Online letting agent Upad is closing with immediate effect.
The shock news was announced on the company’s website this weekend, in a statement reading: “We regret to inform you that Upad is no longer accepting new business. We would like to thank all our customers for their support over the last ten years.”
The closure was announced after a number of landlords took to social media last week to say they were struggling to get through to the company.
According to Upad founder James Davis, 43, the decision was made to close the company following a health scare.
According to industry website Property Industry Eye, Upad’s last accounts, for the year to end of March 2018, show the business was more than £1.4m in the red.
The closure message on the website includes a list of Frequently Asked Questions for landlords left in the lurch by the closure, with those who have paid for advertising packages post October 1 told they will be refunded.
The full list of questions
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). We have transferred all deposits held by us into their 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 is collecting rent from my tenant. What will happen to that process in future?
A: Any rent already collected by us will be promptly paid over to you on receipt. We hold all client money in a strictly segregated account, separate from our own funds. We 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: We are sorry that we have not been able to find you a tenant. If you have purchased a Upad package since 1 October 2019 then we will be refunding you in due course. If you purchased a Upad package prior to that date, we regret that we cannot 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.
The RLA will update members as and who information becomes available.
Upad has asked landlords with issues not addressed in the FAQs to email email@example.com