Unfair Rent Collection Charge by Agent

Landlord Expert
By Landlord Expert June 9, 2013 16:16

In 2007 I set up a "Letting & Rent Collection" agreement with an agent for a 12.5% p.a. fee. The same tenant is still in occupation after over 6 years and the only service I receive from the agent is an automated collection of the monthly rent and a renewal notice of the lease for which both I and the tenant are charged an additional fee. I have asked the agent if I could take over the rent collection myself as I have a trusting personal relationship with the tenant and the administration is negligible. I am quite happy to pay what amounts to a reasonable fee for finding the tenant but NOT the £1100+ each year for a minimal service.
They claim that they can charge the full fee for the ENTIRE period during which this tenant remains in the property as the continuous nature of this fee is a "Standard throughout the Industry." This seems very unreasonable to me. Do I have any way out?

Landlord Expert
By Landlord Expert June 9, 2013 16:16

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