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Agent jumps ship

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    #32
    jeffwebb36
    Registered Users Posts: 44 ✭jeffwebb36


    Mrs OBumble wrote: »
    Yes. AFAIK. But I'm not a lawyer.

    Why don't you just hire a different agent?

    But remember that of you do, you are signing up to use their maintenance contractors.

    Funny you should mention maintenance contractors, last year my agent charged 100euro for an oven hob and 100euro for fitting it. I contacted power city and they charge 50 euro for fitting oven hobs so i mentioned this to my agent...maybe that is one of the reasons she resigned ie i told her not to load maintenance work fees


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    #33
    jeffwebb36
    Registered Users Posts: 44 ✭jeffwebb36


    amdublin wrote: »
    • You and the agent (reluctantly) agreed something.
    • The agent told the tenant what was agreed.

    If I am reading it correctly you now think the agent did not do what you told them to do and have caused issues?
    To me they did what you agreed with them.

    As I said before, I don't blame them resigning. Good luck with getting a new agent.

    Sorry it was the tenant refusing to pay the revised rent as far as this section of the story you have quoted


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    #34
    jeffwebb36
    Registered Users Posts: 44 ✭jeffwebb36


    The_Morrigan wrote: »
    It's also not fair for a landlord to give a months notice after 4 years of tenancy.
    The OP is stating that the agent didn't follow his instruction - his instructions are illegal and now the OP is annoyed.

    Anyway that is neither here nor there - the answer to the question is that the agent can resign at any point. Any further discussion on how that came about is purely speculation.

    The tenant gave me one month notice then changed his mind and stayed then again he gave one month notice then changed his mind and stayed. I have given the tenant 112 days notice


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    #35
    Graces7
    Registered Users Posts: 32,634 ✭✭✭✭Graces7


    Someone mentioned tax and wondering if the rule re overseas landlords and tax still applies or ?


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    #36
    Mrs OBumble
    Registered Users Posts: 25,966 ✭✭✭✭Mrs OBumble


    Graces7 wrote: »
    Someone mentioned tax and wondering if the rule re overseas landlords and tax still applies or ?

    It does.

    Good point, too.

    OP, if you take over managing this yourself, your tenant should stop paying 20% of the rent to you, and start paying it directly to Revenue.


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    #37
    anncoates
    Closed Accounts Posts: 13,925 ✭✭✭✭anncoates


    SNNUS wrote: »
    So everything was nice and fine for years until greed set in..

    Landlords are not registered charities, as far as I'm aware.


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    #38
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    jeffwebb36 wrote: »
    fair points made but I believe I should have been made aware of part 4 (by the agent)so I could make an informed decision.....it would seem the agent does not like part 4 so kept quiet about it

    Probably doesn't know about it. I've had very poor experiences with agents.

    You should have a contract with your agent and what are their and your responsibilities documented.

    You have to know the law regardless of having an agent or not.


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    #39
    jeffwebb36
    Registered Users Posts: 44 ✭jeffwebb36


    beauf wrote: »
    Probably doesn't know about it. I've had very poor experiences with agents.

    You should have a contract with your agent and what are their and your responsibilities documented.

    You have to know the law regardless of having an agent or not.

    I suspect they know about part 4 but they also know that their commission would be lower


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    #40
    jeffwebb36
    Registered Users Posts: 44 ✭jeffwebb36


    Thank you all contributors taking we are now in the situation that the agent has resigned is there anything to stop me taking over management myself, of course tax payments would have to be sorted out. Having said that what I was thinking was part 4 (which I did not know about before coming on this site) seems quite appealing to me because the tenant would have to give 56 days notice of leaving. Now if I offered the tenant a discount on the rent provided he did some of the repairs the he might agree to stay on a part 4 arrangement. If he does is there any paperwork/agreements to be signed or is it all done by verbal agreement, does anyone have any advice pertaining to this idea?


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    #41
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    jeffwebb36 wrote: »
    I suspect they know about part 4 but they also know that their commission would be lower

    I think you are reading too much into it. I would say they could see a lot of hassle with the tenant in the future so abandoned ship.


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    #42
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    I would get a contract drawn up.

    I wouldn't get the tenant to do repairs. They may not be qualified and it can cause disputes about the value of the work.

    I wouldn't under value a long term tenant who pays on time. So meeting them half way on the rent is to be considered. I'd also consider getting another agent perhaps with a formal contract. Considering you're so far aware. Hard to fnd a good one though. many do without one.


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    #43
    Graces7
    Registered Users Posts: 32,634 ✭✭✭✭Graces7


    Mrs OBumble wrote: »
    It does.

    Good point, too.

    OP, if you take over managing this yourself, your tenant should stop paying 20% of the rent to you, and start paying it directly to Revenue.

    Wondering if the agent sorted this as if not there will be a large back payment to be made to the Revenue now...is the owner aware of this as I would think he is not from his posts...


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    #44
    I carried a watermelon
    Registered Users Posts: 85 ✭✭I carried a watermelon


    Revenue would have deemed the agent the collection agent.


    Its the tenants who would usually deduct the tax on the payments for an overseas landlord, but if the tenants were genuinely not aware of their obligations Revenue don't usually look at the previous years.

    Anyway, once the landlord is making full income tax returns to include the rental income there will be no further tax due on the rent for back years.


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    #45
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    I carried a watermelon wrote: »
    Revenue would have deemed the agent the collection agent.


    Its the tenants who would usually deduct the tax on the payments for an overseas landlord, but if the tenants were genuinely not aware of their obligations Revenue don't usually look at the previous years.

    Anyway, once the landlord is making full income tax returns to include the rental income there will be no further tax due on the rent for back years.
    It looks to me like the op did right, gave 112 days notice at the end of 4 years,no rent increases all along, would mean they were and are getting rent below current market value?
    In the situation the op was under no obligation to give any reason like renovations, just say here's your 112 days notice, obviously the specifics of not being here makes it more difficult but the Op appears to have not done anything wrong.
    As for what to do regarding rent and what revenue requires, my understanding is if I an agent manages and collects rent, its their obligation and if then landlord does it, then all that needs to be done is for the tenant to deduct 20% and nothing more is required, nothing is sent to revenue regarding the 20% as I have read suggested.
    Although the tenant must give the landlord a completed form that shows the 20% was deducted so the landlord can claim it back off their tax deduction, haven't had to do it myself but I believe that's by he just of it./


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    #46
    I carried a watermelon
    Registered Users Posts: 85 ✭✭I carried a watermelon


    cerastes wrote: »
    It looks to me like the op did right, gave 112 days notice at the end of 4 years,no rent increases all along, would mean they were and are getting rent below current market value?
    In the situation the op was under no obligation to give any reason like renovations, just say here's your 112 days notice, obviously the specifics of not being here makes it more difficult but the Op appears to have not done anything wrong.
    As for what to do regarding rent and what revenue requires, my understanding is if I an agent manages and collects rent, its their obligation and if then landlord does it, then all that needs to be done is for the tenant to deduct 20% and nothing more is required, nothing is sent to revenue regarding the 20% as I have read suggested.
    Although the tenant must give the landlord a completed form that shows the 20% was deducted so the landlord can claim it back off their tax deduction, haven't had to do it myself but I believe that's by he just of it./

    If the rent is paid to a nonresident landlord, the tenant is to deduct 20% of the rent from the landlord.
    Usually the tenant would contact Revenue so Revenue can code the deduction through their tax credits - so the tenant would pay the extra 20% deduction through their wages but at the same time the tenant would keep the 20% deduction from the rent for themselves - (I hope this is making sense) - therefore the tenant is not losing out but the nonresident landlord is only receiving 80% of the rent from the tenant.
    If the tax is not collected through the tenants tax credits then the tenant will need to forward the 20% deduction to Revenue at the end of the tax year.
    The landlord then gets a credit for the 20% deduction when he\she files their returns.

    The tenant can't just keep the 20% deduction for themselves, if they do this then they will defo have a large bill to pay to the Revenue.


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    #47
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    I carried a watermelon wrote: »
    If the rent is paid to a nonresident landlord, the tenant is to deduct 20% of the rent from the landlord.
    Usually the tenant would contact Revenue so Revenue can code the deduction through their tax credits - so the tenant would pay the extra 20% deduction through their wages but at the same time the tenant would keep the 20% deduction from the rent for themselves - (I hope this is making sense) - therefore the tenant is not losing out but the nonresident landlord is only receiving 80% of the rent from the tenant.
    If the tax is not collected through the tenants tax credits then the tenant will need to forward the 20% deduction to Revenue at the end of the tax year.
    The landlord then gets a credit for the 20% deduction when he\she files their returns.

    The tenant can't just keep the 20% deduction for themselves, if they do this then they will defo have a large bill to pay to the Revenue.

    Wasn't certain the tenant had to do anything, I read recently there was a form to fill in to supply either the landlord or revenue, thought it was for landlord so they could supply that to the revenue to claim their credit, I certainly didn't realise the tenant was paying for this via a reduced credit through their wages? I don't see the advantage in that situation for the tenant at all, especially now the tenant relief is on the way out or gone. If they are not employed then it seems they collect the value of this and pay revenue at the end of the year? I used to think it was a tidy and simple arrangement for all involved, it kind of looks like its messy, especially for tenants that might dip into it or not consider such things or have these dealings usually.
    If anything, I don't see where revenue is going with the tenant relief end of things being removed, all that ever seemed to me was a very slight incentive to get cheap reporting for the revenue on who was renting (the value for the when you worked it out isntbthat much,especially if the tenant was on the lower rate of tax) add dealing with revenue and I can see even tenants making deals with landlords rather than having to bother with revenue at all. I've not had to deal with this situation but it certainly seems like its out of the landlords hands and better if their tenant in such a case is employed?
    All in, it does seem like the op hasn't done any wrong as the agent would have been required to do this work on their behalf.


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