appropriate tenant is found do all the necessary checks. They will also apply their own very experienced "gut feeling" as to the tenant's suitability. To me this is well worth it as I am saving myself, possibly £5000 if the tenant turns out to be a "wrong 'un". Yes, the agent does extract a fee from the tenant as well, but they do have to earn a living and what is more, this particular agent protects my tenants deposits for me. They have their own insurance backed scheme so can earn a bit of interest on the deposits that they take. They are happy to do this for me despite the fact that I manage my own properties. It is what you get from a good long term working relationship with an agent.

P.P.

[Mrs Jones]

Remember that for this fee you have access to unlimited advice with regard to the "rentability" of your property, the agent will organise all viewings and when an appropriate tenant is found do all the necessary checks. They will also apply their own very experienced "gut feeling" as to the tenant's suitability. To me this is well worth it as I am saving myself, possibly £5000 if the tenant turns out to be a "wrong 'un". Yes, the agent does extract a fee from the tenant as well, but they do have to earn a living and what is more, this particular agent protects my tenants deposits for me. They have their own insurance backed scheme so can earn a bit of interest on the deposits that they take. They are happy to do this for me despite the fact that I manage my own properties. It is what you get from a good long term working relationship with an agent.
P.P.

This all assumes that OP finds an agent as good as yours - not necessarily an easy prospect methinks!!

[digital]

Agreed! Ours charged £400 (just over half the monthly rental) to find the tenants two years ago - except I found them by answering their questions as they walked past the property.

Two years on and mistakes and omissions in the various items of paperwork they prepared have come to light which have meant that I have had to spend more money on taking legal advice to check that everything was in order when issuing section 8 and 21s.

[westminster]

Hi, signed up with LA almost a year ago, they found me a tenant at 10% full management, I lose over £100PM....wouldn't mind but 1 yr contract to expire soon and want to get rid of them as all they do is take the payments and don't always pay me on time. Have had a few issues and get bull££it in return when questioned as to why, which insults my intelligence. They have been in once in 9mnths to inspect property.

I have got to know tenant who is a decent person, he has told me he always pays on time personally, and he tells me he wants stay on as like's property etc. So, whats the LA for, I believe I still have to pay them a finders fee but want to de-instruct them, as no need for them to do anything for me.

Whats the legal aspect, and how do I de-instruct them the right way please..thanks..Les

You may find that you are tied into a renewal fee with the agent whilst this tenancy continues. If this turns out to be the case, then you should at least be able to change to a reduced find-only fee (my agent charges a smaller percentage for subsequent years if the tenancy continues after the first year), and personally I would just tell the tenant to pay me rent direct via a standing order.