Upad no longer accepting new business

by Property 118

11:23 AM, 14th October 2019
About 10 months ago

Upad no longer accepting new business

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Upad no longer accepting new business

One of the Uk’s first online letting agents, Upad has confirmed it will no longer be accepting new business and it’s home page has now been redirected to >> https://www.upad.co.uk/closed.html

The founder of Upad, James Davis, told The Property Industry Eye at the weekend that he recently spent 5 months recovering from an emergency heart operation and had “lost his drive.”

James said to the Eye: “I am going to be taking a break. The last 11 years have been very intense, and I am now looking forward to hanging out with the children and having fun with them. I cannot claw back the lost time I could have spent with them. I started a business at the same as starting a family, which is not ideal. But I am really looking forward to having time with them now.

“When it comes down to it, nothing is as important as your health and your family.”

The homepage states: 

“We regret to inform you that Upad is no longer accepting new business. We would like to thank all our customers for their support over the last ten years.”

“FAQs for landlords

Q: I have an ongoing tenancy administered by Upad. What will happen to my tenant’s deposit?
A: The deposit is protected by a government approved tenancy deposit scheme (TDS). We have transferred all deposits held by us into their custodial scheme.

If you need further information about the deposit, you can access this via the TDS website by entering the tenancy details here https://www.tenancydepositscheme.com/is-my-deposit-protected.html

At the end of the tenancy, you will negotiate any deductions directly with your tenant and then give authority to the deposit scheme administrators for the deposit to be released, subject to the rules of the scheme.

Q: Upad are collecting rent from my tenant. What will happen to that process in future?
A: Any rent already collected by us will be promptly paid over to you on receipt. We hold all client money in a strictly segregated account, separate from our own funds. We will stop collecting rent by direct debit after 10 October 2019 so you should contact your tenant directly to make alternative arrangements for future rents to be paid.

Q: I have paid for a Upad advertising package and haven’t yet found a tenant.
A: We are sorry that we have not been able to find you a tenant. If you have purchased a Upad package since 1 October 2019 then we will be refunding you in due course. If you purchased a Upad package prior to that date, we regret that we cannot offer a refund.

Q: I am in the process of agreeing a tenancy for a new property. What should I do?
A: Please contact the tenant directly to conclude negotiations.”

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Comments

Steve Masters

16:35 PM, 15th October 2019
About 10 months ago

I have 6 direct debits set up through uPad's Rent Manager service.

Their underlying payment processor, Paid and Co have just collected a rent after I received messages that all the direct debit were canceled. It is not clear if the rent will be passed on to uPad or if uPad will pass it on to me.

Understandably, uPad are not responding to any communication but Paid and Co are not answering their phones either. Most worrying.

Anyone else in the same situation? Please share.

Steve Masters

15:40 PM, 16th October 2019
About 10 months ago

Update

Paid and Co got back to me, uPad have said don't collect any more rents and don't pass on any rent already collected to them, return to tenants bank account.

I have already asked all my tenants to cancel their Direct Debits at their bank, but this can take 24-48 hours.

Now I just need to find a new DD provider.


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