Online letting platform Upad has closed promising to hand over tenant deposits and other landlord monies.
The firm has stopped trading after more than a decade in the lettings market.
Owner James Davis, 43, has decided to shut the business rather than seek a sale after a health scare.
Upad announced ceasing trading on the platform’s web site with 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 10 years.”
Landlord and tenant FAQs explain the arrangements for reclaiming deposits and rent collected by the firm.
Upad has pledged to hand over deposits, rents and to refund landlord advertising packages ordered after October 1 – but no specific timeframe is mentioned in the announcement other than ‘in due course’.
“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,” says the FAQ.
For landlords with Upad advertising packages but without a tenant, the FAQ reads: “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.”
Landlords arranging lettings were told to carry on without involving Upad.
Upad’s phone lines have closed, leaving email as the only way to directly contact the firm.
Upad started trading in London in 2007 and has let properties for more than 15,000 landlords.
The company collected the prestigious ESTAS award as online letting agent of the year in May.
Here at the Guild, we are saddened by the news and wish James and all the staff the very best for the future. Many of our subscribers used the service as did we for our own lettings.
Subscribers can still access the Upad portal via the Guild’s special link (which we’ve moved to your account page) so you can download images and property descriptions etc).
We are currently investigating suitable alternatives to recommend but one that keeps popping up at the moment is OpenRent.