THE RENTAL PROCESS FOR TENANTS
The Renting Process:
Once you have viewed & decided on a particular property, we will ask you to provide us with all of the specifics of your offer, including rental amount, prospective move in date and any requests or questions you may have. We will then communicate your offer to the landlord. If your offer is accepted, it will be subject to referencing and tenancy agreement, so we move onto this stage.
Property Reservation Fee:
If your offer is accepted it will be subject to referencing and tenancy agreement. Once your offer is agreed we ask that you make a Property Reservation Fee of £500 in cleared funds before the processing of references and preparation of documentation. This shows your commitment to the agreed let & will encourage the landlord to remove the property from the rental market going forward. This amount will be non-refundable should a Tenant withdraw their offer or should the references are found to be unsatisfactory. If the Landlord should pull out, then this sum will be refunded to you. If the tenancy goes ahead the holding deposit payment will be offset against the first month’s rent.
Each prospective tenant will need to be reference checked at their own expense. References will be obtained by an external credit-referencing agency. The cost of this service is £30.00 (£25.00 plus. VAT). The same cost is applicable for any guarantor references that may be required.
The Tenancy Agreement will be drawn up & sent out to you once references have been completed and approved. The cost of this is shared equally between the Landlord and the Tenant and each is asked to pay £150.00 (£125.00 + VAT.)
Agency Fees & Costs:
The costs incurred by the Tenant prior to the start of a Tenancy are as follows:
· £150.00 (£125.00 + VAT) for the Tenancy Agreement
· Six weeks’ rent as deposit
· First month’s rent in advance
· £30.00 (£25.00 + VAT) for referencing per person
· Inventory Check Out
Please note that the tenant covers the cost of the inventory check out and this cost is paid at the commencement of the tenancy, prior to occupation. The cost of this process varies depending on the size & furnishings of the property you have rented, so for specific charges, please make enquires at our office
THE LETTING PROCESS FOR LANDLORDS
A full set of our standard Terms of Business is available upon request, either in our office for collection, or they can be emailed to you. We would be delighted to go through these with you in person at your property during the valuation process.
Our standard fees are the following:
Letting only or letting and rent collection – 12% inc VAT (10% + VAT)
Letting and management – 19.2% inc VAT (16% + VAT)
LETTING & RENT COLLECTION SERVICE ONLY
• Agree with You in advance a suitable quoting rent and market the Property to let
• Seek to introduce prospective Tenants to You
• Apply for appropriate Tenant references for Your approval (or agree the scope of Our authority to accept Tenants on Your behalf).
Searches and investigations will be charged separately to the tenants.
• Negotiate the Tenancy terms
• Ensure an appropriate Tenancy Agreement is signed for the charge set out
• Collect and hold any Deposit in accordance with ARLA/PropertyMark & TDS regulations.
• Arrange the preparation of an Inventory
• Collect the rent instalments on your behalf
• Pay the net rent into your bank account
• Prepare and send you or your accountant monthly or quarterly statements
LETTING & MANAGEMENT
During the Tenancy, We will additionally provide the above and:
• Have the Inventory checked at the end of the Tenancy and a damage report prepared to assist agreement between Landlord and Tenant
on any deduction from the Deposit –
• If you so instruct us, arrange for the cleaning and repairs identified in the damage report subject to availability of funds
• Notify the relevant Local Authority and utilities of a change of occupant at the start and end of the Tenancy if provided with the
necessary information. We are not responsible for a Local Authority’s or utility company’s errors and they may require notices to be sent
directly by the Landlord
• We will pay outgoings such as ground rent, insurance premiums, service charges, maintenance contracts etc from Rent held by us if the
relevant information is provided.
• Visit the Property twice annually for a cursory examination of obvious or apparent defects and report to you.
• Deal with day to day management including minor works up to £250 per item without further instruction from You. We will maintain a float of
£300 to pay for these but will not arrange works where the cost exceeds the amount held at the time for the float
• Deal with redecoration and repairs costing between £250-£500 on your verbal instruction; any quotes for repairs above £500 we would
request your written approval