Is your letting agent failing to pass your rent to you in a timely manner?

| Monday, 09 November 2009

Is your letting agent failing to pass your rent to you in a timely manner?

CityWest Homes Residential have been instructed to take over the rent collection and property management of two current Tenancies.

Two Landlords have instructed CityWest Homes Residential to take over the management of currently let properties as their current agents, based in the City of Westminster, are not passing the rent collected from Tenants in a timely manner.

When one of the Landlords’s challenged their agent as to why they took up to four weeks to pass the rent over, the agent said that the firm had changed its policy and that they only make payment runs at the end of the month because of these economic times.

Richard Beltrán, Head of Lettings at CityWest Homes Residential comments: “During this economic climate unregulated agents are using their client’s rents and deposits as cash flow to prop up their businesses and are getting away with it.” he then goes on to say “we understand how important cash flow is to Landlords with buy to let mortgages cannot afford to make late payments to their lenders or those Landlords who rely on the income as their pensions etc. ”

CityWest Homes Residential is fully licensed and bonded member of ARLA and makes payment runs to all clients three times a week, Monday, Wednesday and Fridays every week.

Also in the news…

Martin & Co has allegedly terminated the license of its Rochdale franchisee for allegedly failing to make timely rental payments to landlord clients. According to an article published the Negotiator Magazine

http://www.negotiator-magazine.co.uk/article/martin-and-co-terminates-rochdale-license-1048

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