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Scrap ‘money for nothing’ letting renewal fees

For many rental properties in the region, this could be thousands of pounds and is totally unwarranted.

John Socha, Vice Chairman, commenting on the renewal fees issue, said: "All landlords expect to pay a commission at the beginning of a tenancy, but with rents in London and the South East still topping the tables, another fee of this size is simply unfair.

"There is absolutely no reason for a significant renewal fee that doesn’t reflect the work undertaken. These charges really are ‘money for nothing’.

"Landlords must check the small print of any contracts with letting agents before signing on the dotted line. Any clauses which cause concern should be negotiated out of the terms and conditions. If this isn’t possible, then landlords should vote with their feet and try a different agent."

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One thought on “Scrap ‘money for nothing’ letting renewal fees

  1. Angry landlord says:

    While I applaud the NLA’s drive to stop greedy lettings agents charging landlords for doing nothing, it’s a shame they don’t practise what they preach when it comes to tenancy deposits. As 50% shareholders in mydeposits, they are already taking 50% of approximately £10 miilion per annum revenue. If a landlord issues a new AST to an existing tenant whose deposit is already protected in the scheme, they have to UNPROTECT the deposit and REPROTECT it, and pay a new fee. Same tenant, same landlord, same property, same deposit. A tenant only leaves a property once, and if there’s going to be a dispute for mydeposits to handle it, will happen only then. So what’s the justification for charging a new fee just because there’s a new AST? They charge nothing if it becomes a periodic. What’s the difference? Thirty quid!!!!

    Hypocrisy . . . .

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