Changing PMs at lease expiry

Hi,

I have an IP currently tenanted and managed by a PM. The contract with the PM states that I have to give X months notice to terminate the arrangement with them.

If the current tenant moves out at the end of their fixed-term lease, can I appoint a new PM without giving the existing PM the X months notice (as stipulated in the contract)?

Cheers

 

Generally if a property is vacant and there is no income being generated for the PM, then they've generally been happy to release the property keys (as that's the only thing you need from them). However the downside is once you wait for a property to become vacant to appoint a new PM, then you're increasing your vacancy period.

I would advise your PM that you would like the notice period reduced to 30 days, then give the PMs notice as soon as the tenant gives notice and advise them that a new PM is taking over.

 

Thanks. Sounds like this is something to negotiate with the outgoing PM.