help / advice on letting

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    help / advice on letting

    Hi there,

    Thank you in advance for any help received and I am a complete newbie as a landlord.

    I have a few properties with a well know estate agent and they found tenants for me and set up six month Assured Shorthand Tenancy Agreements that then went onto a rolling monthly contract and took the deposits which are with DPS; the estate agents were collecting the rent for me for a fee.

    The questions I please have are :-

    1) do compete new tenancy agreements for the same tenants have to be set up as I will now be collecting the rent?
    2) does it have to go onto a new six monthly tenancy agreement or can a monthly contract be created for the same tenants?
    3) Do I have to take control of the deposits from DPS?
    4) What do i need to get from the estate agents, the old tenancy agreements? do i need to get all the credit checks from them? anything else please i need?

    Thank you for reading...





    #2
    1. You only need to inform the T's of how to make the new payments, it would be better if the agent informs them so it doesn't seem dodgy.

    2. No you can have it be kept on a periodic basis as the original terms and conditions of the tenancy still apply automatically.

    3. Yes, the agents should transfer these to you.

    4. You should have obtained the reference details a copy of tenancy before the T's moved in, otherwise you didn't check anything and approved it based on what the agent told you.

    Before you do anything, read any agreement you may have with the agent, as you may be liable to some fee.

    Comment


      #3
      First of all, you should read your contract with the letting agent.
      They're all different, but taking over an existing tenancy and excluding the agent is likely to be difficult/expensive/impossible.

      1 - No. Unless the agent is shown on the tenancy agreement as landlord or tenant. You may need to write to the tenants explaining the differences if the agreements reference the agent for some reason. The tenants don't have to agree to sign anything.
      2 - Either.
      3 - Yes, you would have to take control of the deposits.
      4 - You need a whole load of stuff, and some of it they won't be able to or won't want to give you (eg. the referencing stuff). Are you sure that you've considered what you're doing?
      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


        #4
        Thank you both of your replies and time.

        I have had a chat with the estate agents and if i go down this road for a small fee they would redo the tenancy agreements and let me out of the contract with them (as they said there named on the existing tenancy agreements as it shows there banking details for collecting the rent) the estate agents would get the tenants to sign the new tenancy agreements and then sent over the deposits held with DPS once i have set up an account there.

        The estate agents are going to sent me over all three of the existing tenancy agreements and a copy of the new ones if / when there done.

        Originally posted by jpkeates View Post
        Are you sure that you've considered what you're doing?
        To be honest no, as I thought it was a straight forward thing to do; I thought as the tenants look like there going to be staying at the properties for a long time it would save on estate agents fees, the cost of redoing the above would be the same as one monthly fee give or take.

        Given the above does this seem like a bad idea for a newbie like me?

        thank you again for Your time and help...





        Comment


          #5
          Yes, its a bad idea until you know what you're doing. There are many things that could go wrong and you could lose a lot of money, or even your liberty, (some mistakes carry a custodial sentence).

          I would suggest you join the NRLA and do their foundation training course. Also read as much as you can about the requirements of being a landlord. Until you've done all that, you had better leave the tenancy with the agent.

          Comment


            #6
            Sorry I forgot to ask and following on from the above, I would be asking for a copy of the tenancy agreements, a copy of the references that I paid for and that were done for me...

            What else should I be asking for from the estate agents?

            thank you very much in advance for any help received...


            Comment


              #7
              It seems like the agents are helpful, I would just ask them to manage the tenancy until you learn how to be a LL incl. all compliance aspects. You've got a relaxed situation where you don't really have to worry much or phones at strange hours of the day or night with issues, so for this peace of mind I would let them carry on doing it, but that's just my opinion.

              Comment


                #8
                Hi Ash and all,

                Thank you for your reply and time, after doing a bit of research today I am hoping the agents will make an amendment to the existing tenancy agreement as i believe this can be done? if the tenants agree which after speaking to them I'm sure they will as the rent is low and i have full renovated the properties and find minor issues (removing them as the managing agents) and showing me as collecting the rent (I am going the receive a copy of the tenancy agreement and the inventory this week so i can see to what detail the estate agents are on the agreement) the estate agents said a new tenancy agreement will be needed (i have asked for an amendment to be made tonight).

                I believe they would have given the tenants a copy of the below and got proof they have been received :-

                gas cert
                electrical cert
                epc cert
                details of the deposit scheme
                my contacts details
                standing order details
                how to rent guide
                a copy of the inventory for the property
                details of the smoke and carbon monoxide alarms

                unsure if there is more things to be issued?

                If a new tenancy agreement is created instead of an amendment being made; will I have to issue all the above documents again and get proof they have been received?

                I am hoping i can use what the agents did when they set up the tenancies at the start and just make the amendment.

                As its only a rent collection service they are doing for me, I get all the calls from the tenants the estate agents passed my phone number to all the tenants and they all have contacted me with there issues (which I have fixed straight away).

                Sorry for the long reply and I'm still in to minds but all they are doing is collecting the rent and the passing it on to me and it would be a saving of a few hundred pound a month.

                Any thought would be very much appreciated...

                Comment


                  #9
                  Forgot to say the properties are rented unfurnished...

                  thank you

                  Comment


                    #10
                    I really would be grateful if someone could please comment on my above post ;-

                    1) Can you make an amendment to the existing tenancy agreement removing the estate agents as managing agents?

                    2) if the estate agents will not amend the existing agreement and still say a new tenancy agreement is needed will these items need to be reissued (given its the same Tennant in the properties and nothing else is changing apart form me wanting to collect the rent)?

                    gas cert
                    electrical cert
                    epc cert
                    details of the deposit scheme
                    my contacts details
                    standing order details
                    how to rent guide
                    a copy of the inventory for the property
                    details of the smoke and carbon monoxide alarms

                    3) are there any other items that need to be issued on a unfurnished domestic home (not a hmo).

                    Many thank for any help received...







                    Comment


                      #11
                      Is any please able to advise on the above?

                      Comment

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