Taking over management from agent closed 3 months into contract?

I have been very unfortunate to have trusted an agency to manage my property who has shut down 3 months into a 6-month management contract.

I have a tenant in situ at my property and they are keen to stay long term. I now need to take over and manage this property myself. I know I can give it to another agency to manage, but I have lost my confidence after what happened and would prefer to manage myself. The tenant would also prefer me to manage as the last agency never responded to them, nor notified me of anything they requested.

Everything I have searched on the internet regarding the topic of “taking over management of my property” has been geared towards the legalities and obstacles one would face having to terminate the contract and make a new one, and how the agency will fight them in court etc. Clearly this is the wrong route for me as the agent does not care what I do as they have shut down.

I would really appreciate if somebody with knowledge could clarify the following points for me:

1 – Do I have to make a new contract with the tenant?

I have been told by some that I do, and others there’s no point as I could just leave the old contract as it is rolling and the agency are gone. Also all checks etc have been done by the agent previously so no point having to go through everything again?

2 – What happens with the deposit?

The deposit is currently held in a deposit scheme which the agent sorted out (depositprotection.com). I have been told that I need to register with them and then transfer to my name? Any direction as to the proper way to do this would be much appreciated. Considering this would be based on either creating a new contract OR keep existing as mentioned in point 1 above.

3 – Apart from the 2 points above is there anything else important which I have missed?

I am new to this so I’m doing whatever I can based on what I read and learn from others. Any guidance as to anything I have missed would be much appreciated.

Many thanks

Mike

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