Early termination of a Management Letting Agreement

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  • Early termination of a Management Letting Agreement

    Hi,

    I am a landlord who used a full management service with a letting agent for my property. Within the middle of a tenancy agreement I have had a bust up with them and they are happy to terminate their services (they increased their mgmt fees during this contract).
    I've decided to manage the property for the remainder of the agreement (4 mths). My issue is how do I claim the security deposit, should I notify the 3rd party holding the deposit or the agent (or both). Should I get the tenant to sign a new AST for the remainder?

    Thanks in advance

    Pat

  • #2
    The AST is and always has been between you and the tenant. The agent acts as the middle man, but the buck stops with you, so the existing agreement still stands and is valid until end of tenancy.

    If the agent protected the deposit, it is likley in one of the insurance based schemes, which require a fee. You will have to ask the particular scheme for their rules on the transfer as each one will no doubt have their own terms and conditions. TBH, I would ask for the funds to be released to you and reprotected yourself with the DPS, as they are free, and you know that the deposit is correctly lodged and no complications at the end of the tenancy. You will also then need to issue the tenant with a new copy of the prescribed information and T&Cs for the DPS, and ensure you keep proof of posting as evidence you have done this.

    Comment


    • #3
      Thank you, I will go down that route.

      Comment

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