Letting agency termination

Letting Agents

HI all,  

I ahve been using a letting agency for a number of years, however as I've gained experience and increased the size of my portfolio I now no longer feel they add sufficient value to justify the fees as now they only collect rents.  Worse, they have put up their fees by 20% - 30% which I have objected to.

However their termination claus says that I need to pay them a £550 fee to get a new AST, plus pay 2 months management fee to end the contract.

I read somewhere that I should be able to break the contract with no fees as I've been with them for over a year.  

Is this correct?

Thanks

Xavier

PS I appreicate that I will also have to get the deposits moved over to the scheme I use.