Two landlords who are fed up with ‘fat-cat letting agents’ have teamed up to provide what they claim is a revolutionary new service.

David Plaister, who is also a former letting agent, and Michael Martin, who is CEO of Quadron Environmental Services Ltd, have created LetAssured UK.

The duo say they want landlords to ditch extortionate fees charged by agents to Landlords and not to accept all round poor service. The new company, which has been fully accredited by the National Approved Lettings Scheme, will charge a flat 3 percent, with an additional optional fee menu.

This, says Plaister, is below the usual 10-16 percent commission of the gross rental cost normally charged by letting agents.

Plaister said: “Landlords have to be so careful about selecting their agents. The recent Foxtons case highlighted the unwarranted charges that some agents were making. The game is now up for unscrupulous agents who have been milking landlords for years.

“Landlords from across the UK have all been joining with us in a move away from the traditional agent who has been sitting on his hands and watching the fees roll in.”

“LetAssured UK has been set up by landlords and specifically for the benefit of landlords. It underpins the entire administrative procedure of renting property on behalf of the landlord, and he is safe in the knowledge that there will be no hidden costs.”

Plaistow explained that in a rising property market high agent’s fees are seen as justifiable by landlords because the regular rise in the capital value of property more than compensates for charged fees.

But in a flat or declining market, rental yields are under the microscope and therefore High Street agents’ fees are being deemed unacceptable by many landlords and agents, with maintenance charges becoming highly questionable.

He added that another major problem has been some letting agents, who are desperate for fees, often bypassing the quality of the tenants in terms of qualifications until issues appear several months down the line when the tenant stops paying the rent.

Plaister said: “The question must also be asked whether letting agents should be regulated as at present they are able to set up without any prior training, or qualification.”