Tenancy renewal

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New to this :)
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Can anyone advise...
We bought a property last year for which we have used a letting agent to find a tenant. We agreed to a non managed service and paid them 5% for finding the tenant. Now a year later we receive a letter stating that the tenancy is up for renewal and that they will charge 3% for this service. That's a lot of money for writing a letter....
Do I have to pay this....there is a renewal clause in the contract which stupidly we signed....alternatively if we did not renew the tenancy...does it not simply become a rolling periodic tenancy....and can the agent still demand the 3% plus VAT...
Any comments welcomed :)
30/04/2015 15:41

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