New agent not paying landlord

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    New agent not paying landlord

    Folks I wonder if anyone can help me here, I have had the worst few years with my properties, the previous agents filled my properties up with delinquents and refused to pay the full sum, we lost 8 months of declining rents. Then was introduced to a new set of agents who really were impressive and opted for them to deal with the whole portfolio they wanted 4 months rent free so they can clear up the mess the previous agent left us with. They have since missed the first payment to us stating that they are being owed monies and have not yet received all the money. I have chased from the start of the year and they do not reply to my call right away before when they wanted to take the properties on they were always so quick to get back to me and very on point on doing the hand over. It’s now been almost 1 month late and still no payments for for any of the properties they have said on multiple times we will send the money before said dates the dates arrive and still no payment. The contracts have been signed we’ve kept our side of the deal but they have not even started on the right foot. I’m ever so stressed about the whole situation and it just seems one issue after another I still have a whopping mortgage that I’m committed to and have tapped into all my reserves for the payments. What do I do ? Do I give another week ? I am literally at my wits end, I’ve paid lawyers so much money from the previous agents that left and then they left a person in place that had refused to pay so I had to go through courts to have her evicted. It’s such a crap situation. Just looking forward options at this stage. Thank you

    #2
    I'm not sure I understand. Why would the letting agency want 4 months rent free? Is this one of these arrangements where you let the properties to the letting agency and the letting agency then sub-lets the properties to other people?

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      #3
      Hello - No not at all, the Propertys were let out to another agency they had placed tenet s into he properties that would stop paying that agent rent and some other bad actors. These new agents said it will take 4 months to have the properties all sorted out, they will do all that’s necessary to have some of the tenants removed the 4 months rent free was so that had all this in order with a view to pay on the 1st month of January as per agreed on the contract a fixed guaranteed payment every month for all the properties. They are now saying they can’t pay and waiting for payments to clear. We agreed that 4 months should be ample time fir the properties to be back in order with paying tenants and the first payment should be made after the 4th month.

      hole that helps.

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