Landlords losing out to 'unethical practices'

Residential landlords in the UK could be losing money as a result of unclear contracts and scams by management companies, it has been suggested.

Agent Base Lettings and Management said landlords in Lincoln are losing £200,000 due to "sneaky rental contracts".

The comments follow a High Court ruling, which found that Foxton's Estate Agent had used unclear contracts.

Jonathan Lee, managing director of Base Lettings & Management, said: "It's so important that landlords know exactly what to expect when entering into an agreement with a management company.

"Based on the latest census figures, letting agents have been taking up to £200,000 per year in unethical practices. This is simply unacceptable."

Mr Lee explained that contracts can often be "complex and difficult to understand" and urged landlords to be aware of agent's fees for situations when tenants decide to purchase a property or to renew their tenancy.

According to the expert, the majority of landlords on long-term contracts do not look at their contracts for two years after entering an agreement.

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