Letting agent withdrawal fees?

by Readers Question

12:01 AM, 5th July 2024, 2 years ago 6

Categories:

Landlord News Landlords Questions Lettings & Management

Hi, I am torn whether to throw the towel in with my agent and letting? I’ve not had a great experience to be honest.

My tenant has expressed leaving early from a fixed term. Not sure whether this would be a good time to also withdraw from my agent and maybe self manage or sell?

I think some breathing space is needed, after such a stressful few months from not only the tenant but agent too.

The letting’s terms and conditions are unclear regarding whether I still need to pay the withdrawal fee of nearly £1,000 under these circumstances. I am considering switching from fully managed to tenant find once this tenant leaves, but given my current concerns about the tenant, I am not confident in their vetting process.

Anyone been through a similar experience please?

Thank you,

Alison

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Tags: Landlord advice, Landlord Challenges, Landlord Stress, Landlord Withdrawal Fee, letting agent issues, Lettings Terms and Conditions, Property investment, Property Letting Experience, Property Management Decisions, Property Self-Management, property selling, Real Estate Decisions, rental property management, self managing property, Switching Letting Agents, Tenant Find Service., Tenant Leaving Early, Tenant Management, Tenant Vetting Concerns, Withdrawal Fee

Comments

Nikki Palmer

Member Since March 2015 - Comments: 124

1:04 PM, 5th July 2024, About 2 years ago

I think perhaps more information is needed to anwer that one as you have not made it clear why your tenant is wanting to leave early? Is this as a result of your managing agent and their actions or inactions?

I would not necessarily recommend not having an agent manage a tenant but then it depends on your circumstances and knowledge regarding managing people and property.

I never quite understand though, assuming your agent has mismanaged this, that they can then request you pay them to stop doing something badly…………..

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Alison Clark Read Full Bio

Member Since April 2024 - Comments: 284

2:12 PM, 5th July 2024, About 2 years ago

Reply to the comment left by Nikki Palmer at 05/07/2024 – 13:04
Hi Nikki.

The tenant is saying the property inside and out is too small. This is a solo tenancy. Although, there are children around when I’ve been to the property and a dog was recently rehomed after I refused permission. It’s a 2 bed town house.

There is an exit fee with the agent if I decided to leave however, as it’s the tenant asking to leave and break the contract I am unsure if the fee still applies?

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PH

Member Since May 2021 - Comments: 392

7:13 PM, 5th July 2024, About 2 years ago

I don’t see how the fee can still apply. If you’re unhappy with the agent and the tennant wants to leave then let the tenant leave which effectively ends your contract with the agent with no fee outstanding . It’s not you that’s ending the contract it’s the tennant.
Open Rent are well recommended for finding tenants and doing all the necessary checks etc which is good if you can manage afterwards otherwise find another agent but check on their withdrawal fees before signing up.

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Alison Clark Read Full Bio

Member Since April 2024 - Comments: 284

7:43 PM, 5th July 2024, About 2 years ago

Reply to the comment left by PH at 05/07/2024 – 19:13

Thank you PH. That was my thinking, but I wasn’t sure. I will take my T&C with me and have a meeting with the agent. Yes I’ve heard Open rent are really good!!

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PH

Member Since May 2021 - Comments: 392

7:49 PM, 5th July 2024, About 2 years ago

Reply to the comment left by Alison Clark at 05/07/2024 – 19:43
Look up ‘consumer rights’ as a private landlord regarding contracts with agents. As a lone LL (ie,not a company) you have consumer rights protection against unfair contracts.

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Alison Clark Read Full Bio

Member Since April 2024 - Comments: 284

7:54 PM, 5th July 2024, About 2 years ago

Reply to the comment left by PH at 05/07/2024 – 19:49
Thank you. I will.

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