Hi
I've got a bit of a problem and would like some advice from anyone with a little knowledge on the area.
I've had my property let with a letting agent for almost a year now. They've taken their introduction fee and their partial management fee for the past 10 months. The tenants have been great, rent on time every month. But the agent have done nothing but charge me money, without doing much work for me to justify taking such a large sum.
However, now, I have spoken with the tenants who would like to stay on. But I've also found out that the agent charge a renewal fee identical to the original introduction fee of 10%.
For me this comes to £3000. £3000, for doing nothing.
They arent introducing anyone new so I just can't see how they can justify charging the same amount.
The original introduction fee I have no problem paying. I'm using their marketing resources and referencing system to get good reliable tenants into my property.
Some may agree with the renewal fee matching the introduction fee. But I'm not here to debate this.
Unfortunately, this is in the contract that I signed last year. I know this is pretty much standard practice with letting agents so I don't feel like going anywhere else would benefit me.
So I'm obligated to pay if the same tenants stay on with the same agent in charge.
However. I have noticed a little loophole in the wording on the contract.
I don't have it with me at work but it goes a little like this:
"Should the tenant(s) who originally signed the tenancy agreement sign any other agreement of contract to reside in the property within 12 months of [LETTING AGENTS] end of contract or vacating of the property. The same introductory rate will apply."
So, in other words, if I take them on on my own, I still have to pay the rate. Which seems ludicrous to me.
The loophole I mention, involves the wording, and a fortunate bit of luck for me.
There are only 3 names on the agreement, but 5 people at the property.
I could convince the other 2 people who aren't on the original agreement to sign an agreement with me for residing at the property.
Would this be a way to get around the agents policy?
I'd really love some advice or alternatives on how to escape being charged a silly amount of money for literally nothing being done.
If the rate were 5% I might consider paying and carrying on, but it isnt!
Thanks for any help.
-g
I've got a bit of a problem and would like some advice from anyone with a little knowledge on the area.
I've had my property let with a letting agent for almost a year now. They've taken their introduction fee and their partial management fee for the past 10 months. The tenants have been great, rent on time every month. But the agent have done nothing but charge me money, without doing much work for me to justify taking such a large sum.
However, now, I have spoken with the tenants who would like to stay on. But I've also found out that the agent charge a renewal fee identical to the original introduction fee of 10%.
For me this comes to £3000. £3000, for doing nothing.
They arent introducing anyone new so I just can't see how they can justify charging the same amount.
The original introduction fee I have no problem paying. I'm using their marketing resources and referencing system to get good reliable tenants into my property.
Some may agree with the renewal fee matching the introduction fee. But I'm not here to debate this.
Unfortunately, this is in the contract that I signed last year. I know this is pretty much standard practice with letting agents so I don't feel like going anywhere else would benefit me.
So I'm obligated to pay if the same tenants stay on with the same agent in charge.
However. I have noticed a little loophole in the wording on the contract.
I don't have it with me at work but it goes a little like this:
"Should the tenant(s) who originally signed the tenancy agreement sign any other agreement of contract to reside in the property within 12 months of [LETTING AGENTS] end of contract or vacating of the property. The same introductory rate will apply."
So, in other words, if I take them on on my own, I still have to pay the rate. Which seems ludicrous to me.
The loophole I mention, involves the wording, and a fortunate bit of luck for me.
There are only 3 names on the agreement, but 5 people at the property.
I could convince the other 2 people who aren't on the original agreement to sign an agreement with me for residing at the property.
Would this be a way to get around the agents policy?
I'd really love some advice or alternatives on how to escape being charged a silly amount of money for literally nothing being done.
If the rate were 5% I might consider paying and carrying on, but it isnt!
Thanks for any help.
-g
