FULL MANAGEMENT SERVICE
COMMISSION & TABLE OF ADDITIONAL SERVICE FEES EXPLAINED
Our “Full Management Service” is designed to free up Landlords of their day-to-day responsibilities relating to the Let of their premises. You authorise McRae’s Lettings & Management to handle the collection of rent, and deal with all maintenance/ tenancy issues that may arise on your behalf during the term of the tenancy, and at the same time “keep you in the loop”! Full Management affords our Landlords the protection against legislative changes that may occur from time to time and ensures the Let is professionally conducted throughout. We are your first line of protection!
Our Full Management Service includes:
- Visiting the premises to provide the Landlord with a Property Rental Valuation. Providing an indication of the current market rent achievable
- Advising on marketability and presentation of the premises and providing guidance on Landlords’ legal responsibilities
- Arranging an Energy Performance Certificate.
- Comprehensive marketing and advertising via multiple medias, to include the following — –
- Your property featuring in our periodic “In-House” colour magazine.
- The erection of a “To Let” board at the premises
- Accompanying prospective tenants to the premises or arranging a mutually convenient appointment. Providing you with feedback on viewings.
- Negotiating offers, advising on appropriate tenant selection & undertaking stringent referencing, as required, with previous Landlords, current employer, income and credit status.
- Drafting the tenancy agreement, setting out the rights and obligations of both parties including any special terms that have been agreed
- If required arranging a Gas Safety check and the provision of the certificate to the tenant. Thereafter arranging annual renewals.
- If required, arranging an Electrical Safety check.
- Instructing on your behalf a professional inventory clerk to undertake the preparation of a suitable condition report/inventory Check-in/Check-out.
- Recommending a suitable rental guarantee policy (if required).
- Protection and registration of the deposit in line with our membership of the Tenancy Dispute Service (TDS)
- Receiving from the tenant the Tenancy deposit and first month’s rent on the Landlord’s behalf. Holding the Tenancy Deposit in a stakeholder capacity against damage, breach of tenancy agreement or any other outstanding charges owed by the tenant. Issuing the appropriate certification in line with current legislation
- Forward copies of all related statutory documentation to Landlord and tenant once Tenancy has commenced
- Transfer of first month’s rent to the Landlord, less McRae’s Lettings & Management agreed commission, together with pre-Tenancy fees – in line with our “Table of Additional Service Fees”.
- Organising annual safety tests where required
- Assist with the transfer of the utilities, provided we are supplied with full account details. You will need to pay any outstanding utility charges up to the date of the commencement of the Tenancy and for any void period between tenancies. Some suppliers will not take instructions from us, in which case you must contact them directly to take the accounts out of your name
- Paying current outgoings such as ground rent if applicable, any service charge and/or maintenance charge or similar contribution to shared expenses and account to you regularly provided we hold sufficient funds if specifically instructed to do so by you in writing. Although we will do our best to query any obvious discrepancies, we are entitled to accept and pay, without question, demands and accounts that appear to be in order. In particular, we cannot accept responsibility for the verification of any service or maintenance charge demands or estimates where applicable. We have no liability for any discrepancy in any invoices paid on your behalf to or any dispute with any third parties unless the loss is due to our negligence or breach of contract. It is your responsibility to ensure that invoices and demands are sent direct to us for payment
- Handling all maintenance and repair issues on a daily basis, including minor repairs up to a maximum figure for any one item of £300. Except in the case of an emergency, or to enable you to comply with statute. Wherever practical, two estimates will be obtained and submitted to you for approval prior to any work commencing. In the event that we do not receive contrary instructions from you in writing within 10 working days of us sending the estimates to you, we will proceed with your full authority
- Instructing contractors on your behalf as your Agent. You give us authority to instruct contractors on your behalf and deduct the cost of their invoices. Except, in an emergency which risks significant damage to your Premises or to the life of an individual where the amount is unlimited. You however remain liable for the payment of all invoices to tradesmen. We will not be liable for any loss or damage suffered by you if we are unable to carry out repairs or maintenance because we do not hold any or sufficient funds unless the loss or damage is due to our negligence or breach of contract
- Attempting to arrange a mutually convenient time for contractors to meet the Tenant when attending the Premises to undertake work on your behalf. Where this is not possible we may be able to arrange to meet the contractor at the Premises. We will charge waiting time at the Premises as shown in the Table for Additional Services Fees in addition to the invoice of the contractor. These charges may be recoverable from the Tenant if there is a clause to that effect within the Tenancy Agreement
- Attempting to arrange visits to the Premises approximately twice each year provided the Tenant grants access. We will inform you if access is refused but it will be your responsibility to take legal advice and advise us of the appropriate action. These visits are of a limited nature in order to verify the general good order of the Premises and the proper conduct of the Tenancy by the Tenant. A visit will not constitute a complete check of every part of or every item in the Premises but enable us to note any lack of repair or maintenance, which should be brought to your attention. A visit will only note repairs of which we are informed or which are clearly visible. We do not accept any liability for any loss or damage due to hidden or latent defects
- Advising you if any arrears of Rent arise and pursuing the tenant for payment therein
- Serving Notice to end the Tenancy upon receipt of a written request to do so from you. You must provide us with at least ten weeks written warning that you want to end the Tenancy either at the end of the fixed Term or according to a break clause. We cannot be held liable for any delay in getting possession if you provide insufficient time for service of the Notice. Should the Tenant fail to comply with the Notice, you will need to commence County Court proceedings to obtain a Possession Order. We can put you in touch with solicitors who are specialists in this field. All costs and disbursements incurred will be payable by you
- Renewing the Tenancy agreement if both parties agree and providing the renewal Tenancy Agreement as set out in our “Table of Additional Service Fees”. We will contact you towards the end of the initial fixed term to ascertain your intentions and to agree any renewal instructions. We will review the Rent and advise you if a Rent increase is possible or desirable depending upon current market conditions. You must confirm to us in writing if you wish the Tenancy to be renewed, continue as a periodic Tenancy or Notice served. We will try to ensure both parties sign the documentation by the start date of the new period of the Tenancy. However if the Tenant fails to return the extension documents the Tenancy will continue as a periodic Tenancy until either party gives notice in writing. Our commission will be payable whether the Tenancy continues as a fixed Term or a periodic Tenancy whether or not we are instructed to act on your behalf. While we will make every effort to obtain the signed extension documents we have no liability if the Tenant fails to return them
- Negotiating on your behalf with the Tenant regarding any damage claim highlighted by the Inventory Clerk at Check-out.
- Endeavouring to obtain a forwarding address from the Tenant to give to the water company to comply with the Flood and Water Management Act 2010 which makes payment of the final water account the liability of the Landlord if no forwarding address is provided. We cannot be held liable if the Tenant does not provide an address or gives an address that is not deemed acceptable by the water company
FULL MANAGEMENT SERVICE COMMISSION – AMOUNTS TO 12.5% OF THE GROSS MONTHLY RENT, PREMIUM OR OTHER MONEY PAYABLE THROUGHOUT THE FIXED TERM AGREED plus VAT AT THE PREVAILING RATE –
EXAMPLE BASED ON A MONTHLY RENTAL AS FOLLOWS:
RENT @ £1000 PER CALENDER MONTH
£1000 X 12.5% = £125.00
£125 X 20% VAT= £25.00
Total amount payable = £150.00 PER MONTH