Letting Agent sold his business!

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Letting Agent sold his business!

    Hi all, i'm a residential landlord and currently use a local letting agency that has around 6 branches. I recently received a letter from the MD saying that he's transferred all his shares of the business to another company . So in effect he's decided to sell up.
    My question is, do i still need to give the agency 6 months notice to dispense with their services, or do i have the right to cancel straight away as my contract was with them, and not the new company taking over the reins??

    #2
    So the company you contracted with continues, but ownership changed?

    What does your contract or terms say about change of ownership? Can't read it from here
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      If the company no longer exists, you have no contract with anyone

      You might need to take this on with the new company who is taking over

      Comment


        #4
        Originally posted by theartfullodger View Post
        So the company you contracted with continues, but ownership changed?

        What does your contract or terms say about change of ownership? Can't read it from here
        No the company is being sold to a new, already established, much larger letting agency. I've been with this current agency for years, so god knows where the original contract is, sorry!

        Comment


          #5
          I would
          a) Say you believe you have no contract with the original company or with them. Could they kindly send you a copy of the contract if there is one. Chances are they will not find a contract (in which case walk away), or if they find one you will see what it says.
          b) As above there is a big difference between a client list that has been sold, and a company which has been sold and which continues to operate as that company and in that original name unchanged. If the former, the contract is void (unless you wish to renegotiate it)

          Comment


            #6
            Originally posted by Grafton View Post

            No the company is being sold to a new, already established, much larger letting agency. I've been with this current agency for years, so god knows where the original contract is, sorry!
            Understand that, great: But I'm trying to understand, does the agency wish to continue managing your properties under the existing (old) company name, or under the new company. Companies frequently own many other companies which then deal with their clients under their own names (When I worked with BP in the 1980s the list in reception went to at least 4 boards. My point is you clearly have a relationship with the existing company, probably not with the owner of the existing company, but there may be clause about change of ownership.
            I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

            Comment


              #7
              I see your point. I'm going to ask my contact at the agency whether they're closing their office and moving us landlords to the new company. Or if things are staying the same and it's just the company shares that are being transferred.

              Will keep you posted!

              Many thanks

              Comment


                #8
                If the MD has "transferred" his shares in the company to another company, the company still exists, it's just owned by someone else.
                If your contract has a clause that covers what happens if the ownership of the company changes a) it would tell you what the consequences are and b) I would be astonished.

                Your agreement with the company is almost certainly one of the things that the purchaser has bought.
                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                Comment


                  #9
                  Purple Bricks made this mistake. They did not get all the landlords to sign agreements with the new owning company, personally I would not be happy at being "sold" to someone else.
                  James Lindsey

                  Liverpool

                  Comment


                    #10
                    My agent sold his business to another agent. In the few weeks between this happening and me being asked to sign another contract there were issues that left me unhappy with the new agent, so I refused to sign the new contract and asked them to switch all management details / keys / paperwork to a new agent of my choice.

                    It all went through pretty smoothly and I anded up with the agent of my choice. Any decent agency will not try to hang on to unhappy clients.

                    Good luck

                    Comment


                      #11
                      Sorry to all for delay in replying.
                      I've spoken to my agent and struck a deal whereby if i'm not happy with the new takeover company after 3 months, I can leave with a months notice, as opposed to 6 months as stated in my original contract. We'll see!

                      Comment


                        #12
                        In writing?
                        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

                        Comment


                          #13
                          I've spoken to my agent and struck a deal whereby if i'm not happy with the new takeover company after 3 months, I can leave with a months notice, as opposed to 6 months as stated in my original contract.

                          I had an agent sell up. The owner would run everything and was very good at their job. The new agent was a large faceless organisation. All their processes and procedures are different.

                          You could give them a chance, but 3 months is too soon, to find out if the agency is any good or not. The MD would have sold up on the basis he got the best price for his business, not on the basis they are the best agent in the area.

                          Does the MD retain a stake in the new business?

                          You will probably not see many changes in the beginning, so the 3 month is too short a time to find out if you want to stick with them or not. The new agency will have their own processes. Will the staff you know, be happy with the new organisation? Will the tenants be happy with the new agency? What about the tradesmen they use?


                          You need to evaluate this agency, as if are instructing them from new. Get a copy of their terms and conditions and see how they work.

                          ​​​​​​​

                          Comment


                            #14
                            Originally posted by theartfullodger View Post
                            In writing?
                            No not got it in writing, but i think i can trust my old agent to keep their word. Unless she leaves before i do!

                            Comment


                              #15
                              Flashback1966,

                              The MD has sold up and is probably on a yacht in the Caribbean by now. If the tenants have an issue, they call me first! Pointless having an agent really, unless i start having rent issues...

                              Comment

                              Latest Activity

                              Collapse

                              Working...
                              X