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Untitled Document
** Property Service **
STANDARD MANAGEMENT SERVICES & FEES
STANDARD SERVICES INCLUDE
1. Advising as to the likely rental income
2. Advertising and generally marketing the Property
3. Interviewing prospective tenant and taking up full references
including bank reference and employer or previous landlord character reference.
Where necessary, additional security would be requested by means of a guarantor.
In the case of a company, a full bank reference would be taken.
4. Preparing the Tenancy Agreement and corresponding Notice necessary
for the Landlord to gain protection of the relevant Rent and Housing Acts, renewing
the Agreement where necessary at the end of the Term.
5. Liasing with a Landlord’s mortgages where necessary with
regard to references an Tenancy Agreement.
6. Taking a deposit from the tenant to be held by the Agent as
stakeholders until the end of the tenancy when the Property and contents have
been checked for unfair wear and tear.
7. Collecting the rent monthly and paying it over to the Landlord
monthly (normally within 30 days of collection) less any fees or expenses due
or incurred for the period.
8. Arranging with the service companies (such as the providers
of electricity, gas, and water and Council services) for meter readings to be
taken and advising them of the transfer of service contracts to the tenant(s)
at the beginning of each tenancy.
9. Carrying out regular inspections of the property on a quarterly
basis. Note that responsibility for the management of empty property is not
normally included, and will only be carried out by special arrangement.
10. Co-ordinating repair or maintenance including arranging for
tradesmen to attend the property and obtaining estimates where necessary, supervising
works and setting accounts from rents received.
11. Making payments on behalf of the Landlord, from rents received,
for water rates, insurance premiums, Council Tax, electricity, gas, service
charges and other necessary expenditure.
12. Carrying out a full property inspection and inventory check
at the end of each tenancy and dealing with matters relating to unfair wear
and tear before releasing the tenant’s deposit
13. Collecting and forwarding Landlord’s mail.
FEES
Additional items and other expenses will be charged according to the scale of
fees defined below
SCALE OF FEES
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Standard Management Fee
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13.5%
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Renewal
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£75 (For let only contract)
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Short Lets (<6 months)
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15%
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Short Lets (<3 months)
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20%
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Inventories
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£25 Per Page
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Schedule of Condition
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£25 per page (For let only contract)
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Redirection of mail overseas
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Cost of postage
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Faxes & overseas telephone calls
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Telephone Costs
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Duplication & Testing of extra keys
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£5
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Issuing Notice of Seeking Possession
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£50
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OTHER SERVICES & FEE
METER READING
The agent will take meter readings whenever possible at each change in occupation
of the property and inform the service companies (such as electricity and gas)
of these readings and change in occupation. Please note that in many cases the
service companies (such as BT) require that the new occupiers formally request
and authorise the service take care to inform all parties (e.g. banks, clubs,
societies etc) of their new address; it is not always possible to rely on tenants
to forward mail.
LETTING AGREEMENT
The standard management service includes the preparation of a letting agreement
in the agent’s standard format and provision of a copy of this agreement
to a designated advisor or building society, if required. Should the landlord
or his advisors or mortgages require amendment of the contract or require the
agent enter into further work or correspondence, a further fee for this work
may be requested. It is agreed that the agent may sign the tenancy agreements
on behalf of the landlord.
INSPECTIONS
Under the standard management service, the agent will normally carry out inspections
quarterly starting after the first month. It is not the intention to check every
item of the inventory at this stage; the inspection is concerned with verifying
the good order of the tenancy (i.e. house being used in a tenant-like manner)
and the general condition of the property.
This would normally include inspecting the main items (carpets,
walls, cooker, main living areas and gardens). Where these were felt to be unsatisfactory,
a more detailed inspection would generally be made.
Following the departure of tenants, the agent carries out a final
inspection of the property. Testing of all the electrical appliances, heating
system and plumbing is not feasible during this inspection; a qualified contractor
should be appointed for this purpose should the landlord require it.
Details of any major deficiencies or dilapidation would normally
be submitted to the landlord together with any recommended deductions or replacement
values. It is agreed that the agent’s judgement will be final in this
matter. Should it be necessary, the case will be referred to arbitration with
the Royal Institute of Charted Surveyors, any costs being shared between landlord
and tenant, or as directed by the arbitrators.
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