LA Renewal Fee

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    LA Renewal Fee

    Hi all

    I'm a LL, tenants have been in for 2 years, found via a LA on the introduction fee only (I deal with any maintenance etc) I renewed it last year and paid the introduction 10% fee again (!). It's up for renewal and I've jsut recieved a 'the current Tenancey Agreement is due to terminate 30 Septemebr 2011' letter.

    I'm in rented myself, my landlord ditched his LA on when it was renewed after 12 months, so did not have to pay the 10% fee again.

    Of course I'd like to do that, can I? the tenants are happy to stay.

    appreciate any advice

    Thanks

    #2
    RTFC. It means read the..........contract! Plenty of threads on this subject as per the bottom of the page for starters. I think you can probably terminate the agent's agreement but see what the notice period is in your terms of business. Your local Trading Standards Office might be interested to read it and give you an interpretation.
    The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

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      #3
      ...also RTFC BEFORE you sign next time - not 2 yrs after wards !
      A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
      W.Churchill

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        #4
        Originally posted by Rodent1 View Post
        ...also RTFC BEFORE you sign next time - not 2 yrs after wards !
        Yes, but circumstances change.

        We got our tenant in five years ago, via a LA. We paid the introduction fee + full management, as we wanted to be hands off and wouldn't be living anywhere nearby.

        The same tenant has been in for five years. Now we're looking for ways to save money, and we're living nearer the property, I'd really like to set up an AST direct with the tenant and look after rent collection and management myself. But the introduction fee (7.5%) is payable for as long as the same tenant is in the property.

        You're right, we should have RTFC with the possibility of our circumstances changing in mind. But at the same time, there didn't really seem to be any other option - market the property ourselves, with absolutely no experience or know-how? I didn't like the clause, but didn't see a choice (both agents we looked at had it, so it seemed "standard"... is it not?).

        Matthew

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          #5
          Originally posted by Rodent1 View Post
          ...also RTFC BEFORE you sign next time - not 2 yrs after wards !
          These posts are not 2 years old, but recent. My last post was in June 2013 so there was something wrong with the site at the time, and the dates are wrong. Your own post is dated 5th August 2011.
          The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

          Comment

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