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Landlord Process

1 Rental assessment

Our aim is to let your property at the best possible price in the shortest possible time Our qualified staff will provide you with a current and accurate up to date rental assessment of your property, taking into account current supply and demand, recent comparables and market trends.

This will ensure your property is marketed at the best possible price.

Once a market rent has been agreed, London Estates will circulate the property details by means of comprehensive marketing campaign in local and worldwide media and all internet search engines.

2 Accompanied viewings

Our longer opening hours are essential to maximise viewing opportunities for your property - in fact most of our viewings are carried out after work and at weekends. Accompanied viewings also mean we can use our expertise to help let your property.

3 Tenants conditions of entry

London Estates will ensure that all applicants are evaluated by our independent referencing agency. Upon successfully completing the referencing process, tenants will be required to pay one calendar month rent in advance and a deposit equivalent to six weeks’ rent.

4 Services and charges explained

We offer a straightforward and transparent commission structure which allows our landlords to spread the payment of our commission over the duration of the tenancy. Our commission can be paid annually in advance or on a monthly basis, so that our landlords start receiving an income for their property as soon as the tenant moves in. As a member of the National Approved Lettings Scheme this means that any monies we hold on your behalf are insured by their Client Money Protection Scheme.

5 LET ONLY SERVICE – 10% + VAT

  1. London Estates will advertise and bear all costs of advertising the property including Energy Performance Certificate unless a current EPC already exists.
  2. London Estates will find a suitable tenant and take reasonable steps to obtain references on prospective tenant(s)
  3. At the landlord’s request, London Estates will organise for an initial gas check at a cost of £95 (inclusive of VAT). However, as a valid gas safety certificate is required for the entire duration of the tenant’s occupancy and as London Estates is not instructed to manage the property, the landlord will arrange to have all subsequent annual gas checks carried out and indemnify London Estates against the consequences of not doing so.
  4. London Estates will ensure the due execution of an Assured Shorthold Agreement or other rental agreement as instructed by the landlord and the service of any statutory notices according to statutory requirements.
  5. London Estates will collect a deposit and first month’s rent in advance and will account to the landlord for the balance after deduction of fees and any other expenses incurred.
  6. London Estates will hold and forward at the tenant’s discretion any deposit payable by the tenant against dilapidation found to have accrued at the end of the tenancy as stakeholders. The landlord will not be entitled to any interest on this sum.
  7. London Estates advises the landlord to employ an independent inventory clerk at the commencement of the tenancy to draw up an inventory of the property’s fixtures, fittings and contents, and compile a check-in report. The cost of these will be the responsibility of the landlord. London Estates advises the landlord to arrange for the tenant to be checked out against the initial inventory report at the end of the tenancy. The cost of this is borne by the tenant unless the tenancy agreement states otherwise. Where instructed, London Estates can recommend an inventory clerk.
  8. Fees will be invoiced and collected annually in advance.
  9. Should the tenant decide to leave the property prior to the end of the agreement, the landlord will be entitled to a commission refund. The six-monthly period is fixed and is not subject to any refund. On the remaining period commission will be refunded on a pro-rata basis, subject to London Estates being given 4 weeks opportunity to re-let the property to the same terms as the original contract, from the date of the tenants leaving.

6 RENT COLLECTION SERVICE -12% + VAT

In providing this service to you London Estates will also:

  1. Carry out an inspection of the property and advise you the expected level of rent and any steps you may need to take to comply with all relevant safety regulations or other legal requirements advertise the property and arrange viewings.
  2. Arrange for (at your request and at an additional fixed cost to you) an inventory and professional check in /check out. London Estates does not accept liability for losses resulting from any errors or omissions within any inventory, check-in or check-out documents that are produced by a third party.
  3. Demand and account to the Landlord the monthly rent after deduction of fees for the duration of the tenancy once it has cleared our account. You should allow 10 working days for cleared funds to be available for transfer to your account.
  4. Make formal demand for, and take all other reasonable steps necessary (without issuing court proceedings) to recover any arrears of rent, and thereafter advise you of timescales for you to instruct solicitors and commence court proceedings to recover such arrears and/or enforce or defend you other rights in relation to the letting of the property.
  5. Require one month’s written notice should you not require the rent to be collected by London Estates, as London Estates would therefore not be collecting the rent, (and consequently unable to deduct the commission from the rent) the remaining commission will be due and paid in 12 monthly instalments in advance for the remaining term of the tenancy and thereafter for the duration of the tenants occupation.
  6. Acting on your instructions to negotiate the terms of an appropriate tenancy agreement and sign on your behalf.

7 MANAGEMENT SERVICE – 15% + VAT

If you have appointed us to manage the property London Estates will also:

  1. Where provided with the necessary information, such as names of the suppliers and utility account numbers, London Estates will notify existing service providers and the local authority of the tenant’s liability (if appropriate) for payment of the services and the council tax during the tenancy.
  2. We require a set of keys in order to be able to manage your property effectively. These will be held in our secure system and made available to our approved suppliers or any other party authorised by you.
  3. Undertake one inspection of the property each year. It must be understood that this inspection can only provide a superficial examination and is not intended to be a structural survey or inventory check. We cannot accept responsibility for hidden or latent defects.
  4. Carry out on your behalf, and at your cost, any repairs, servicing or maintenance of the property that may be required to maintain the property in a satisfactory condition. We will not incur any costs likely to exceed £250 in relation to any one item (on any occasion) without first notifying you, except in the case of emergencies. Should London Estates be instructed to arrange repairs that exceed £250, an administration fee of 10% +VAT will be charged to you. All contractors are only instructed by us on your behalf.
  5. Arrange for statutory gas safety test to be carried out at your expense prior to the tenant’s occupation and annually thereafter. 6. Should you wish to cease the management service this will then have the effect of reducing the service to a rent collection service at the standard commission rate of 12% +VAT of the rent. Termination of management must be in writing, giving three months’ notice.

8 RENEWAL COMMISSION (applicable for LET ONLY service) – 8% + VAT

  1. London Estates will endeavour to contact both the landlord and the tenant before the end of the Initial Agreement to negotiate an extension of the tenancy, if so required.
  2. In the event that the tenant renews, extends, holds-over and/or enters into a new agreement for which rental income is received, commission becomes payable to London Estates (“Renewal Commission”),subject to the cap set out in clause 3 below.
  3. You will not be liable for Renewal Commission relating to any period beyond the end of the second year from the expiry of the Initial Agreement.
  4. The Renewal Commission fee is due and payable on the commencement of each Renewal taking place within two years from the expiry of the Initial Agreement.
  5. Where a Renewal is for an agreed term, the Renewal Commission fee is charged as a percentage of the total rental value of that agreed term, subject to the limit under clause 3 where applicable.
  6. Where there is no agreed term for a Renewal, the Renewal Commission fee is charged as a percentage of the total rental value as if the Renewal would be for the same duration as the Initial Agreement, subject to the limit in clause 3 if applicable.
  7. If the tenant vacates the property prior to the end of the period for which Renewal Commission has been paid in accordance with the clauses i 4 to 6 above, London Estates will refund the commission for the remaining period. The commission will be refunded within 14 days of the tenant vacating the property.
  8. Renewal commission will be due in respect of Renewals where the original tenant remains in occupation. Where there is more than one tenant, Renewal Commission will be payable in full where any or all of them remain in occupation.
  9. Renewal commission will be due whether or not the renewal, extension, hold-over or new agreement with the tenant is negotiated by London Estates.
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