Severing Relationship with Agent
My letting agents found tenants for my property back in 2007 and have been taking 10% commission ever since for rent collection only.
My tenants and I have had a lot of problems with them this year in that they have either failed to collect rent, or more recently, collected rent but then have not passed the funds on to me for an unreasonable amount of time.
Although for the last 2 months the problem has been resolved, neither the tenants or myself wish to continue a relationship with the agent and we would rather set up the tenancy directly between ourselves.
The lettings agents are noted on the tenancy agreement but there is no separate contract between myself and them.
The tenants' deposit is also being held through them via mydeposits.co.uk.
The tenants are very happy with my property and have made it their home and have no immediate plans to move and similarly, I don't wish to sell or occupy the property in the near future, so I see no reason why these agents should continue to collect money for years to come for doing nothing.
Please advise how I end my relationship with the agency with the tenants in situ and also advise of the position with their deposit.
Thanks for your help.