How long can an agent hold onto rent before paying it to the landlord

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

    How long can an agent hold onto rent before paying it to the landlord

    Hi all, just a quick one... I rent out a property through an agent in Wales. They receive the rent from the tenant on our behalf on the 1st of every month (or nearest working day to the 1st) without fail. However the agent pays us whenever they feel like it so it seams. 22nd, 20th, 22nd, 13th looking at the previous 4 months statements.

    Are they allowed to hold onto the rent for such a long time, are the rules that apply stating how quickly the rent needs to leave their accounts...

    I guess I need to know if what they are doing is wrong before I make the complaint and attempt to get the rent in quicker.

    Thank you in advance

    #2
    This is something that should be specified in your contract with them.
    If it is not, then obviously they should transfer the money as soon as possible and if you're not happy you should discuss the issue with them.

    Remember that in the worst case you can tell the tenant to pay you directly...

    Comment


      #3
      I agree - there should be something in the contract that says when the funds will be paid to you. If the funds are taking that long to hit your account then you need to get on to it - a BACS transfer takes max 3 days. Have you spoken to the agent? it might be that the tenant is not paying them on time.

      Comment


        #4
        I think it depends on the agent. I have heard of some that only pay landlords on certain days but even if this is the case it should be made clear in the T&C's you signed with the agent.

        If not write to the agent and threaten to take the management elsewhere unless you are paid within 5 days of the rent due date. (provided of course the tenant has paid)

        Comment


          #5
          We are assuming there is a written and signed T & C, because there doesn't have to be one of course, and without, the agent can do just what they like.
          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


            #6
            And I guess if there isn't the landlord isn't tied into any notice period and can take his business elsewhere.

            Comment


              #7
              Originally posted by Paul_f View Post
              We are assuming there is a written and signed T & C, because there doesn't have to be one of course, and without, the agent can do just what they like.
              I do not think we can go so far as to say the agent can do what he likes. There has to be an implied obligation to pay within a reasonable time of receipt, allowance being made for funds being cleared where necessary - though does anyone still pay by cheque? These days you do not have to wait for receipt of paper bank statements to know what payments have been made into your account - you can check online every day. If an agent is checking online everyday to see if tenants have paid then it is surely not that much trouble whilst online to make payments. However, it would not be unreasonable for an agent to do his checking once a week. Bearing that in mind I would say that these days two weeks is a reasonable period. Any agent hanging on to funds longer needs, I think, to justify it.

              Comment


                #8
                Sorry my reply was somewhat flippant in that no written terms leaves the landlord open to a certain amount of exploitation by an agent.
                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


                  #9
                  Originally posted by Paul_f View Post
                  Sorry my reply was somewhat flippant in that no written terms leaves the landlord open to a certain amount of exploitation by an agent.
                  To which I would add that even written terms do not prevent exploitation!

                  Comment


                    #10
                    I manage a some commercial properties for a few landlords. In each case, rather than have the tenants pay me, I require all payments to be made in favour of the landlord so I can bank cheques on receipt, or for the rents to be paid direct into the client's bank account. I can then invoice the clients for my fees whenever I like, without the client having to be kept waiting for the actual rents.

                    Comment

                    Latest Activity

                    Collapse

                    Working...
                    X