This document sets out the standard terms and conditions under which XPRESSLINK PROPERTIES will act for clients as agents in the letting and management of residential property. It should be read in conjunction with our brochure, The Lettings Guide. It is important that before you sign this agreement you understand what is included and what is not included in this agreement. Please ask a member of staff of anything you are unsure of.
This agreement deals only with a Management Service and provides for the agent to collect rent on your behalf and to manage the property.
This agreement is made between the Landlord of the Property and XPRESSLINK PROPERTIES who agrees to act as 'the Agent'. The purpose of this document is to set out clearly and concisely the extent of the Management service offered and the scale of fees charged.
We offer a widespread marketing strategy and our services include a thorough checking of prospective tenants, all legal work and general administration. Our service includes:
**Service provided at a Additional Cost
The landlord confirms that he/she is the sole or joint owner of the property and has the right to rent out the property, under the terms of the mortgage or head lease. Where necessary, the landlord confirms that permission to let has been granted by the mortgagee. The landlord authorises the agent to carry out the various duties of property management as outlined above.
The landlord agrees to repay the agent for any reasonable costs, expenses or liabilities incurred or imposed on the agent provided that they were incurred on behalf of the landlord in pursuit of the agents normal duties.
To assist the agent in carrying out their duties, the landlord agrees to respond promptly with instructions where necessary to any correspondence or requests.
You must ensure that the premises are appropriate to let and all appliances conform with the following safety regulations. All machines, gas appliances and electrical goods should be in full working order, should have been recently serviced, checked for safety and have clear instructions for use. You will need to provide us with the necessary safety certificates for our file.
Payments relating to council tax will be the responsibility of the tenants in the property, however if the property remains vacant it will be your responsibility to meet the necessary payments.
We will hold any deposit in a stakeholder capacity against damages and reimbursements.
A holding fee is generally taken from a tenant applying to rent a property. The purpose of this fee is to verify the tenant's serious intent to proceed, and to protect the agent against any administrative expenses that may be incurred should the tenant decide to withdraw the application. The holding fee does not protect the landlord against loss of rent due to the tenant deciding to withdraw.
Upon signing a tenancy agreement, the agent will take a tenancy deposit equivalent to Six Weeks rent from the tenant in addition to any rents due. The purpose of the tenancy deposit is to protect the landlord against loss of rent or damage to the property or its fixtures and fittings during the tenancy itself. The deposit is held by the TDS.
As landlord you will be liable for tax on rental income and you must inform the Inland Revenue that you are letting the premises. There are a number of allowances that you can claim against this rental income. You should seek advice on these from your accountant or local Inland Revenue office.
The Inland Revenue has special rules regarding the collection of tax on rental income if you are a landlord who is resident overseas, or you subsequently move abroad. If you fall into this category it is your responsibility to obtain a tax approval number.
We are legally obliged to deduct tax from your rental income at the prevailing rate in the absence of a written approval number.
This agreement may be terminated by either party by way of two months written notice. You may withdraw your instruction to us to manage your property, however if the premises are handed over to you with the tenants still in residence our charges will continue to be payable as if we were then instructed on a Letting Service only basis.
The landlord shall provide the agent with any requirements for return and repossession of the property at the earliest opportunity. Landlords should be aware that any tenancy agreement entered into on the landlords behalf is a legal binding agreement for the term agreed. Details of any tenancy agreement being entered into will be communicated to the landlord as soon as possible. Landlords should be aware that the legal minimum notice period to tenants under assured tenancies is generally two months (should the contract allow for early termination) and this needs to be given even in the case of a fixed term tenancy which is due to expire.
In the event that a sale of, or acquisition of an interest in the property (whether by transfer of the clients interest in the property or the granting of a lease) should be agreed to the tenant, any associated party or any person introduced at any time by XPRESSLINK PROPERTIES, leading to an exchange of contracts, Foundations will be entitled to commission on the sale at the minimum rate of 1% plus VAT of the sale price. The landlord remains responsible for our letting fee whilst the tenant remains in the property. The commission will become due upon exchange of contracts, but we will defer payment until the date of completion of sale.
In the event of a property being sold or passed on with the benefit of a tenancy our fees will remain due and payable by the original landlord for the duration of the tenancy and for any extensions, renewals or periods of holding over thereof, regardless of whether negotiations have been carried out by ourselves.
By signing these Terms & Conditions you instruct us to act on your behalf as your agent with your full authority to act on your behalf in connection with the letting and management of the property. It is also agreed that only the agent may let the property.
The following will determine the costs involved with our Management Service. (Fees are inclusive of VAT at the current rate of 20%)
|Fees for finding suitable tenant(s)||8% or a Minimum fee of £800.00 (including VAT)|
|Management commission||15 % (including VAT)|
|Rent guarantee by FCC PARAGON||FOUR weeks rent monies|
|Minimum fee (in case of early termination)||£500 (including VAT)|
|Tenancy Renewal fee||80% of original fee (including VAT)|
I declare that I am the sole legal owner of the freehold/leasehold interest in the property OR I am the joint owner of the freehold/leasehold interest in the property.
I have read and accept these Terms & Conditions of Business and wish you to provide the service noted upon the Terms & Conditions stated herein. I understand and acknowledge my obligations pursuant to the Furniture & Furnishings Regulations 1993, the Gas Safety (Installation & Use) Regulations 1994 and the Electrical Equipment (Safety) Regulations 1994 and I accept and confirm that I have full responsibility to ensure that I comply fully with their requirements before and during the letting of the property.
|Signed (Landlord)||Print Name:|
|Signed (In the presence of)||Print Name:|
|Signed (The Agent)||Print Name:|
|Signed (In the presence of)||Print Name:|