LETTING ONLY SERVICE
COMMISSION & TABLE OF ADDITIONAL SERVICE FEES EXPLAINED
Our “Letting Only Service” is designed for Landlords who wish to handle all of the day-to-day management responsibilities and collection of rent themselves after the initial commencement of the tenancy. Our schedule of inclusive services are as follows:
- 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 viewing.
- 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 (it is your legal responsibility to arrange all future Gas Safety checks- we have no liability if you fail to do so)
- If required, arranging an Electrical Safety check (it is your legal responsibility to arrange all future Electrical checks- we have no liability if you fail to do so)
- Providing a list of professional inventory clerks for the preparation of a suitable condition report/inventory.
- Recommending a suitable rental guarantee policy (if required).
- 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
- Protection and registration of the Tenancy deposit in line with our membership of the Tenancy Dispute Service (TDS)
- Assisting with the arrangement of a standing order mandate/providing Landlord’s bank details so that future rent payments are made direct to the Landlord’s bank account
- 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” below.
LETTING ONLY SERVICE COMMISSION – AMOUNTS TO 8.75% OF THE GROSS RENT, PREMIUM OR OTHER MONEY PAYABLE THROUGHOUT THE INITIAL FIXED TERM AGREED plus VAT AT THE PREVAILING RATE –
COMMISSION EXAMPLE BASED ON A 12 MONTH INITIAL TERM AS FOLLOWS:
RENT @ £1000 PER CALENDER MONTH X’s THE INITIAL FIXED TERM OF SAY 12 MONTHS= £12,000
£12,000 X 8.75% = £1050.00
£1050 X 20% VAT= £210.00
Total amount payable = £1260.00