A landlord got chatting to their tenant and the subject of rent came up. The tenant mentioned the figure they paid each month: £2,600. The landlord was receiving £1,800. The difference had never appeared on a statement.
That's an extreme story, but the landlord groups are full of smaller ones. A £36 anti-money-laundering fee. £300 to "re-issue" a licence. £250 plus VAT every time a tenancy renewed. Not always wrong, but often a surprise.
Why it happens
When an agent manages a property, the money passes through their hands first. Most agents are honest and many are excellent. But if you only ever see the statement, you only ever see what the statement shows.
Agents in England must belong to a government-approved redress scheme and hold client money protection, so you do have somewhere to turn. You just need to spot the problem first.
How to stay on top of it
Five lines to check on every statement
- The rent figure. Does it match the tenancy agreement? Ask for a copy of the signed agreement, every time.
- The fees. Are they all in your terms of business? Anything new deserves a question.
- Repairs. Was there an invoice? Did you approve it if it was over your agreed limit?
- Certificates. If you paid for a gas check, ask for the certificate itself.
- Inspections. If you paid for one, ask for the report with photos.
If something doesn't add up
- Ask the agent in writing to explain. Keep it polite and specific.
- If you're not happy with the answer, use their complaints process.
- After that, go to their redress scheme (The Property Ombudsman or the Property Redress Scheme).
- Keep copies of everything: statements, emails, the agreement.
The simplest protection of all: keep your own record of the rent, the fees and the certificates for each home. Then the statement is something you check, not something you trust.
How Lordease helps
Lordease works on its own or alongside your agent. Rent, costs, bills and certificates are kept per property in your own account, and reminders go to you as well as your agent.