Terms and Business
TERMS OF BUSINESS FOR PROPERTY MANAGEMENT AND RENTAL SERVICES
Inclusive – Full Management Service
No Upfront Registration Fees, No Renewal Fees and No VAT
Once we have been instructed to find a Tenant, we will inspect the property and advise the Landlord on the achievable level of rent. We will advertise the property and when a suitable Tenant has been found we will undertake the necessary checks.
These references will be referred to the Landlord for approval.
Once the Tenant has been approved by the Landlord we will:
Instruct an Independent Inventory Clerk to draw up a detailed inventory on all furnished and unfurnished properties. (Please see table of prices below).
Prepare and arrange for the Tenant to sign the Legal Tenancy Agreement which will be adapted to cover your circumstances and to protect your interests.
Undertake rental collection, pursuing any late payments should they occur. All payments on your behalf are banked in the designated client account of Phillips in accordance with requirements of the account regulations and are therefore fully protected.
When rent is remitted, you will receive a monthly statement of income and expenditure.
Receive the deposit, which is transferred to the Deposit Protection Service (DPS).
Arrange check-in and issue keys to the Tenant on the commencement date of the Tenancy.
Arrange for the transfer of mains services and other utility accounts into the Tenants name and supply the appropriate meter readings.
Take on the full management of the property in accordance with the terms set out and agreed in the signed Landlords Instruction to Act and Agency Agreement attached thereto. Any emergency issues will be dealt with immediately; otherwise we will get in contact with the Landlord to seek approval of the Tenants request.
Undertake regular inspections of the property – the standard being every three months.
Arrange the release of the deposit upon the completion of the Tenancy, subject to the Landlord’s approval and successful Check-out.
Prepare and serve all relevant Legal Notices in accordance with the legal requirements of the Assured Shorthold Tenancy Act to protect the Landlords interests.
Our standard commission rate for this level of service is 10% of the rent collected and which will be deducted from the rents remitted to you. Such payments will be sent to you monthly together with a statement of income and expenditure.
If a sale of the property is agreed with either a Tenant or any party connected with or associated with the Tenant, either before or after a Tenancy, leading to an exchange of contracts, Phillips Associates will be entitled to a commission of 1.25% + VAT (if applicable} of the sale price of the property (unless another fee has been agreed in writing). The commission will be payable upon completion of the sale.
We assume that by instructing us that you have obtained the necessary consent to let your property from any relevant superior or head lessor and from any relevant mortgagee or from any other party from whom consent to let would be required in respect of your property.
We assume that by instructing us that you are aware of a Landlord’s obligations under Landlord and Tenant Act 1985, which covers issues relating to condition and safety aspects relating to the property.
Please refer to the table below for the price list for Inventory and Inventory Update Production payable by Landlords on check in of Tenants.
|Inventory, Check-in and Check-out|
|No. of bedrooms||1||2||3||4||5||6|
|No. of bedrooms||1||2||3||4||5||6|