Landlords - Terms and Conditions of Business

• We visit your property and complete our Property Appraisal Form to establish exactly what is to be let (facilities, contents, etc.)

• We discuss the property with you and advise on the market rent.

• Publicise your property - this may be achieved by advertising or by circulating details to selected enquirers.

• Introduce suitable tenants for your approval.

• Negotiate the rent on your behalf, collect the Bond/Deposit and the amount of advance rent that you require from the prospective tenant (our charges, fees and disbursements to you will be taken from these payments and the balance paid over to you).

• Serve all necessary legal documentation and other paperwork on the tenant(s).

• Seek your approval of the proposed lease by supplying a copy of the documentation for your perusal and comments.

• Notify the appropriate local authority and utilities of the change of occupier.

• A copy of the Inventory should be included in the Tenancy Agreement - we are able to conduct an Inventory for you if required at a negotiated rate depending on the size of the task.

• Upon your approval the Tenancy Agreement will be signed either at our office or at your home and witnessed by a representative of HomeLet.

• When the tenant has signed the agreement HomeLet will forward the balance of the Bond/Deposit and advance rent due to you without delay.

• The handing over of the keys will be made as simple as possible; either the keys will be passed to HomeLet who will then pass them to the tenant, or alternatively the landlord may wish to meet the tenant on site and hand over the keys personally.

• When the Tenant's copy of the Agreement has been signed by the Landlord the completed documentation will be sent to the local Revenue Stamp Office for stamping impression and payment of Stamp Duty.

• The date and preferred method of payment of future instalments of rent will be notified to the tenant by HomeLet.

• Any extension of the existing Tenancy Agreement for any period will carry a nominal charge of £75 due to HomeLet, payable on signing of the new agreement.

• HomeLet strongly recommend the tenancy is covered by a Legal Protection Insurance policy.

• Our commission for the above service is the equivalent of two and a half weeks rent. This includes the cost of preparing the Tenancy Agreement and the Stamp Duty and also includes all costs of visits, phone calls, postage, etc.

The Full Property Management Service

   The Property Management Service incorporates all the elements of the Basic Letting Plan with the exception of the last item which relates to our commission, as a different commission structure is offered.

• We collect rent on your behalf and credit your account monthly.

• A quarterly statement will be prepared and sent to the landlord.

• The rent can be paid into any account as per your instructions and will normally be paid on the 1st of each month unless we receive alternative instructions.

• We provide the tenant with a contact number for queries regarding repairs and we shall arrange for any repairs that are required to be carried out. These will be paid for by deductions from future instalments of rent and will be wholly at the landlord's expense.

• In the event of such work being required, it will be carried out by suitably qualified persons or by tradesmen recommended by the landlord.

• Regular inspections of the property will be carried out and all occurrences of damage, neglect or accident that are brought to our attention will be reported to the landlord as soon as possible.

• At the end of the tenancy HomeLet will carry out a final inventory check to determine any shortages or damages and negotiate any deposit / bond refund that may be due to the tenant.

• We shall arrange for any minor repairs / renewals and final cleaning (at landlord's expense) if required before re-letting.

• Upon expiry of the initial tenancy term we shall serve all necessary notices and agreements to the tenant for a further term of six months (longer if notified by the landlord) on the landlord's behalf, for an administration charge of £80.00.

• Our commission for the Property Management Service is an initial amount of £95 followed by 12.5 per cent of the calendar monthly rental collected.

Important Notes

If your property is subject either to a mortgage or a leasehold agreement, please make certain that you take the following steps:

• a) Check the intended letting is permissible under the terms of the existing leasehold agreement.
• b) Check the intended tenancy agreement does not extend beyond the term of the existing leasehold agreement.
• c) Seek the necessary permission for sub-letting from your landlord.
• d) Seek the necessary permission to let the property from the mortgage lender.
• e) Should the property be held in joint names, the necessary permission should be granted by all parties and their full names should appear on the Tenancy Agreement.

Insurance

The property should be covered by a Fully Comprehensive insurance policy and your insurers should be informed of your intention to let (failure to inform them may result in a claim being declined or delayed).

Legal Advice

Should any breach of the terms and conditions of the Tenancy Agreement be brought to the attention of HomeLet we shall inform the landlord accordingly. Thereafter if legal action is required, the landlord will be responsible for all costs and fees and charges relative to that action. We recommend a Legal Protection Insurance policy be effected to ensure your peace of mind.

Tenancy Agreement Expiry

At the end of the initial six months assured shorthold tenancy agreement the landlord should decide whether or not to offer a further period of tenancy.

If the landlord decides the tenant is satisfactory in all respects and that a new tenancy period will be offered, a fresh Tenancy Agreement should be drawn up and a fresh notice of assured shorthold tenancy should be served together with a fresh notice of the required date of possession.

This practice ensures the landlord retains the protection afforded by an assured shorthold tenancy agreement. We recommend the new term also be for a period of six months so the landlord can retain as much control as possible.
 

Income Tax

Income from letting U.K property is subject to income tax even if:

(a) The owner is resident abroad.
(b) The owner is a company registered overseas.

We reserve the right to set aside monies to cover this eventuality as we may become liable for the amount of tax due. We do not undertake negotiations with the Inland Revenue but can refer you to an accountant able to assist in this area.
 

Rent Reviews

We shall write to all landlords of our managed properties every twelve months to suggest a rent review and inform tenants by providing them with at least six weeks written notice of any such increase.

'HomeLet Tip'

When choosing a managing agent, be sure to compare like with like for value, and watch out for hidden charges. Make sure you know what level of service the respective agents are offering within their inclusive rate. In particular, does the rate quoted include or exclude insurance for legal expenses and rent guarantee'? How much more would you pay to have these added?

If you are interested in letting a property or require advice in one of the areas we cover, please contact us and we will contact you promptly.