Landlord Services & Fees

INTRODUCTION ONLY SERVICE INCLUDES: Let Only Service 7 % + VAT (8.4% inc VAT)

• Advise on likely rental income and agree market rent
• Provide guidance on compliance with statutory provisions and letting consent
• Market the property and advertise on relevant portals and websites
• Erect board outside property in accordance with Town and Country Planning Act 1990
• Arrange appointments for prospective tenants, accompanying them as required
• Reference prospective tenants and/or guarantors where necessary
• Negotiate terms and prepare initial tenancy agreement
• Negotiate terms and prepare renewal agreements and/or documentation as required
• Collect and remit initial months’ rent received and tenancy security deposit
• Handover of keys to tenant at tenancy commencement
• Deduct any pre-tenancy invoices
• Provide tenant with method of payment for future rent payments
• Provide the tenant(s) and any relevant third parties with the Prescribed Information within 30 days of the start of tenancy
• Review rent in accordance with current market condition and advise the landlord as requested

FULL MANAGEMENT SERVICE INCLUDES ALL OF THE ABOVE PLUS: 13% +VAT (15.6% Inc VAT)

• Collect and remit the monthly rent received
• Pursue non-payment of rent and provide advice on rent arrears actions.
• Undertake property inspections as requested and notify landlord of the outcome
• Deal with repairs, maintenance or emergencies and instruct approved contractors (cost to paid by the landlord)
• Acquire contractor quotes as requested
• Pay regular outgoings from rental income (such as ground rent, etc)
• Arrange annual electrical Portable Appliance Testing (PAT) (cost to be paid by the landlord)
• Arrange annual gas safety checks (CP12) (cost to be paid by the landlord)
• Hold management set of keys throughout the tenancy term
• Register tenant details and protect the security deposit with a Government authorised Scheme (The Deposit Protection Service) (cost to be paid by the landlord)
• In the event of a tenant wishing to renew or extend the Contact, (regardless of whether any extension is negotiated through our Company or directly) our renewal fees (after the initial 12 months occupation) will be 6% Inc. Vat of the gross rental payable in full, at the commencement of the renewal and for all subsequent years. There is a minimum charge of £350 Plus VAT for each letting

It is the landlord’s responsibility, prior to instructing Chase Macmillan, to ensure that the property is in good repair, the services and appliances are operational and in working order and that gas fire, electrical equipment (safety regulations and smoke alarm legislation are complied with, as detailed by the following legislation: - By signing this agreement the landlord indemnifies Chase Macmillan from and against all costs, claims, damages and expenses arising because of the landlord’s negligence or failure to comply with the said statutory requirements.

Other Information

HMO (HOUSING IN MULTIPLE OCCUPATION) – LICENSING RULES:

As from April, 2006, new legislation has come into force for landlords who are letting properties three or more storeys with five or more people living as two or more households However, some councils may choose to license landlords with smaller HMOs as well. To check whether your property falls into this category, please log into www.odpm.gov.uk, which will provide you details on how to apply for license, how much it costs and whether additional or selective licensing will be used locally.

NON-RESIDENT LANDLORDS:

Income from all residential lettings in the UK is subject to Income Tax. A non-resident Landlord may apply to the Inland Revenue for Self Assessment Status and a CNR number, if granted, you will receive the rent gross and account yourself to the Revenue each tax year. Chase Macmillan is required to deduct basic rate tax and account to the Inland Revenue for all overseas Landlords who have not provided a valid and current CNR number. Any such tax withheld will be placed on deposit in Chase Macmillan’s Client’s Account. (paid to Inland Revenue quarterly). Any marginal rate of interest earned through aggregation of accounts will be retained by Chase Macmillan to defray bank charges and audit costs. If the Landlord is not granted Self Assessment Status the landlord may need to apply to the Revenue for a refund of excess tax once his accounts are up o date. The agent is required to complete quarterly return to submit to the Revenue and the Landlord. For the additional work involved where a Landlord does not obtain Inland Revenue approval to receive rent gross, we will make a charge of £500 plus Vat per three-month period.