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A letting agent I use has gone into liquidation owing me 2 months rent and due to receive more. Can anyone offer any advice as to what I can do?
Hi Rob,You need to check whether they were a member of a client money protection scheme. If they were, you will be able to re-claim your money from the scheme.If they were ARLA, NALS, RICS, or Law Society, they will have client money protection in place. If they have a SAFEagent badge, they will also have CMP in place.If they don't have CMP in place, then there is very little you can do.If there is any concern that they have been using rents to fund their business or lifestyle, then you should contact Trading Standards and the police.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Also make sure you get in touch with your tenants to make sure they don't pay any more rent to the LA - get them to send it to your own bank account.
If a ltd co I would expect an Insolvency Practitioner to be appointed, you should register your details with them and may have an opportunity to attend the winding up meeting and get some answers to what has happened.
Thanks everyone. Unfortunately it is not part of any scheme but is a limited company. I doubt there will be much left but I will try my luck
It goes without saying, but choose your next one more carefully.
Wholly segregated client funds are an absolute must
As others have said previously, if you suspect that your rent has been used to fund the general operations of the business or, worse, taken by Directors, you should raise this with the Insolvency people, TS and the Police, very quickly
A reminder of how to find a reputable lettings agent:How to vet a lettings agent ... 12 questions to ask
It defies belief that there are still idiot LL out there that use LA without ensuring the relevant protections are in place
We all obsess about ensuring we source decent tenants, but it seems many LL do not consider the efficacy of the LA they may choose to use.
This seems barmy to me as a LA can just as easily run off with rent and deposit monies unless being subscribed to the various schemes
With S24 about to cause havoc many LA may well be forced to go out of business as LL are forced to stop using them due to the burden of S24 etc.
It has surely come to the time when no longer can LA be allowed to operate without being subscribed to these various schemes.
LL as well as tenants are vulnerable to these criminal LA.
A dodgy LA can just as easily destroy a LL as a dodgy tenant.
It never ceases to amaze me whenever a LA does a runner the number of LL affected
Surely DD on your LA should you so choose to use one should be of utmost consideration to the LL.
I have heard this story so many times I have run out of any sympathy for the idiot LL that are stitched up by these criminal LA
About time LL bucked their ideas up and choose an appropriate LA that can't affect their business if they do a runner.
It surprises me that without knowing anything about me and very little about the circumstances someone chooses to characterise me as an "idiot". I wonder whether you would be quite so candid in person when you are not hiding behind the safety of a computer screen. If you choose to respond to this that is up to you but this will be my first and last dialogue with you
Any LL that chooses to use a LA not complying with the best practice as Vanessa has stated is an idiot.
If that is you then yes you are an idiot.
We all make make idiotic business decisions occasionally.
You will suffer because of your idiocy regarding your LA.
Hopefully you will be able to recover your stolen monies from this criminal LA
You just need to accept you have been an idiot and change your future business methodology.
Of course I have every sympathy for you being ripped off by this criminal.
But it is clear you didn't know what you were doing when you took on this LA
I have been an idiot on occasion, but I recognised my idiocy and vowed to change my practices.
You seem to be in denial that ultimately it is you that has caused your detriment
You have been an idiot!!
We LL need to realise that we don't know it all and consequently we can make some idiotic decisions.
You have made one by choosing a LA who did not conform to best practice.
I don't need to know you to understand you made an idiotic decision.
Just accept it and undertake not to be caught out again by following the excellent advice of Vanessa.
I sincerely hope you manage to receive full recompense for the actions of your criminal LA.
But you must accept that had you followed the advice of Vanessa it is highly unlikely you would have made the idiotic decision to use the LA you did.
Yours is a salutary case that other LL need to be fully cognisant off.
Indeed those LL would do well to check whether their LA is fully compliant with all the advices of Vanessa.
If not they should change LA like yesterday!
As far as being candid
I would do so face to face anytime.
The issue here is that we LL need to protect each other and my motivation as far as you are concerned is to ensure that you are not ripped off again.
You are carrying on a viable business and should not be affected by the actions of a criminal LA
So actually it is yours and other LL best interests that I am concerned about.
I don't want you or any other LL ripped off by criminal LA
So I say to LL stop making idiotic decisions to use LA that do not conform to best practice.
Calm down Paul. Give the guy a break. I think he gets that he screwed up. Your comments don't add to the debate. We will all get ripped off at some thing at some point in our lives where others would have avoided it. We live and learn. Just dont keep repeating those mistakes. You make some good points it's just a shame that they get lost in the vitriol.