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Buy-to-let Landlords May Be Able To Claim £26 Million ....

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"Thousands of buy-to-let landlords could be in line to claim millions back from estate agents as a result of a landmark High Court ruling yesterday against Foxtons.

......

A landlord renting out a typical two-bedroom property costing £15,000 a year would have paid Foxtons about £1,650 a year in commission. Over 14 years on an existing agreement this would entitle the landlord to reclaim an estimated £23,100.

Britain has 1.15 million buy-to-let landlords and, given that many of the UK’s 15,000 letting agents impose similar charges to Foxtons, the ruling could give rise to total claims across the industry of £26 million. "

The Times 11 July

I dunno who's less popular in general on this site - EAs like Foxton's or BTLers! Still, up to £26m should keep a few desparate BTlers liquid for a while, and may push some marginal EAs under?

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"Thousands of buy-to-let landlords could be in line to claim millions back from estate agents as a result of a landmark High Court ruling yesterday against Foxtons.

......

A landlord renting out a typical two-bedroom property costing £15,000 a year would have paid Foxtons about £1,650 a year in commission. Over 14 years on an existing agreement this would entitle the landlord to reclaim an estimated £23,100.

Britain has 1.15 million buy-to-let landlords and, given that many of the UK’s 15,000 letting agents impose similar charges to Foxtons, the ruling could give rise to total claims across the industry of £26 million. "

The Times 11 July

I dunno who's less popular in general on this site - EAs like Foxton's or BTLers! Still, up to £26m should keep a few desparate BTlers liquid for a while, and may push some marginal EAs under?

Oh dear, the fallout is that EA's won't be looking after that many properties if they feel they won't get fees. However this means more ads in the paper which will invite direct comparison which means lowering of prices in the market place.

Bing

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