Golden Handcuffs?Make Text Bigger
I have 3 flats in the West Midlands area which are managed for me under “full management” by “Shoddy Ltd”.
I would like to appoint a new managing agent and hence would like to terminate Shoddy Ltd’s services. When I informed Shoddy Ltd, they advised me that they had changed their terms and conditions the previous year. The result, they explained, was that although I could change agents, Shoddy Ltd would still be entitled to the full management fee as long as the tenant remains the same.
When I looked at the detail of the contracts related to the current tenants, I could see that one of the flats contracts does have a clause to this effect. Clearly now, I wish I hadn’t signed that contract.
The contracts for the other 2 flats are very old and do not have such a clause. Shoddy Ltd advises me that their terms and conditions take effect for all properties, irrelevant of the contracts signed.
Has anyone else been held ransom by Golden Handcuffs?
What is the normal procedure to get out of such a contract / terms and conditions?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.