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04/02/2009
Landlords urged to study legal contracts carefully |
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A property expert has underlined the importance of landlords studying any contract that they sign with an estate agent.
Tom Entwistle, editor of Landlordzone.co.uk, says that landlords should be prepared to negotiate agreements, particularly when it comes to renewal fees.
He adds that one "quite onerous" clause sometimes added by a letting agent is that they get a sales commission if the property is later sold to the tenant.
"It's very important to look at the contract and be sure as to what you are actually committing yourself to, because it is a legal contract," Mr Entwistle advised.
However, he believes that legislation does not have to be brought in to prevent agents charging renewal fees because it is a "commercial arrangement" and it is up to the landlord to be aware of them.
Last month, the National Landlords Association suggested property owners in London and the south-east should avoid letting agents that charge renewal fees.
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