Foxtons - do you have a case to answer?

A group of landlords are taking action against Foxtons.  We have reported before about Foxtons and reclaiming fees.

The multi-million pound case taken by London based law firm Leigh Day follows claims that Foxtons have been charging landlords up to 33% in hidden commissions on work done by contractors on their managed rental properties.

The London estate agency chain is also accused of failing to meet their duty of care, with accusations that they have been commissioning over-priced contractors and failing to seek out any value for their clients.

One shocking example of this is Foxtons charges for arranging a standard tenancy agreement,  split between a tenant and landlord they currently stand at, gulps and inhales - a staggering £840!!!

(remember we provide our solicitor prepared tenancy agreement free ) 

If you have used Foxtons in the past and think you might have a case against them, Leigh Day have a  form you can fill in  or you can call the law firm on 0800 689 3289

Chris Haan, a solicitor at law firm Leigh Day, commented:

“We consider that Foxtons has a potential conflict of interest in that the more expensive the contractor is, the more Foxtons makes in hidden commissions.

We believe these charges to landlords are unlawful as they are not sufficiently disclosed, so the landlords cannot give fully informed consent to them. This is against industry codes of practice.

These kinds of practices may be widespread in the lettings industry and it needs to stop. We are taking this case on no win no fee with the aim of securing a refund from Foxtons for all affected landlords.”

Estate agent Foxtons risks a legal bill as high as £42MILLION after charging a landlord £616 to change a light... http://t.co/RHmTCkKI8l

— This is Money (@thisismoney) June 8, 2015

Take advantage of our discounted landlord insurance rates

Landlord concerned over mandatory licensing

Will mandatory licensing force immigrants into the clutches of "unscrupulous landlords"? http://t.co/0vMOUEIEr2

— ES Homes & Property (@HomesProperty) June 8, 2015

Take advantage of our discounted landlord insurance rates

Some little buy-to-let stats

First thing on Monday morning we like to spray around some useless, if not slightly uninteresting statistics about buy-to-let. All brought to you courtesy of BDRC Continental -  something to enjoy and contemplate over your muesli this morning.

Landlord insurance - professional rates - expert brokers

£24 billion paid in rent subsidies

The UK paid £24bn in rent subsidies in 2013/14, equivalent to a quarter of the deficit. http://t.co/NVZ7gxxnvo pic.twitter.com/rlX0trx6RX

— Financial Times (@FT) June 4, 2015

Take advantage of our discounted landlord insurance rates

Nationwide's House Price Index for May

Nationwide's latest House Price Index reports a rise of 0.3% in May, slowing the annual growth rate to 4.6% from 5.2% in April.

Robert Gardner, Nationwide's Chief Economist, commented:

“This resumes the gradual downward trend that had been in evidence since the summer of 2014, which was briefly interrupted in April when price growth edged up to 5.2% from 5.1% in March. Annual house price growth is now running at less than half the pace prevailing in mid-2014." 

“Over the longer term we would expect house price growth to converge with earnings growth, which has typically been around 4% per annum. However, much will depend on supply side developments - in recent years the rate of building activity has remained well below that required to keep up with population growth." 

Take advantage of our discounted landlord insurance rates

Making buy-to-let your pension

How to turn a second buy-to-let home into a pension and secure your financial future http://t.co/kvpNxX1Y7w

— This is Money (@thisismoney) June 3, 2015

Take advantage of our discounted landlord insurance rates