Receipt of monies from letting agents

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T
TonyB
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Good morning

As a new & unsure Landlord, for the time being I feel safer using a Letting Agent. I now have two properties let through the same agent, however since the very beginning I have had issues with the length of time it has taken them to forward the balance of rent payments made by the tenants to my account. On two occasions they have blamed 'the Bank holiday'.

Most recently, rent due on the 4th January (one month in advance according to the tenancy agreement drawn up by the Letting agent), although received by them, was not in my account until 21st January. When I queried the latest delay, I was 'promised' the money would be available within 2 days, yet it took nearly another week. They have not responded to my request to know the name of their Bank, asked for simply so that I could query how long they take to process money transfers (which in my experience is often instant, but I accept may take a little longer in some cases).

From my perspective, they are using my funds to earn extra interest at my expense, in addition to the management fee charged. Other than change Letting Agent and incurring further expense in setting up new agreements etc., is there anything I can do to encourage them to transfer funds in a more timely fashion?

23/01/2013 00:00

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