BTL: property self-management after/without Agent

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

    #16
    Originally posted by simhar
    Go DIY with a good software package !!
    Welcome to the 'Advert' forum ( In one way or the other )

    Comment


      #17
      Well I learned one way to market an LA if I ever do that... but I'll make sure you're not around to bust me Colin.
      Now signature free.

      Comment


        #18
        Originally posted by lorenzo View Post
        Well I learned one way to market an LA if I ever do that... but I'll make sure you're not around to bust me Colin.
        They all just get on my do da's.

        Post here pretending to ask for advice, then hey-presto, 5 mins later they have found the answer to there own question and it's wonderful, we should all try it, it's new, cheap, great, etc, etc.

        More damm adverts than Sky TV????????????????

        Comment


          #19
          Originally posted by Colincbayley View Post
          As I said I get it!!!

          Did it take you long to get the website designed?
          HA! I see what you’re doing, who gets the most commission? What does the software do exactly? Since apparently I now work for a letting company (Borat says: “Nuuuuht..”) it might come in handy.

          Ah, what the $%&#@!!! That’s exactly what I meant; there are so many ways of doing things, using all kinds of listing websites, software, reading through a sea of websites and even in forums you cannot avoid self-promotion that does not address what you actually ask for apart form slaging off potential competition or whatever.. At the risk of opening the doors to more advertising are these my only options? I like the idea of the software; can it be combined with listings sites?

          Comment


            #20
            Sacking letting agent

            A member of my family is renting out her house through a local property management company and is extremely dissatisfied with their service; she is however very happy with the tenants who have been in the property for over 2 years now and are currently on a periodic tenancy agreement.

            My questions to you good people are as follows:

            She has no contract with the agent and wants to get rid of them and manage the property herself - how much if any notice does she have to give them ?

            I believe the deposit will not come under the TDS - is she able to get this back from Youngs and hold herself on behalf of the tenant ?

            Are there any template letters that can be used for both the agent and tenant in these circumstances ?

            Many thanks in advance for your help.

            Comment


              #21
              No contract = no notice. Yes she should be able to retrieve the deposit from them.
              Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

              Comment


                #22
                Careful though, if she's got an arrangement with them, then she has a 'contract', even if she doesn't think she has anything on papers. If she's signed a copy of their terms and conditions then they would argue that the Ts & Cs constitute the terms of the contract, particularly if she's been acting in accordance with a lot of the points on the document. Make sure she reads it through carefully, she may find she is supposed to give notice, unless of course they have done something to breach the terms of the 'contract' themselves.

                Comment


                  #23
                  Self-managing my let property after using an agent

                  Hi there

                  I've been reading the forum for a bit but I now just need to ask some questions, please, if anyone has the time to give me some assistance.

                  I own a property, which is let through a local agent, and I would like to end my agreement with them and start to manage it myself. The current tenants want to continue to live there, and the agreement with them through the agent ends in about 7 weeks. I am also in full-time employment as a police officer, and I have no reason to doubt the integrity of my tenant, and as I am paying quite high fees to my agent where they don't seem to do much I was thinking maybe it would make more financial sense if I deal with it myself.

                  So I have a few questions, they are probably really vague but I have to start somewhere and I doubt I will get impartial advice from the agent, but here goes...

                  Do agents normally say 'Oh, ok then', or do they normally require some compensation if you end your agreement with them, but keep the tenant that they found? The only thing I can see in my agreement is that I am supposed to pay them £300 if I don't give them at least two months written notice, but it's quite a vague paragraph about termination. I would be giving them about 7 weeks notice, so what would happen if they decide to stick to that? In any case I would have saved this £300 after about 3 months of the new agreement so it's not a big deal really.

                  Can I use my existing assured tenancy agreement as a template for the new one?

                  Do I need to become a member of the TDS, and is it the £95 membership as an unaffiliated landlord that I should be looking at?

                  Above all, I guess that I would like to know if it's a stupid idea for someone in full-time, sometimes very busy, employment? I think I just kind of resent paying an agent what amounts to quite a large amount of money every month for 'just' collecting the rent and occasionally visiting the property, both of which I could do without much effort. Or am I being really naive, and it's not as easy as it looks?!

                  Thanks very much in advance.

                  Comment


                    #24
                    1. What does your Agreement with Agent (A)- not the AST which is between you and T- say about termination and its consequences, over and above the £300 and two months' Notice provisions?
                    2. Almost certainly, A reserves copyright in its AST Agreement format. You therefore cannot use it afterwards.
                    3. For anyone in a full-time job, self-managing a tenanted property is apt to be tricky; even more so if you have a police job likely to demand non-standard working hours.
                    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                    4. *- Contact info: click on my name (blue-highlight link).

                    Comment


                      #25
                      Originally posted by tef View Post
                      Above all, I guess that I would like to know if it's a stupid idea for someone in full-time, sometimes very busy, employment? I think I just kind of resent paying an agent what amounts to quite a large amount of money every month for 'just' collecting the rent and occasionally visiting the property, both of which I could do without much effort. Or am I being really naive, and it's not as easy as it looks?!
                      No, it isn't as easy as it looks. It is true that many LA's do not seem to do much, but they do (or at least should) keep up to date with new legislation; a major thing to consider these days.

                      You need to consider whether you have time to read and understand all the new laws that our glorious leaders are continually churning out. If you don't, you could end up in trouble.

                      Perhaps first of all you should try negotiating a reduced price with your agent; that way you save some money but they are still responsible for keeping things running smoothly.

                      Regarding two of your other questions: yes, you can use the existing AST as a template for a new one; alternatively you could not bother signing a new one and let the tenancy become periodic. Read up on this.

                      Yes, you will need to register their deposit with a tenancy deposit scheme. There are three --- it sounds like you are just looking at one of them. See here: http://www.direct.gov.uk/en/TenancyDeposit/DG_066391

                      Peter

                      Comment


                        #26
                        Hi Jeffrey

                        Thank for your reply. The termination section of the agreement is pretty vague, but I think it says that I need to pay the agent £300 (this is descibed as being their 'Minimum fee - in case of early termination' on page 1, but in the termination paragraph there is no mention of early termination) if I don't give them two months notice, and I will be about 10 days short as of now because the current agreement ends end of April.

                        In fact, here is the actual text...

                        'This agreement may be terminated by either party by way of two months written notice. The minimum fee applies if on termination the total fees due are less than the Minimum Fee. Where cancellation of this agreement are unavoidable due to circumstances beyond the control of either party, the Minimum Fee will not appl and any pre-payments will be returned to the person entitled to them, less any reasonably incurred to the date of cancellation.'

                        .....so it doesn't mention early termination here, only on the first page with the Scale of Fees.

                        If they found the tenant, who now wishes to stay and is happy for me to administer the tenancy, is this reasonableconduct on my part? Sorry for the potentially dumb question, but I would have expected them to want some kind of kickback if I keep the tenant they found. Or maybe the £300 is covering that?

                        Also, are the agents obliged to give me the gas and electricity safety certificates? I think they have the originals.

                        Thanks

                        Comment


                          #27
                          An thanks to you too, Peter. Yes, I was just looking at the differences between the DPS scheme and the TDSL option. Financially on a 6 month let I think the DPS looks cheaper, but only by about £50 on the amount of deposit I am dealing with when you take the loss of interest with the DPS system into account.

                          Comment


                            #28
                            Why not give notice now but let the tenancy run into periodic until the two months is up? Then you can sign a new agreement, if you so wish.

                            Peter

                            Comment


                              #29
                              Originally posted by tef View Post
                              Hi Jeffrey

                              Thank for your reply. The termination section of the agreement is pretty vague, but I think it says that I need to pay the agent £300 (this is descibed as being their 'Minimum fee - in case of early termination' on page 1, but in the termination paragraph there is no mention of early termination) if I don't give them two months notice, and I will be about 10 days short as of now because the current agreement ends end of April.

                              In fact, here is the actual text...

                              'This agreement may be terminated by either party by way of two months written notice. The minimum fee applies if on termination the total fees due are less than the Minimum Fee. Where cancellation of this agreement are unavoidable due to circumstances beyond the control of either party, the Minimum Fee will not appl and any pre-payments will be returned to the person entitled to them, less any reasonably incurred to the date of cancellation.'

                              .....so it doesn't mention early termination here, only on the first page with the Scale of Fees.

                              If they found the tenant, who now wishes to stay and is happy for me to administer the tenancy, is this reasonableconduct on my part? Sorry for the potentially dumb question, but I would have expected them to want some kind of kickback if I keep the tenant they found. Or maybe the £300 is covering that?

                              Also, are the agents obliged to give me the gas and electricity safety certificates? I think they have the originals.

                              Thanks
                              So they want at least £300 (or, if greater, their total fees), to avoid being out-of-pocket on their work for you.
                              As to the safety certificates, these must be handed-over to you. They were obtained on your behalf and at your expense.
                              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                              4. *- Contact info: click on my name (blue-highlight link).

                              Comment


                                #30
                                You don't mention if your agreement with the agent was let-only or full management. Management can often seem to be money down the drain if your property is in good condition and you have good or better tenants.

                                If you just don't want the agent to manage the property for you, you could still use them or any other agent to just find tenants for you and then you deal with the tenants once they've moved in. A good letting agent can also "sniff" out potential problem tenants before they get anywhere near you and your property, the value of which is incalculable if you have ever experienced a very bad tenant.

                                You'll also want to consider what to do about an inventory and check-in/check-out inspections. Do you have people to maintain the property? I so, how would they get in? Do you trust them?

                                Lots to consider.
                                Last edited by TenantsLuvMe; 10-03-2008, 20:47 PM. Reason: text clarified

                                Comment

                                Latest Activity

                                Collapse

                                • Newbie needing serious advice!
                                  by steeveyboy64
                                  Hi All. I am very new to all of this and need some guidance. I am at the point where I am about to purchase a holiday letting chalet in Lincolnshire. Unfortunately the banana skin has been delivered in that the 3rd party solicitors are indicating that I can NOT use a 3rd party agent platform to advertised...
                                  26-06-2022, 14:15 PM
                                • Reply to Newbie needing serious advice!
                                  by Lawcruncher
                                  Presumably your solicitor has read the documentation. What does he say?
                                  26-06-2022, 21:00 PM
                                • Reply to Newbie needing serious advice!
                                  by Sydaton
                                  If you think they're, "greedy jackals" then why would you want to enter in an investment where your return is linked to their actions?

                                  Also if you know that a customer can go to directholidays and get a chalet for £377, why do you think you can get £600?
                                  26-06-2022, 20:28 PM
                                • Reply to Agent vs Open Rent
                                  by gnvqsos
                                  You can do this yourself. Referencing is a risky thing to delegate.If the process fails it is the landlord who suffers, and the other party has the fees I would do my own requesting at lest evidence about
                                  1.job and pay
                                  2.rent payments historically, and conduct
                                  3.redacted bank statements...
                                  26-06-2022, 05:35 AM
                                • Agent vs Open Rent
                                  by annam222
                                  Hello all,
                                  I wondered if anyone could give me some advice please.
                                  Tenants who have been renting my one bed flat for the past three years have just given notice that they will be moving out. I have used a local agent on a ‘let & rent collection’ basis which has worked well but they...
                                  20-06-2022, 20:07 PM
                                • Reply to Agent vs Open Rent
                                  by Turbine Terry
                                  If you use the Openrent full tenancy creation service (£49 + referencing) they automatically serve the How to Rent guide and all prescribed information for you and protect the deposit, all done by the software (no human to mess it up) and by email and all parties are copied in for proof of service...
                                  22-06-2022, 11:16 AM
                                • Reply to Agent vs Open Rent
                                  by boletus
                                  I'm not. Other online letting agents are available....
                                  22-06-2022, 09:52 AM
                                • Reply to Agent vs Open Rent
                                  by Beswick
                                  Their process is about as simple as they could possibly make it. If you're logging into this forum and posting, it won't be a huge stretch of your abilities to get your property listed on OpenRent.

                                  Yes, I used their referencing service (£20 per person, plus £20 for any guarantor). I...
                                  22-06-2022, 08:19 AM
                                • Reply to Agent vs Open Rent
                                  by Turbine Terry
                                  I am a huge fan of Openrent. There are lots of threads showing users experiences of Openrent on these forums. If you type Openrent into the search box at the top of the page on the main forum home page you will see them.

                                  If you decide not to use Openrent, and so use a traditional agent,...
                                  22-06-2022, 08:08 AM
                                • Reply to Agent vs Open Rent
                                  by annam222
                                  Berwick thank you that’s so helpful! I will definitely do the inventory and great idea on printing and signing the Tenancy Agreement together- I shall do that too.
                                  Does the Open Rent site guide you through the steps of the process? I.e. advertise, meet/accept, reference etc?
                                  Did you use...
                                  22-06-2022, 07:46 AM
                                Working...
                                X