I failed to sell my one-bed flat so have resorted to renting it out - have I fallen for a letting agent trap?

Having tried and failed to sell my one bedroom flat, I have resorted to letting it out. I had no intention to keep it, but the market is so bad I feel forced to become a landlord.The letting agent I am using gave me a host of options a year ago when I first started trying to sell it. I could either go for their fully managed option, their rent collection service or find a tenant-only. The full management and rent collection came with a percentage of monthly rent but the find a tenant one was just a one-off fee.I didn't realise the agent had changed its fee structure when I requested the tenant-only service and then foolishly signed the contract without double checking.It turns out that since the Renters Rights Act, they have changed their tenant-only service to a one-off fee plus 9 per cent of the monthly rent.It means alongside my mortgage and service charge I am now shelling out 9 per cent of the rent to them. Stuck: I'm paying the letting agent 9% of the monthly rent until the tenant leaves despite the agent not managing the propertyI have complained but they suggest the fault is with me so I'm stuck. Is there anything I can do? Also, is this typical of letting agents in light of the Renters Rights Act? I'm now stuck with a property I can't sell, which is basically one new boiler away from losing me money.Ed Magnus of This is Money replies: You won't be alone in this predicament, I've heard from many people who have resorted to letting their home out after failing to sell.Flat owners in city centres across Britain are seeing the price of their properties plummet and many face the choice of either selling at a loss, staying put or letting their home out. Letting agent fees are an easily forgotten cost to factor in when you already have mortgage costs and service charges to think about.Their fees are also often negotiable just like the estate agent's fees are when you put your home up for sale.Following the Renters Rights Act, some letting agents appear to have updated their fee structure now that fixed term contracts have been abolished and replaced with 'periodic' or rolling tenancies – meaning renters can pull out with just two months' notice.For example, Kinleigh Folkard & Hayward recently announced it has moved to a pay-as-you-go model without large upfront costs, so it may be your agent has done something similar.Letting agents tend to offer a range of different service levels ranging from 'full management' where they handle everything from letting the property to repairs and compliance down to a 'let only service' where the agent finds the tenants, moves them in and then hands everything back to the landlord.Full property management fees often range between 8 and 20 per cent of the monthly rent, according to online agent LettingaProperty.com, while a let only fee is more often between 8 and 12 per cent of first year's rent.However, like your agent has done, some letting agents charge a percentage of the ongoing monthly rent for the basic let only service instead of a one-off fixed fee or a percentage of the first year's rent.This is annoying because if the tenant stays for a long time, the landlord will be stuck paying the agent every month despite the fact they're having to manage the property themselves.For expert advice, we spoke to Chris Norris, chief policy officer at the National Residential Landlords Association and Jan Hÿtch, member services manager at Propertymark, a leading membership body for letting agents.Is this something you're seeing more letting agents do?Chris Norris replies: The Renters' Rights Act has changed a great deal about how landlords and letting agents operate. In particular, agents that previously tied their commissions to fixed term contracts and annual renewals have had to find ways to maintain their revenue. As a consequence, many have moved to models of recurring fees, and whilst there is nothing necessarily wrong with that, they do have an obligation to ensure that all fees and charges are transparent and clearly expressed in writing. Agents are not allowed to hide fees in small print or rely on vague phrases like 'administration costs'.What can the landlord do? Chris Norris replies: There's a fair amount to unpick here, and as always with these things the devil is in the detail.Firstly, and I realise this is easy to say in hindsight, it's crucial that you always thoroughly read and understand any legal document before you sign on the dotted line.Your options will depend on if the changes made to the agent's tariff of fees were presented openly and communicated clearly in the terms you signed. If there was an effort to mislead or hide the change in fees, then they may be deemed unenforceable.In the first instance, it is worth speaking with your agent and reviewing your terms and conditions. All terms should explain what mechanism is available for terminating the agreement, although this may be limited if the contract was only entered into recently.If you cannot resolve the matter directly, all agents are required to belong to an independent redress provider, and if you believe they have acted improperly you can take the matter to them for adjudication. They will review the contract, concerns and the agent's actions against relevant legislation and guidance before making a determination. However, you must first have exhausted the agent's in-house complaints process.Jan Hÿtch adds: As with any contract, it is vital to understand its terms and raise any concerns before agreeing. However, signing an agreement does not always automatically make a potentially unfair term enforceable.If a landlord remains dissatisfied after the agent's own complaints procedure, they can approach the relevant independent redress scheme that the individual letting agent is registered with for an independent and binding decision on any potential dispute.The Renters' Rights Act does not require agents to charge landlords an ongoing percentage for tenant-find services, so this should not be regarded as a standard legislative fee. Whether any individual charge can be challenged may depend on the wording of the initial agreement, the service it relates to and how clearly it was initially disclosed.Best mortgage rates and how to find them Mortgage rates have shot up again due to inflation triggered by the conflict with Iran reversing hopes that the Bank of England would cut rates. 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