Regulations regarding Agency Letting Fees

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A Letting Agency I employed recently to get me a Tenant only,for a 12 month tenancy with a break clause at 6 months has charged me a finder fee for the full 12 months of the tenancy even though the tenancy is only guaranteed for the first 6 months. Under what regulation do they (the Letting Agents) have the right to retain the fee for the second 6 months even though there is no guarantee that the tenants will stay on ? Is this a rule that all letting agents 'play' with. What happens if I wish to hire a different agency to get a tenant for the follow on 6 months. If they have an entitlement in law, are they required to pay back the unearned fee + applicable Vat Plus interest ?

Look forward to any assistance offered.

PD



04/05/2008 00:00

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