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| Landlord info: To the Landlord fees and the level of service are the key areas. WPM would emphasise that the cost of the service is not as important as the support the Landlord gains from letting and managing his/her property through a regulated and easily accessible/responsive Agent. The property has to be maintained and regularly inspected. Looking after the investment is very important. It will be necessary to repaint from time to time, service appliances and on occasions pay for more substantial things like a new boiler. WPM offer a several different services, in summary as follows: Let only; assisting in finding and vetting Tenants. Setting up the legal paperwork and completing an Inventory/Schedule of Condition. Full management; collecting rent through a dedicated account and issuing monthly statements using a computerised data/rent control system. Dealing efficiently with repairs and renewals. Buy-to-Let; advising on the best type of investment, purchasing property where required, advising on any refurbishment etc. House care service; where a property owner goes abroad from a week to several months. Making sure the house is visited regularly, lights turned on/off and curtains moved. Even watering plants, although this does not extend to the care of any pets! Blocks of Flats; Wager Property Management deals with a number of local and London based Freeholds. Administration of Service Charge accounts, collecting Ground Rents where applicable, dealing with repairs and maintenance of Common Parts and liaising with Leaseholders throughout. The next pages set out in more detail the three main 'letting categories': Let Only To carry out an initial visit to inspect the property and to obtain the Clients specific requirements To follow up with a written report giving an estimate of the rental value of the property and advice as to pre-letting matters including Furniture & Fire Regulations, Gas Appliance Safety Regulations and any other regulations that are applicable. To market the property by preparing details, including the details on our web site, advertising in the local press and contacting relocation agents. To arrange viewings by agreement with the current occupier of the property, if appropriate. To negotiate and to agree terms acceptable to both the Landlord and the Tenant. To take references on the prospective Tenant comprising; employer's, credit, personal, landlord's (if appropriate). A specialist reference agency is used for all references. Insurance may be available on request (at additional cost). To obtain a suitable security deposit from the Tenant, which will be a minimum of one months rent plus £200. To obtain a personal guarantor for the Tenant, if we or the reference agency consider it appropriate. To prepare a full inventory of contents, fixtures, fittings and decorations, and to state their condition. We do not include on our inventories books, cleaning agents, pot plants, contents in cellars or attics or locked room(s)with Landlord's possessions therein. Nor do we list decorating or building materials or gardening items apart from machinery & tools. The contents of garages, sheds, outbuildings and workshops are also not listed, unless by special agreement with the Client at an agreed additional charge. To prepare the tenancy agreement and appropriate notices. To notify the relevant utility companies of the change of occupant/liability. However, please note that British Telecom insist that only the user may notify them. To supervise the signing of any notices, the tenancy agreement and to obtain appropriate receipts, and to ensure that all the necessary monies are taken to cover the deposit, first month's rent, and an amount for the value of oil/calor gas/coal/logs/etc, left on the premises. We usually sign the documentation on behalf of the Landlord. To transfer the balance of rent taken by the Agents into the Landlord's nominated account within fourteen days of receiving confirmation of receipt from the Agents bank. To check-in the inventory with the Tenant at the property within 72 hours of the commencement of the tenancy. If the Client instructs the Agent to check-out the Tenant and deal with any dilapidations at the end of the tenancy, an additional charge will be made at an agreed sum. Let & Rent Accounting To provide all the services as listed in Let Only above. To ensure the Tenant completes and signs a banker's standing order mandate to pay the rent into the Agents' client account and the Client hereby authorises the Agent to transfer to their own account such sums as may be due to the Agent. To collect the rent from the Tenant in advance, as per the terms of the tenancy agreement. To account to the Client on a monthly basis within fourteen days of receipt of confirmed payments, giving details of all income and expenditure, and to transfer any credit balance into the Client's nominated account. If the Client is non-UK resident for tax purposes and has not opted for self-assessment with the Inland Revenue, to withhold an appropriate percentage of net rental income for income tax purposes. To exercise appropriate action to ensure that the Tenant complies with all the terms of the tenancy agreement in particular relating to the payment of rent and the deposit and to take legal action, if necessary. To negotiate extensions and renewals of existing tenancies and to ensure they are supported by the necessary paperwork. To check-out the Tenant at the end of the tenancy, and to deal with any dilapidations. To reconcile and prepare a final closing rent account at the end of the tenancy. Let & Full Management To provide all the services listed in Let Only and Let & Rent Accounting above. To carry out quarterly inspections of the property, sending a written report to both the Landlord and Tenant, detailing any works that are considered necessary and to identify whose responsibility it is for the works, in accordance with the terms of the tenancy agreement. To co-ordinate all repair and maintenance that becomes necessary during the tenancy. The Agent is to have authority to use his discretion in respect of expenditure up to £150.00 for any one item. If expenditure is likely to exceed this amount, the Client's authorisation must be obtained (unless in an emergency). To ensure insurances are renewed and to make insurance claims on behalf of the Client (only those policies placed and maintained by the Agent) , subject to the Agent having authorisation from the insurer so to do. The Fees A full document forms the Agreement, and sets out the terms of engagement between Wager Property Management, (the Agent) the Landlord regarding the property. These are the Terms of Business and are issued when completing the instructions. The Landlords full details, address of the property to be let, availability, and other information will be set out in the Landlords Information Sheets (3 pages to be signed and dated). These pages are completed when the instructions are issued by the Landlord and will contain all the essential letting information to deal effectively with the letting and day-to-day management of the Landlords property. The services provided by Wager Property Mangement are detailed above and the fees are set out below. The Landlord would indicate the service(s) required by ticking the relevant box(s). 1. Let only 50% of the 1st month’s rent for a six month letting, with a minimum of £300.00. Or one months rent if a twelve month letting is completed. No VAT 2. Let and Rent accounting 8.0% of the monthly rent collected. No VAT 3. Let and Full Management 10.0% of the monthly rent collected. No VAT Wager Property Management is not registered to charge VAT. The fees quoted do not attact VAT. If at any time in the future VAT does become applicable Wager Property Management will refer to the Landlord. Any alteration/amendment by the Agent or Landlord would be initialled and dated by both parties. |