Ditching A Letting Agent & Tenancy Deposit Scheme

[CW1]

Very long story short, I gave notice to my tenants on 16 March, they're due to vacate on 15 May (only 2 months notice was required), so as far as the letting agent (who Fully Manage the property) is concerned, that's what's happening. The Tenancy Agreement wasn't renewed (as I say, a long story & no need to elaborate here just yet). They're now staying for the foreseeable future, letting agent doesn't know that, but we want to continue the tenancy without the letting agent. My only concerns really are, have I given the letting agent's notice too by default - they know I want[ed] to sell so ties would've been broken in May anyway - & how do I go about getting the deposit transferred to another TDS so the agents have nothing more to do with it.

In the agreement with the letting agent, it says

" 5. In the event the Landlord terminates the Rent Collection and/or Fully Managed Service in accordance with Clause 7.18 of the terms and conditions, a letting fee or balance of such a fee equivalent to 10% of the total rental for the duration of the tenancy and any renewals, continuation or extension thereof will be due from the Landlord to the Agent.

7.18 Termination of Rent Collection and/or Fully Managed

Either party may terminate the Rent Collection Service and/or Fully Managed Service after the first six months of the Tenancy, for any reason, by serving three months’ written notice to that effect. If the Landlord wishes to terminate Rent Collection Service and/or Fully Managed Service prior to the expiry of the three months’ notice, all fees and costs outstanding and due to the Agent for their letting, administration and management services shall become immediately payable."

Wondering what "all fees and costs outstanding and due" might be ... they take their commission at source so far as I know, I owe them nothing.

Would really appreciate any advice ! :)

[CW1]

Thanks, am feeling quite pleased with myself ... ;) LOL

I will e-mail them just as you suggest but will wait a bit. The tenants have an important meeting in April & once we've had a chat soon after, will be a good time to pass on the, errr, "news". ;)

[bednobs]

expecting my "best answer" now lol :)

[CW1]

Haha, you get shortest ;) But address my other query in OP (re deposit) & [possibly] consider it done ;)

[bednobs]

is the agent doing the check out stuff or are you doing?
if you, then inform the agent that everything was ok, let them give deposit back to tenants, then re-get it from the tenents and deposit it yourself in one of the schemes.
If they are doing the inventory stuff - eek!

[CW1]

Ooo, hadn't thought out check out. Does there need to be one as they're staying ? Won't need an inventory for the same reason, but your suggestion about getting the deposit paid back to the tenants then they pay me was exactly what I thought'd be the easiest. Just means there'd be a period where no deposit's in place.