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Changing from Agent to Self-managed with same tenant


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Hi folks, I've had my property let for the past 10 months by an agent but I'm considering self-managing (a number of things including poor comms and errors in paperwork have frustrated me).

Does anyone have any advice on pitfalls or things to look out for? The agent found the tenant, did all the necessary checks (they say) and have protected the deposit. How simple should it be to transfer over to me?

House is in a ltd company, recently mortgaged on a BTL product. Tenancy is the standard Scottish form (no specified term).

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  • 1 year later...

Hi - how smooth this transfer goes will be down to how well you get on with the letting agent in my opinion. Check and read through your contract with the letting agent and obey any conditions so that they cannot claim ‘foul play’. The more tricky part will be the deposit transfer, but again, contact the current holder of the deposit in terms of the scheme and ask the question first, then you will be more informed if the agent claims it is not possible. Hope this helps and good luck. Cheers Matt 

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  • 2 months later...

Most agency contracts will have some clause which says if you choose to abandon their services there will be charges, X months rent etc. Obviously they will deter you as much as possible from leaving and losing the income. 

I decided to self manage after various cock-ups by the agent.  I eventually lodged a complaint with them stating at the end that I wanted to terminate their management of the property. I managed to get out of the arrangement without paying anything but the circumstances didnt leave them must room to argue. 

The agent had deposit lodged with the DPS. I already had an account set up with them so it was simple for the agent to transfer the deposit management from their account to mine.  

Property investor ¦ Commercial Finance Broker ¦ Ex banker with 20 years lending experience. 

Commercial Lending Manager at Real Finance Ltd - www.realfinance.co.uk
Happy to discuss any queries regarding property finance for  Company/Complex BTL, HMO, MUB, Holiday Let, Commercial, Bridging & Development.  

kirsty@realfinance.co.uk
07494949852

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  • 1 month later...

Hi,

I'm about to rent out my first BTL and think I'd like to manage it myself, I have the time and will make sure I keep up to date on legal requirements etc. If I had an issue, for example, non-paying tenant, would there be an advantage to having an agent?

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  • 4 weeks later...
On 8/17/2020 at 10:12 PM, lynn said:

Hi,

I'm about to rent out my first BTL and think I'd like to manage it myself, I have the time and will make sure I keep up to date on legal requirements etc. If I had an issue, for example, non-paying tenant, would there be an advantage to having an agent?

Not in my opinion no. In fact from my experience and others, this is normally the time agents let you down the most and tell you it’s something you have to sort out yourself. If you lose or have lost rent try contacting business-loss-prevention.co.uk 

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