Many landlords in London and the South East continue to be charged fees of around 11 per cent for renewing properties on a let only basis.
Over 70 per cent of landlords consider this renewal fee to be unfair and not a true reflection of the work actually undertaken. It is a regional anomaly - a problem unique to London and the South-East. Most letting agents in other areas of the UK will not make any additional charges for a let only rental property.
During the economic downturn, the NLA strongly recommends landlords carefully consider all their options. Avoiding letting agents that charge this unjust fee will undoubtedly help to reduce landlords’ operating costs. The last thing any landlord needs at this time is a hefty bill from a letting agent who has done nothing to earn the fee.
John Socha, Vice Chairman, NLA, commenting on the ongoing campaign, said: “If letting agents don’t stop charging these ‘money for nothing’ fees, landlords should avoid using their services. It is as simple as that. Landlords get no added value from letting agents on ‘let only’ deals once a tenant has been secured. Why should they have to pick up the tab just to keep the same tenants?
“It is crucial landlords check the small print of all contracts before they sign on the dotted line. Any clauses which cause concern should be negotiated out of the contract. We would like to hear from any letting agent in the region who is willing to commit to scrapping these fees before the law is changed and they are forced to do so.”
