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Question Title: Archiving records
| Question: 51 |
| How long is an agent required to retain management records relating to old tenancies ? An agent contacted us; they rented out a property on behalf of a landlord client. In 1993, the agent proceeded to set up a tenancy to two individuals under an assured shorthold tenancy. The following year, the agent was disinstructed by the landlord who preferred to manage the property himself (retaining the existing tenants). There was no further contact with the client until Dec 1999, when the tenancy obviously ran into problems and the landlord requested copies of the tenancy agreement and s.20 notice (presumably the landlord did not retain his own copies) . In the meantime, the agent had discarded the files and was unable to produce a copy of the requested notice. The landlord claims that without proof of notice, the value of the property diminished by £50,000 if he wishes to sell with the tenants in possession with an ordinary assured tenancy. The documents were requested after 5 years 9 months! The previous client is threatening to make a damage claim against the agent. What should we do / Who is liable ?
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| Answer: |
| Regarding retention of records, agents should keep key documentation for six years, including let-only papers such as tenancy agreements, management agreements, checklists and any potentially contentious paperwork e.g. building repairs, and regardless of the length of time the contract covers . Best advice: If disinstructed then the agent should either send all the relevant tenancy paperwork to the landlord ideally asking for a receipt and retain a copy of the covering letter OR keep all key documents for six years.
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Letting Update Journal |
Jan 2003 page 23 |
letting-update-journal.html
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For more information, discuss on the Forum
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