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  • Buy-to-Let

    Letting agents cancellation fees...

    Letting Agents cancellation fees. Whats fair?

    Got a client about to be hammered for leaving another agency - the tenants contract runs out in June. To me it looks like they will argue that if the current tenants (whos contract runs out) are extended with a new contract they are entitled to six months management... Any ideas?

    One clause is:

    [paraphrased] "Landlord shall pay to the agent 10% of the gross rent collected for as long as any tenant or other occupier introduced to the landlord and/or the property by the agent at any earlier date has a legal obligation to pay rent under a tenancy agreement whether concluded by [xxx ltd] or any other party. If at any time during such occupancy by such tenants the landlord wishes to transfer the management of the property to themselves or any other party this shall be on the basis of a fee being payable to [xxx ltd] equivilent to six months management fees"

    and...

    Both parties have the right to terminate the agreement (subject to above) upon giving to the order 2 months notice in writing.

    and

    The agreement and any commission payments due under its item shall continue until the end of any tenancy, whether verbal or written and whether contractoral, periodic or statutory periodic in nature, it will also continue where a tenant or any one of joint tenant or other parties occupying the property was introduced to the landlord and/or the property at any earlier date by the agent has a legal obligation to pay rent under a tenancy agreement whether concluded by [xxx ltd] or any other party.
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    Professional student and residential lettings in Liverpool.
    http://www.topproperty-services.com
    Twitter: @ToppropertyUK
    The contract terms that both parties agreed to is fair.

    By the looks of it - If you are keeping the tenant, you need to pay the Letting Agent that found you the great tenant six months fees.

    Alternatively, give the letting agent and tenant both two months notice. The tenant is required to vacate and you have given the landlord the obligatory notice to end their services. So you can find your own tenant for your client and not pay any other fees.
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