Guaranteed Rent Scheme


I’ve been renting my property out for just over a year but now need to move back into it. I‘m under a 3 year guaranteed rent scheme and therefore need to terminate the contract early. The agents have advised me the fee would be £7,600 for potential loss of profit because I have 20 months remaining on my landlords agreement. However when I contacted the agents last year to ask if the tenants had renewed their contract I was advised they were on a rolling month contract. I’ve looked through the agents agreement regarding giving notice and the loss of profit fee seems to apply to the term date of the tenants agreement not the landlords.

Has anyone come across this before?

Many thanks.

1 Like

Show the agreement to a solicitor for advice Dont use an agent in the future use openrent

Thanks Colin, I’m planning on doing that this week!

1 Like

another thought… I used an agent before openrent. But it was on an introduction only basis so they never collected the rent for me. (I collect my own rents) I am not paying 15% to do what I can arrange myself… when they collect the rent they possibly have a clause in to anticipate what they will"earn" over a fixed time period. No doubt in small print. NEVER use an agent .they are parasites