Upad announces closure
Article Posted - 14th October 2019
Online letting agent Upad announced its closure over the weekend, after 10 years of operation.
Upad was an NLA Recognised Supplier. However, the NLA accepts no responsibility for the operations of any recognised supplier. The NLA will provide guidance to any member who has been affected by this closure via the Telephone Advice Line.
Upad's FAQs for landlords
Q: I have an ongoing tenancy administered by Upad. What will happen to my tenant's deposit? A: The deposit is protected by a government approved tenancy deposit scheme (TDS). They have transferred all deposits held by them into TDS' custodial scheme. If you need further information about the deposit, you can access this via the TDS website by entering the tenancy details here https://www.tenancydepositscheme.com/is-my-deposit-protected.html At the end of the tenancy, you will negotiate any deductions directly with your tenant and then give authority to the deposit scheme administrators for the deposit to be released, subject to the rules of the scheme. Q: Upad are collecting rent from my tenant. What will happen to that process in future? A: Any rent already collected by Upad will be promptly paid over to you on receipt. Upad holds all client money in a strictly segregated account, separate from their own funds. They will stop collecting rent by direct debit after 10 October 2019 so you should contact your tenant directly to make alternative arrangements for future rents to be paid. Q: I have paid for a Upad advertising package and haven't yet found a tenant. A: If you have purchased a Upad package since 1 October 2019 then they will be refunding you in due course. If you purchased a Upad package prior to that date, they will not offer a refund. Q: I am in the process of agreeing a tenancy for a new property. What should I do? A: Please contact the tenant directly to conclude negotiations.
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