Fees and Terms and Conditions to Landlords
Full Management Fee: 10% + VAT of the rental Fee achieved.
Non Management Fee 7% + VAT of the full years rental achieved.
The service included in our fees are:
i) Taking up references.
ii) Monthly or quarterly rent collection.
iii) Preparation and submission of rent statement.
iv) Collection of, the deposit payable by the tenant against any damage to the property. (Held with the DPS.)
v) Notification to service companies: Electricity, Gas, and Council Tax ( Water company to be notified to read water meter) at the commencement of tenancy. (management only).
Inventories are completed on management properties only and by an independent inventory clerk, an additional charge is made for this service and varies depending on the size of the property. When completed, both the Landlords Agents/inventory clerk and the Tenant will sign it before the tenancy commences.
Unfurnished and Furnished tenancy agreement
Unless we are instructed otherwise, we will use our standard form of Tenancy Agreement in respect of all letting properties. If the Landlord decides to instruct his own Solicitors to prepare an agreement, we will not be responsible for their fees.
The unfurnished and furnished rent
The rent quoted by us to a Tenant must be inclusive of all outgoings for which you are responsible, i.e. Ground Rent, Service Charges, etc. This is with the exception of Gas, Electricity, Water, Council Tax and Telephone service.
Present banking arrangements are such that it is necessary for us to allow approximately 5 working days from the rental date for rent payments to be transferred to client’s accounts.
We can under certain circumstances, deal with either partial or total furnishing or refurbishment of properties. If we undertake to supervise this work there is an extra charge of 10% for this service.
You should make certain that your property and contents are adequately insured and that your policy covers furnished letting. Many household policies do not do so.
Terms of management appointment
Except in cases where you intend to re-occupy the accommodation and where special arrangements are made, our appointment will begin only at the start of the letting period, and is for the agreed period of the tenancy (and subsequently agreed extensions or rolling contract). However if you wish us to manage a property which is already let then we shall require sufficient notice to take up the appointment. In the event of another Agent being instructed to let the property, our management responsibility will immediately cease. Our fees will be deducted monthly at the agreed rate. We cannot undertake to meet any outgoings beyond the available funds held on your behalf by ourselves. We also require that prior to the letting that all the relevant mail, i.e., rates, service charges are paid where due as this is not Grosvenor Estates responsibility. All mail can be re-directed to: Grosvenor Estates, 163 New Road, Croxley Green, Rickmansworth, Herts, WD3 3HB.
Our full management service will be charged monthly in advance at the rate of 10% for the first 24 Months, 7% Thereafter.
Repairs and Replacements
We shall deal, without any additional charge, with day-to-day management matters including minor repairs up to a maximum amount to be agreed by the Landlord and Agent. Except in an emergency, wherever practical, estimates are obtained and submitted for approval in respect of works of redecoration, renewal or repair likely to cost more than the agreed amount.
Inspection and defect
Our management will include inspections as and when appropriate and also include investigation of all defects. We cannot accept any responsibility for hidden or latent defects.
In the event of there being a change in the tenancy during our management of the property, we can deal with the preparation of the property for the incoming tenant.
Our management service does not include the supervision of the property when it is not let, although in the normal course of letting, periodic visits may be made to the property by our agents.
Instruction of solicitors
You will be informed of any rent arrears or breach of covenant brought to our attention. However, if it is necessary for a Solicitor to take action, you will be responsible for instructing your own Lawyer and for all the fees involved.
Taxes management act
Where the Landlord of the property resides abroad, the commissioners for Inland Revenue will hold us, as your Agents, responsible for the payment of any tax liability which arises on rents collected by us on your behalf. Accordingly, if you are resident abroad it will be necessary for us to deduct income tax at the basic rate, and hold the amount so deducted to your credit until the taxation liability has been agreed with the Inspector of Taxes. Similarly, if you at present live within the U.K. but subsequently move abroad, it will be necessary for us to commence this deduction from the time you leave this country. The monies deducted will be placed on deposit with a building society and will earn interest on your behalf.
Purchase by party introduced by US
In the event of a party introduced by us (or any person or body corporate associated with that party) subsequently purchasing the premise, whether before or after entering into a Tenancy Agreement, commission shall be payable to us on completion of the sale at our Sole Agency rate of 1.5% of the price realised.
If you are dissatisfied with how Grosvenor Estates has dealt with you, you will need to contact the member of staff who was dealing with you and if the dispute is not dealt with you will need to contact the Managing Director Mr Anthony Bennett at the office concerned within 5 Working days and a formal response will be sent to you within 10 Working days.
There will be a charge of £10.00 for any paperwork that pertains to you for any dispute situation.
If you are not entirely satisfied that Grosvenor Estates have not held your complaint in due regard then you are entitled to approach the impartiality of The Property Ombudsman (TPO) within 6 months.