Information for Landlords

Conditions of Management
for Residential Properties

Our charges for management of property are shown on the right. They cover the following services:

1. Collection of rent and / or any other items to be collected.

2. General supervision of tenancies.

3. Payment of outgoings i.e. water rates, insurance, repairs etc.

4. Employ builders to carry out repairs for which the Client is responsible up to a cost of £100.00. We can only give instructions without referring to owner for such items as we consider to be essential and / or required under the Health Act Regulations.

5. Keeping of accounts and submission of a statement quarterly.

Payment of all outgoings is subject to the owner's account being in credit.

Unless otherwise agreed, it will be a condition of our management that the insurance of the property and the contents, if appropriate, is through our Agency, including full property owner's liability to include Public Occupiers Liability.

REPAIRS

We need to be able to carry out day to day repairs to your property without reference to you. Unless you advise us to the contrary we will carry out repairs costing up to £200.00 without reference. Where we consider it appropriate, competitive estimates will be obtained.

OVERSEAS CLIENTS

Under the provisions of the Finance Acts, with effect from the 6th April 1996, unless and until specific action is taken by landlords and agreed by the Financial Intermediaries and Claims Office of the Inland Revenue, we will be obliged to submit a return and pay tax on the net assessable rental income to the Inland Revenue within 30 days of the end of each three month quarter. The quarter dates are the last day of June, September, December and March, which coincide approximately with our quarterly dates. This will happen unless we receive notification from the Inland Revenue that we do not have to make a tax deduction from your income. In order to obtain this clearance, you have to take the following action:

In order to obtain the Inland Revenue's agreement that you can receive income from property without deduction of tax, you must complete form NRL1 and send it to the Inland Revenue Financial Intermediaries and Claims Office at bootle, whose address is shown on the back page of the form. If you wish we can supply you with a photocopy of Inland Revenue leaflet number 1R140 relating to the obligation of non resident landlords, their agents and tenants, which may help you to understand the situation.

If you intend to apply to receive rental income with no tax deducted, it would be appreciated if you could let us have a copy of your application form for our records and we can also then chase up the appropriate department, if they have not responded by the time we deal with the first quarter's rents.

RESIDENTIAL LANDLORDS AND SHORTHOLD TENANCIES

Many resident landlords, landlords working overseas and landlords letting on Assured Shorthold Tenancies are concerned about their being able to regain possession at the end of the tenancy. DAS Legal Expenses Insurance Company Limited, have brought out a policy called the Home Owners Legal Protection Policy which covers the legal costs of regaining possession of certain types of tenancies. If you would like further details of this insurance please let us know and we will let you have a copy of their brochure. For information the premium is £125.00 per tenancy per annum (subject to alteration without notice ).

TERMINATION OF MANAGEMENT

One quarter's notice of termination on either side is required except on the case where we sell the property on behalf of the owner.

INTEREST

Details regarding payment of interest on money held on deposit are given in our Conditions of Management available on application - please telephone 020-8673 5212

All fees quoted are exclusive of VAT at the prevailing rate. The above fees are given here as a guide only and prospective clients should contact us for our latest Conditions of Management.

Ground Rents:
15% subject to a minimum charge of £15.00 per unit per rental period.
Monthly Rents:
 Rents up to £3,000 p.a. per tenancy: 10% on gross rental.
Rents over £3,000 p.a. per tenancy: 7.5% on gross rental.
Weekly Rents:

 12.5% on the gross rental.

EXTRA FEES PAYABLE

In managing residential property, other services are likely to arise for which fees are charged as follows:

  SERVICE FEES
1. Repairs costing over £100.00. This will include obtaining competitive estimates where necessary and supervising works. 12.5% of cost of
works
2. RENT REVIEW  
  a) Regulated Tenancies  
  Application for registration of a fair rent to the Rent office. 5% of rent registered
  Attendance at consultation before Rent officer. Minimum fee £100.00
  Appealing to the Rent Assessment Committee against registration of a fair rent. On quantum meruit basis. Minimum fee £300.00 plus fee for attendance at hearing if required.
  Attending hearing to give evidence £100.00 per hour
including travelling
time.
  b) Assured or Assured Shorthold Tenancies  
  Considering open market rental value and serving Notice of Increase on tenant in respect of Assured tenancies and granting new fixed term agreement in respect of Assured Shorthold tenancies. 3% of rent proposed
  Dealing with appeals by tenant to Rent Assessment Committee against open market rent. Preparing representations and sub-mitting them to Committee. Quantum meruit.
Minimum fee £500.00 plus fee for attendance at hearing if required.
  Attendance at hearing to give evidence. £100.00 per hour
including travelling
time.
3. Service of Notice of Increase in rent other than rent reviews under 2 above. £10.00 per notice.
4. Lettings 10% of 1 year's rent irrespective of letting period. In cases where we are also instructed to manage the pro-perty for a minimum of one year 5% of 1 year's rent.
5. Preparation of Inventory, checking in of tenants and preparation tenancy agree-ment on Landlord's behalf. Quantum meruit.
Minimum fee £100.00
6. Checking out of tenants of furnished accommodation and assessing dilapidation's. Quantum meruit.
Minimum fee £100.00
7. Instructing Solicitors to issue proceedings for arrears of rent, possession etc. incl-uding attendance at Courts and other
tribunals.		 Quantum meruit.
Minimum fee £225.00
8. Preparation of statements for assessment of income tax Quantum meruit.
Minimum fee £150.00 per year of
assessment.
9. Termination of management where 3 months notice not given. £150.00 per tenancy.
10.

 

 Insurance review.

 

 0.25% on value