Landlords urged to read Estate Agent contracts
Buy-to-let landlords in the UK should ensure that they carefully read estate agents' contracts before signing anything, one expert has advised...
Tom Entwistle, director at LandlordZONE, said that the onus is on the landlords to make sure that they are aware of what they are agreeing to.
His comments come in response to a recent Office of Fair Trading (OFT) ruling against Foxtons estate agents, which found that the company's renewal commission terms were "not transparent" and "unfair".
The OFT has said that this ruling should act as a warning to other agents who may be charging incorrect fees to landlords.
Mr Entwistle commented that such a move is a "welcome development" for landlords.
"It is patently unfair to hide onerous conditions and charges in the small print of contracts," he added.
David Salusbury, chairman of the National Landlords Association, responded to the ruling by calling for letting agent renewal fees to be scrapped altogether.