Fees and Terms For Landlords
We take pride in operating with transparency at all times. Please see below for our terms & conditions and fees for landlords
Our current Letting fee is 10.8% inc VAT of the rental income (with pro-rata refund) or 8.4% inc VAT (without pro-rata refund) for the term of the tenancy and extensions thereof. The fee is payable in full at the commencement of the tenancy and whenever the tenancy is extended thereafter. In case of the 10.8% inc VAT letting fee no refunds of the letting fee will be available for a tenancy terminated earlier than six months.
- FINDING A SUITABLE TENANT
Having received your instructions to act on your behalf we will actively market your property in order to secure professional tenants as quickly as possible. We have an agency with www.zoopla.co.uk, www.primelocation.com, www.allagents.co.uk, www.skampi.co.uk, and facebook. Local & national publications may also be used to market the property.
- VETTING PROCEDURES
After interviewing potential tenants, we arrange for an investigation of their financial position. The investigation will check such matters as their employment details, bank status and previous accommodation history. We are agents of LANDLORD SECURE who provide a full vetting report, which will be available to you prior to the tenants moving in. We also provide INSURANCES to protect you should the tenants default on the rental payments. We recommend you consider this at an additional cost. (Check Skampi website). If COMPLETE LETTING SOLUTIONS refuse a tenant we will take up our own references and provide you details so that you may still consider the tenants.
- TENANCY AGREEMENT
For private tenants we only use an Assured Shorthold Tenancy (A copy is available on request). We will provide you with the copies of this completed tenancy agreement.
We will collect a “dilapidations” deposit prior to commencement of the tenancy. This will be held by SKAMPI as security for the tenant’s performance of his or her obligations. Tenancy insurance scheme will apply at a cost of £54.00 inc VAT per annum to the landlord – TDS
- THE INVENTORY AND CHECK IN
The inventory is an essential part of letting your property as it lists the contents of the property and their conditions for reference at the beginning and end of the tenancy. We employ the services of a clerk to check-in the tenants. We would recommend that you also employ the inventory clerk to prepare a professional inventory for our clerk to use on check in & out (Details and preparation costs on request).
- HANDING OVER THE PROPERTY
We attend the check-in and ensure that all is in order before handing the keys to the tenants. Normally Gas & Electric meters are read at the beginning of the tenancy and the readings noted on the check-in report.
We will advise the tenants to advise all the utilities including the council tax office. The tenant will need to personally have the telephone connected.
One set of entry keys is normally issued to each occupant named in the tenancy agreement.
- STATEMENT OF ACCOUNT & PAYMENT
We will provide you a statement of account detailing fee deductions and initial rents received. Any amounts due to you will be sent to your bank. Details of which will need to be provided.
- STANDING ORDER
We will set up a standing order in order for your new tenant to make future rental payments direct to our bank & we will account to you normally within 10 working days of receipt.
Our full current management fee is 15.6% inc VAT or 13.2% inc VAT of the gross rental income. The letting fee, as described, is deducted in advanced but the management fee element of 4.8% inc VAT is deducted monthly.
The Management service covers all the letting services mentioned in the last section and in addition we
include the following.
Inspections will be carried out at our discretion and Inspection reports will be provided.
- RENTAL ARREARS
We will take steps to follow up any late payments and will keep the landlord informed at all times. We will not be held liable for any rental arrears and will advise you should you need to appoint a solicitor.
We will periodically inspect the property and report to the landlord. Should it prove necessary to carry out repairs to the property or to the related household , appliances, we will make any necessary arrangements on your behalf. We will always try to inform you in advance of any likely cost. If we are unable to contact you and consider the repairs essential, we will authorise the work to be undertaken so long as the sum involved is less than £400.00. If the cost is likely to be more than £400.00, we will wait for your approval (except in extreme emergencies). Copies of all repair bills will be forwarded to you with your monthly statement and costs will be deducted from your account.
If you are a UK resident then notifying the Inland Revenue and dealing with them over tax matters from rental income is your responsibility. If, however, you are a non-UK resident, we are obliged to operate under the Inland Revenue’s Financial Intermediaries and Claims Office (FICO) scheme for UK Rental Income.
Landlords can apply to FICO for approval to receive their rent with no Tax deducted. If FICO approves the application they will write to us telling us not to deduct tax. Application forms to receive UK rental income with no tax deducted is available on request from us or from FICO whose address and telephone numbers are shown below
Tel: 0151-472-6208/6209 Fax: 0151-472-6067
- TERMINATION OF TENANCY
At the end of the tenancy we will:
- Attend the check-out and carry out an inventory check if an inventory has been provided. We will
also obtain the keys.
- Advise the Gas Board, Electricity Board of the final meter readings and Council Tax office of the
date the tenants left.
- Following confirmation of your instructions, arrange for any work to be carried out to bring the
property and its contents up to the required standard for re-letting.
- Having ensured that all matters relating to the previous tenant have been concluded
satisfactorily, we will return the deposit to the tenant, less any deductions as deemed necessary
as agreed by both parties.
Download a pdf copy of these Terms of Business here