Extending Rental Contract with my Tenant

[LondonSuperTrooper]

Hi

I am currently renting out my flat. The estate agent found my tenant and arranged all necessary checks, checking in inspection, gas certificates etc. They charged me a rather large hefty fee. I think that my tenant wants to extend the contract for another 12 months and I?m not sure how to proceed. Can I do it all by myself or do I need to get the estate agents involved. My concern is the fee that they will charge me.

Any info or tips would be great!

Knock on the door. Tell your tenant exactly what you told us, and you're going to give them a discount of £10 per month if they want to stay for another 12 months (reliable tenant is a valuable thing). Go to the estate agent and tell them their services are no longer required as you're going to advertise privately. Draw up a contract with the tenant that both of you agree on. Job done.

Thanks for your reply Cheryl.

What if the estate agent finds out that it's the same tenant?

Ermm...I was relying on that not happening! I don't think there's much chance of it. If so, just say after discussing it with the current tenant, we decided this was fine. I don't think an agent can continue to hold you to ransom indefinitely if they are no longer providing a service - but others may advise differently.

An alternative would be to not renew the tenancy and it will automatically become a statutory periodic tenancy. This means that it continues on the same terms. Lots of people do this because it means there's no extra paperwork. We've done it with our tenants.

Don't forget that your gas certificate and electrical certificate (if you have one) will need to be renewed but it's very easy to find a company to do this for you at minimal cost.

The EA will want to carry out check out report etc if they think the tenant is leaving which will require tenant moving all his/her stuff out, having place professionally cleaned etc. It is very hard to get out of these contracts however unfair, unless you stipulated at the outset you were only paying initial finding fee. You can try to negotiate a lower rate for subsequent years though.

Will be amazed if in your contract with agent says anything but that you have to pay a full or partial fee.

They will find out.

Next time you sign someone up, agree with agent reduced fee for a renewal.