Landlords in Romford have been left reeling following the sudden closure of the Northwood letting agency branch on Victoria Road. The closure has reportedly caused significant financial losses and operational headaches for property owners who relied on the agency’s guaranteed rent service.
Long-standing clients face financial uncertainty
The Romford branch, which operated as part of the Northwood franchise network, offered landlords the promise of a “guaranteed annual rental income on time, every month.” However, several landlords have now revealed that payments had become increasingly erratic since the summer before ceasing entirely.
One landlord, who had entrusted Northwood with his property for over two decades, described the situation as “hell.” He shared, “It’s been incredibly stressful. You expect professionalism, but instead, I’ve had to chase payments and deal with the fallout. Their so-called ‘guaranteed’ service has been anything but.”
Another landlord echoed these frustrations, explaining that their tenants were also left in limbo. “I was quite lucky that I’ve got a relationship with our tenants, so I’ve managed to sort something out with them,” they said. “But if there had been an issue like a leak, they wouldn’t have anyone to contact because the office has shut down.”
Company promises recovery plan
Efforts to contact the Northwood Romford branch have proven fruitless, with calls going unanswered. The branch’s website now redirects visitors to the nearest Northwood office in Southend.
Northwood GB Ltd, the franchise owner, has issued a statement expressing regret over the situation. A spokesperson said, “While Northwood GB does not exercise day-to-day control over the conduct of its franchisees’ businesses, it deeply regrets the distress and inconvenience the company’s difficulties will have caused to those affected.”
The company has announced a recovery plan aimed at addressing arrears owed to landlords and assisting property owners in managing tenant relations. “At this early stage, efforts are underway to contact landlord clients of the company, with the priority being to assist and support them in liaising directly with their tenants,” the spokesperson added.
Broader implications for landlords
The closure has also raised concerns about the risks associated with letting agencies that operate on a franchise model. According to Companies House records, Northwood (Romford) Ltd lists Scott Wilding as its sole director, highlighting the limited oversight that parent companies may have over individual branches.
For landlords, the fallout has been a stark reminder of the importance of diversifying risk and maintaining direct communication with tenants. “I’ve learned a hard lesson here,” one affected property owner admitted. “It’s crucial to have a backup plan because when things go wrong, you’re left to pick up the pieces.”
