Have sacked my agent!

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    Have sacked my agent!

    Hi All.

    I have just sacked my agent as we weren't happy with them over something, albeit the problem was unrelated to our rental property.

    We currently have some fabulous tenants so will not be signing to another agent but "doing it ourselves". I have to get this sorted out before the next payment is due on 1st July!

    I realise that we have to start again with the tenant and draw up a new contract, but what about the deposit? Does this have to go back to the tenant or can it be transferred to a new holding account?

    Also, I was looking at DPS as I had seen them mentioned on here. The agent has the deposit with Tenancy Deposit Scheme - does anybody know if they are good, and if so would it be easier if I had an account with them? ie could the deposit simply be transferred to an account I control?

    Cheers

    #2
    Nope, the existing tenancy agreement (between you & tenant, unless agent was your tenant & could sublet) continues. No changes needed, tenant does not have to agree to any changes or new agreement.

    Reqest agent transfer deposit to you. Good luck with that. You may wish to protect it, today, before you get it, to avoid claims for non-protection.

    Check agreement with agent (not tenancy agreement) - they may be entitled to continue charging commission.

    Have you instructed tenant to pay you direct? What rent payments does agent hold?
    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
      Thanks for that!

      Have signed up with DPS and will submit the deposit as soon as I receive it. I don't foresee any problems (I hope that's not "famous last words" LOL!)

      Have checked, no they're not.

      I have spoken to tenant to let her know it will be changing and will contact her again today with new standing order instructions. I hadn't done that as the contract with agent said termination was by giving 3 months notice, but they have waived that so got to get my skates on!

      Comment


        #4
        DO NOT get Agent to pay deposit direct to you, it will be unprotected for short time while in transit. (Cf ISA's.)
        Open your DPS a/c and give Agent's Scheme your account details, so money can be transferred direct. You will need to provide T with new PI.

        Are you using DPS custodial or Ins Scheme. Agents often use MyDeposits Ins Scheme.

        Comment


          #5
          Originally posted by mariner View Post
          DO NOT get Agent to pay deposit direct to you, it will be unprotected for short time while in transit. (Cf ISA's.)
          Open your DPS a/c and give Agent's Scheme your account details, so money can be transferred direct. You will need to provide T with new PI.

          Are you using DPS custodial or Ins Scheme. Agents often use MyDeposits Ins Scheme.
          Thanks Mariner. I was going with Custodial, seems easier!!

          Don't quite understand when you say "give Agent's Scheme your account details" The deposit is currently held at TDS and I have the certificate code. I need the money transferred to my DPS custodial account.

          I just tried ringing DPS to get an answer - what a nightmare system!!! And no answer for my question how to transfer the deposit

          Comment


            #6
            You can't move the deposit between two difference protection companies.

            I'd suggest that you put an amount equal to the deposit into your DPS account and protect it against the tenancy.
            Then, when you get the deposit from the agent, keep it.

            I'm a) surprised you managed to end the relationship with the agent so easily and b) can't really see how they're going to get the deposit back without some real messing about (or going via the tenant).
            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


              #7
              Originally posted by jpkeates View Post
              You can't move the deposit between two difference protection companies.

              I'd suggest that you put an amount equal to the deposit into your DPS account and protect it against the tenancy.
              Then, when you get the deposit from the agent, keep it.
              Thanks. I had actually thought about doing that.
              Originally posted by jpkeates View Post
              I'm a) surprised you managed to end the relationship with the agent so easily and b) can't really see how they're going to get the deposit back without some real messing about (or going via the tenant).
              I think that they must have felt a wee bit guilty at the way they had treated me!! Although of course they wouldn't admit any wrong doing.

              hmm, fingers crossed then that we can get the deposit!

              Thanks

              Comment


                #8
                Originally posted by llian View Post

                I realise that we have to start again with the tenant and draw up a new contract
                You realise wrong unfortunately. I would quickly gain an education in "doing it ourselves" otherwise you could come a cropper over other things that you incorrectly realise.
                "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

                What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

                Comment


                  #9
                  Originally posted by Wannadonnadoodah View Post
                  You realise wrong unfortunately. I would quickly gain an education in "doing it ourselves" otherwise you could come a cropper over other things that you incorrectly realise.
                  I found http://www.propertyinvestmentproject.co.uk pretty good to get up to speed quickly.

                  Obviously in addition to reading EVERY post here.

                  Comment


                    #10
                    Thanks Folks.

                    Comment

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