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Becoming an estate agent is a highly regulated business and there are many legal a compliance issues you will need to adhere to.You should seek professional advice and perhaps buy a franchise so that you can benefit from all their support and training. It would not be advisable for you to start down this road without understanding the very basics, so you should go back to the drawing board and start doing some research into becoming an estate agent. ARLA is a good place to start.
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**
Yes of course I will talk to the landlord and agent. Thanks all of you to give me very good replies. I am really thankful to all of you.
Were you sub-letting on a short term basis or did you let to tenants on ASTs? Was this on a room by room basis? If so, what is happening to those tenants? £150 per month net profit seems a very small margin for taking on such risk of having to pay the rent, council tax, utilities etc, even if you don't get sub-tenants in paying you or the sub-tenants stop paying the rent.I think you have been done a favour by this tenancy being ended!!
And less tax....
It is actually AST 6 months full house with landlord and then me with estate agent full house contract for 1 year. I told estate agent about what happened between me and the landlord that landlord does not want to extend it further 6 months but I told this in month 5. Estate agent threatened me that you pretended to us as a landlord / owner of the property so it is criminal offence. But no one at loss of any kind. I earned profit of £150 for 6 months on top of rent from estate agent and paid rest of the rent to the landlord. Estate agent earned whatever he earned from his own tenants that's I don't know how much he earned in term of profit from his own tenants.
Have you yet spoken to the subtenants - who of course expect to remain in situ for another 7 months?
Or are you leaving that conversation for the EA to deal with?
I assume you have never occupied the rental property personally?
I spoke with EA and told him to talk directly with the LL. If he is happy to continue than you continue with him directly and I do not want to continue this AST with the LL any further. But EA threatened me that Its a criminal offence to show to us that you were a LL/owner, but as you mentioned or others I am now at this point, that my end is alright and it is a breach of contract and no financial loss of either party suffered. I gain £150 pcm profit but EA is also earned a good amount in 6 months and LL got all his rents cleared even he has my deposit.
That overlooks that EA is on sticky wicket trying to evict tenants if property owner refuses to extend your 6 month AST.
I don't care about the sub-tenants as they are not my tenants. EA told that he put their deposit in government deposit scheme. I told him to keep last month rent from tenants with you in case of no deal with LL and pay your tenants deposit back to them at the end of feb-2019 when my AST will expires with LL at the end of feb 2019.
Well it’s not really a fraud. However you are liable to the agent for the fees for the year and your landlord is going to inherit your tenants and will have to see out your tenancy with them.
Given that you are admitting you have lied to the letting agent and your own tenants I find it hard to see how you feel you have done nothing wrong. Your actions are why people are so critical of rent to rent.