Excessive Termination Fees

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M
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We have decided to dispense with the services of our letting agent, after two years, and take the letting administration upon ourselves. The agency is now demanding a termination fee of 400 + VAT per property, and is saying that they will withold this amount from the next rental payments. In our opinion this is extortionate. Can such a charge be justified; and are they within their rights to withold the money in this way?
12/08/2010 00:00

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