TERMS & CONDITIONS FOR RESIDENTIAL LETTINGS & MANAGEMENT

1. LETTING & RENT COLLECTION

We will:

  • Inspect the property, prepare particulars, advise on rent and furnishings and related matters, seek tenants and negotiate terms of the tenancy.
  • Take up references and, if applicable, use a credit referencing agency (this is at a cost to the tenant)
  • Prepare the Tenancy Agreement if required. *(extra charge – see Fees below)*
  • Arrange for an inventory to be prepared and checked at the beginning and end of the tenancy by an independent Inventory Clerk who will make a separate charge for this.
  • Arrange for gas, electricity, water and the council tax to be transferred into the name of the Tenant at the beginning of the tenancy and into the Landlord’s name at the end of the tenancy.
  • Receive the rent
  • Receive and hold any deposit (or letter of guarantee) payable by the tenant.
  • Apply to Head Landlord in respect of Consent to Sublet. *(extra charge – see Fees below)*
  • Remit to the Inland Revenue any tax deducted for Landlords that do not hold Tax Exemption Certificate.

2. MANAGEMENT ONLY

We will:

  • Pay outgoings as required (e.g. water rates, ground rent, service charge, insurance premiums), provided we hold sufficient funds.
  • Arrange renewals/repairs up to a maximum of £500.
  • Arrange emergency repairs without prior reference to the Landlord.
  • Arrange 1 visit per annum to the property for the purpose of a Management Inspection.
  • Arrange for Gas Safety Check to be conducted annually and in accordance with the Gas Safety Regulations 1998.
  • Arrange redecorations, renewals and repairs on the basis of estimates obtained by us and first approved by you, save in the case of an emergency.
  • Deal with requests/reports from the Tenant and investigate any complaints or defects which are brought to our attention.
  • Arrange (at your expense) as necessary for contract cleaners to clean the property professionally before each tenancy (any subsequent cleaning will be charged to the outgoings tenant’s deposit)
  • On receipt of the inventory clerk’s report we will calculate the cost of damages owed to you and organise repairs, replacements or compensation.
  • Manage the property when vacant for up to 28 days or until a tenancy commences whichever is the shorter period for no additional charge.

3. LETTING, RENT COLLECTION & MANAGEMENT

Services provided in both 1 and 2 above.

4. REFURBISHMENT & FURNISHING SERVICE

We can:

  • Arrange and supervise the redecoration and/or refurbishing of the property as required to bring it up to or maintain it in good Letting condition.  A specification is prepared and agreed with the client and estimates obtained.
  • Contractors and timescales agreed.
  • Program of works supervised throughout.

FEES

1. LETTING AND RENT COLLECTION:

  • The fee for this service is 10%+VAT of the gross rental under the terms of the tenancy agreement for the full term of the tenancy payable in 2 x 6 monthly instalments.
  • On tenancies of less than 6 months there is an additional 6% + VAT fee.
  • In the event that the initial tenancy is extended a fee of 10% + VAT of the gross rental for the full term of the extension, and any subsequent extension is payable whether or not the extension is agreed by us.  The fees payable throughout the entire period that the tenant or his licensee remains in occupation of the property.

Additional Fees:

  • Preparation of tenancy agreement: £125 + VAT
  • Negotiation and administration of your or the Tenants own Tenancy Agreement: £100 + VAT
  • Preparation of renewal documentation: £75 + VAT
  • To undertake management related work and instruct contractors as required on a non-managed property: 10% of bills paid + VAT.

2. MANAGEMENT ONLY:

  • The fee for this service is 6% plus VAT of the gross rental under the terms of the tenancy agreement for the full term of the tenancy payable in line with the rental payment periods.

Additional Fees:

  • To supervise repairs in excess of £500 and not included within the routine management service will be charged at 10% plus VAT of the final costs of work undertaken.
  • Management Inspections in excess of 1st annual visit will be charged at £50 per visit plus VAT.
  • Seeking legal advice, undertaking legal action and/or arbitrating on your behalf and in addition to all legal costs will incur an additional charge of £50 per hour + VAT.
  • Courier/delivery of documents relating to the tenancy will be charged at cost.
  • Waiting time at property for unknown contractors - £25 per hour + VAT.
  • Standard hourly rate where charged: £50 + VAT.
  • Snagging of newly built properties and commissioning of systems: Charge by arrangement.

 

I/we hereby agree to the Terms & Conditions set out by Rickett Tinne & Company.

 

 

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