A long-established letting agent has gone bust, leaving more than 200 deposits unprotected and many landlords without tenancy agreements and gas and EPC certificates.
Pendley Estates in Kings Langley, Hertfordshire, was a formerly reputable firm that had been trading since the 1980s, but suddenly closed its doors earlier this month.
One local letting agent says that out of 300 managed properties, only 90 had their deposits protected. He tells LandlordZONE: 'We know this figure adds up to at least �325,000 but it's definitely going to be more.'�
He has also uncovered issues of rent going missing, while some landlords have found out there were no tenancy agreements, gas or EPC certificates.
He adds: 'With those landlords I have taken on, they are going to write their tenants cheques for the deposit and start a new agreement which will close the hole.'�
One landlord, who lost �1,100, is now going through an official deposit protection scheme, knowing he won't get that money back.
'I'm cheesed off, but at least I'm no longer paying Pendley Estates any more commission,'� he tells LandlordZONE. 'I don't think some people realise it's down to the landlord to protect the deposit and I've made sure I've clarified the situation with my other properties.'�
A spokeswoman for the administrator Buchler Phillips Group tells LandlordZONE: 'Once the company is in liquidation, steps will be taken to advise all stakeholders of the position as regard to funds held or deposited in their name.
'At present, we are unable to make any comments as to the recoverability of funds for landlords, tenants, or other creditors. We are aware that certain deposits may not have been protected - this matter will be urgently investigated once a liquidator has been appointed.'�
Belvoir Watford is working with Buchler Philips to take over the management of Pendley Estates' property portfolio.
LandlordZONE has approached Pendley Estates for comment.
Read more about deposits and collapsed property firms.