Taking over management from agent closed 3 months into contract?

Taking over management from agent closed 3 months into contract?

10:53 AM, 27th November 2017, About 6 years ago 11

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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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Comments

Tim Wragby

22:56 PM, 28th November 2017, About 6 years ago

Further to the above - if your agent sorted the tenancy agreement properly there will be no need to change the existing agreement and if you are within 6 months you would not be able to remove your tenants as they are protected under law.
If you are not happy that the agent has done it all correctly then you may want to try and get your tenants to start over and get your tenacy back on track. Sadly if your tenants refuse and are aware that the agents did it wrong then they could use this to their advantage. Fortunately this is a rare occurrence in my experience & most tenants will appreciate it knowing that the landlord want the tenancy to be managed properly

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