Good morning everyone,
We have a flat which has a tenant in, security bond deposited. The existing letting agent is advising about renewal in February 2025. Our problem is that they charge 10% of the monthly rent and we wish to stop using them. Am I right that the bond essentially is linked to the tenant, and we can arrange a new AST via OR? The tenant - in for the last 3 years and a good tenant, pays by 6 months rent up front as he would fail a financial check.
Look forward to your help,
Thanks
Am I missing something here?
If you intend to use Openrent RentNow to create the new tenancy, you will need to refund the existing deposit, and ask the tenant to pay a new one via openrent.
RentNow essentials are the payment of a holding deposit by tenant, the security deposit & 1st months rent. After that, you can collect payments yourself if you wish or use OR rent collection service.
Make sure you read your agreement with the letting agent regarding termination of your contract with them. After all, they did find this tenant, so may be entitled to ongoing commission.