LETTING & MANAGEMENT TERMS, CONDITIONS & FEES
SUPPLY TENANT Once a tenant has been found we carry out the following:
(1) References: We take up and verify work and credit references and you may choose to verify the references yourself, in either case we cannot be responsibility for the credit worthiness of prospective tenants.
(2) Tenancy Agreement: We prepare our standard Assured Shorthold Tenancy Agreement (AST) for a period of 6 to 12 months.
(3) Renewals: We will contact you at least two months before the tenancy agreement ends to discuss renewing the tenancy. We will negotiate any increase of rent with the tenant(s) and renew the tenancy agreement. Renewals are optional for a fee of 4% of the annual rent (Free with Full Management.)
(4) Rents: One month’s rent is collected in advance and paid to you, less any commissions and fees. Whether we are acting as managing agents or not, we are under no liability to the landlord or their agent in the event of being unable to recover the rent from the tenant.
(5) Deposits: The equivalent of 6 weeks rent is collected as deposit, against the cost of any damages and/or unpaid rent. The deposit must be registered with a Tenancy Deposit Scheme.
Services are as above plus the following:
(6) Inventory: We arrange an inventory or you may choose to prepare the inventory yourself – in either case we cannot be liable for error or omission. The cost for the inventory is £150.00 (including vat and variable).
(7) Utilities: We use our best endeavor to arrange gas, electric, water and council tax accounts to be transferred into the tenant’s name. We are not responsible for any bills incurred against the property.
(8) Property Inspections: We carry out regular inspections throughout the tenancy, however, we are not liable for any damage to the property during a tenancy or any time the property is vacant.
(9) Maintenance & Repairs: On your behalf we will carry out repairs at our discretion and/or instruct at your expense a surveyor to inspect and submit a report to supervise works. Except in an emergency an estimate is obtained and submitted to you for approval. Permission is always sought if an expense is to exceed £180 (we will require a contingency sum for this amount).
(10) Rent Collection: Rents are collected and transferred to your bank account as soon as the funds are cleared by our bank and thereafter only on the fifteenth and first day of each month, less any commissions and expenses (three working days should be allowed for bank transfers).
(12) Check-outs: At the end of the tenancy we will carry out an inventory check out. Any costs for damages and/or unpaid rent will be deducted from the deposit and forwarded to you subject to the terms and conditions of the deposit scheme.
(13) Cancellation of Management: You have a 14 day cancellation period from the date this agreement is signed to cancel the management, after which a 2 month written notice from the date of the last tenancy agreement is required by either party to terminate the management services. All commissions will be due for that tenancy period – payable in advance.
(14) Commissions: Payable at the beginning of the tenancy, after the tenancy agreement has been finalised. Fees are set at a percentage of the annual rent which includes any extension of tenancy, including periodic tenancies.
Supply Tenant only – 7.5% (9% including vat) Full Management – 10% (12% including vat). Example: Full management – If the monthly rent is £1000, then the annual rent is £12,000 x 12% = £1,440.00
(15) Definitions: ‘We, Us, Our, Ourselves’ is reference to the Agent. ‘You, Your, Yourself’ is reference to the Landlord
LANDLORD RESPONSIBILITIES The landlord agrees to carry out the following:
(a) Maintain the property and any communal areas in good clean order throughout the entire tenancy. (b) Continue to pay mortgages and loans in respect of the property. (c) Ensure an annual Gas Safety Certificate (G.S.C) is provided – this can be arranged for you on request. (d) Provide an Energy Performance Certificate (E.P.C) – this can be arranged for you on request. (e) Authorise us to sign and finalise the tenancy agreement and protect the deposit on your behalf. (f) Provide us with a set of keys and authorise additional sets to be cut for each tenant on the agreement. (g) Comply with the terms and conditions of the Assured Shorthold Tenancy Agreement. (h) You are responsible for the cost any legal action taken against the tenant in the event of any breach of tenancy.