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Estate agents and our money

(5 Posts)
Frecklesandspecs Wed 21-Aug-13 14:05:56

We had new tenants move into our property end of last week after paying out for lots of repairs from previous bad tenant. We have had money going out here there and everywhere for this house and its been drive ing Us nuts!
Anyway the tenant paid their deposit and rent up front last week and agent said it might take a few days to get to my account. Been waitinv but why can't they just pay it in straight away. They expect their money on demand but are still messing about with ours.
Is this normal?

Frecklesandspecs Wed 21-Aug-13 14:06:48

Sorry for typos. On phone

specialsubject Wed 21-Aug-13 15:03:20

your contract with the agent will define the utterly ridiculous amount of time it takes for the money to get through their system and into yours. Check the small print.

in an age of faster payments and negligible interest I don't understand why they hold on to it.

Lonecatwithkitten Wed 21-Aug-13 15:03:52

Could it be something as simple as the person who does these payments does not work everyday?

No I bet they just have in their terms and conditions that the payment will take x number of days to clear into your account. That way they get interest from large sums of money in their account. It may only be in their account for a few days but over a year from everyone's deposits and rent payments it will add up.

Many years ago I knew a solicitor who did this with clients deposits for house purchases and he bragged that he put it on the overnight money markets! Hopefully regulations have been tightened up since then about what they can do with clients money....

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