Updating post from Reddit.
Hi all!
I have an agency who manages my tenant at an extortionate cost that I would like to break my contract with. They have agreed to let me out of the contract for £500, but have also shared this.
“It is also not just as simple as us just not managing the property anymore. There are processes that need to be followed, we would have to deregister the deposit and pay it back to the tenant, you would then need to organise him paying it to you and you would need to register it in a deposit protection scheme. We also do not know exactly what the renters reform bill will enforce and what will be required of either agents or landlords, they have said that all private landlords will need to register on the private rented sector database. We feel it would be much better for us to continue to manage the tenancy until it is clear what all the new legislation will be.”
Is this just a scare tactic to keep me? Is this a dangerous time for me to manage my tenant myself? Also, can someone recommend a good contract? First time managing myself.
Thanks
We left a terrible letting agency and moved to directly renting to the tenants. We provided details of our deposit protection scheme account to the letting agency and they transferred the deposit across into our account. There was also a signed letter from the tenants authorising the deposit move. The first thing we did before making the move was join NRLA and we used their basic tenancy agreement as a template. There’s a lot of stuff that you need to have in place re paperwork so do your reading and make sure all your certificates are up to date.
Total scare tactic.
None of that is a problem. It is SUPER simple to transfer a deposit directly from one agency/landlord/scheme to another.
Set up an account with TDS and you’ll see it’s literally like a two minute job if that.
The total impact of the RRB is kind of unknown to everyone. If you are taking over the management it has NO impact on them whatsoever.
You’re the one that would have to register… they’d be clear of any responsibility.
They’re being idiots trying to keep you.
EDIT: Just to echo the other poster too… make sure you have records of all certificates and know and understand your responsibilities if you are going to self-manage. Also join the NRLA and use their helpline if you need to. They’re great!
There is a LOT to be across but if you are organised, keep meticulous records, can remain professional and are capable of getting your head round all compliance it’s very worthwhile. I’ve always self-managed and I enjoy it, even the tough parts!, but it’s not for everyone!
The are just squeezing more months rent out of you while they can. Are you familiar with what it means to be a independant landlord? You have to be on top of your game paperwork and rights etc, cannot be flippant about it
I wouldn't be surprised to hear that some small lettings agents are in dire straights. The number of small landlords is going down, with the buy to let brigade being squeezed especially. A lot of small agents simply won't have enough landlords to keep going.
I recently enquired about two houses with the same agent. It turned out neither were actually available.