Terms of Business

 

1.         Your Obligations as Landlord

 

1.1        Sub-letting

             If you are a leaseholder it is essential that: 

·         The letting is permitted under the terms of the head lease of your property.

·         The period of letting expires before the expiry of your head lease

·         Your landlord’s written permission is obtained before the commencement of the letting

·         You must provide your tenant with a copy of the head lease so they are aware of the obligations thereunder

 

1.2        Mortgages

             If the property is subject to a mortgage or is used as security for a loan it is essential that:

·         Permission is obtained from the lender before the property is sub-let

·         You hereby confirm that you have obtained the necessary permission to let the property before the commencement of the tenancy

 

1.3        Insurance

 

·         You must ensure that the buildings and contents insurance cover for the property is adequate. 

·         Please note that many standard household insurance policies do not automatically cover properties that are let and letting the property may invalidate your policy.  You will need to check your policy. Letting Genie is able to arrange specialist Landlords Property Insurance.

·         In respect of Legal Expenses & Rent Guarantee Insurance, please see section 2.1 of this agreement.

 

1.4        Gas Safety

 

·         Gas appliances must comply with the Gas Safety (Installation & Use) Regulations 1998. 

·         A Gas Safety Certificate must be obtained prior to the start of the tenancy with Letting Genie and the tenant to be provided with a copy of the certificate.  If no such Gas Safety Record is available prior to the start of the tenancy or when due you hereby agree that Letting Genie shall, at your expense, arrange for the safety check to be carried out and any remedial work that may be required in order for the Report and Certificate to be issued.

·         You agree to undertake the responsibility for annual safety inspections by a registered gas fitter and maintain records of the inspections and work undertaken.  A copy of the Gas Safety Report must be provided to Letting Genie and the tenant at the commencement of the tenancy and annually thereafter.

·         You agree to indemnify Letting Genie for any liability, cost or expense under such laws or regulations.

·         If you have a British Gas or similar maintenance contract for the property, you will need to ensure it is a Landlords Service Contract as these are designed specifically for landlords and ensure that Letting Genie is registered as your agent.  This will enable Letting Genie to ensure that your responsibilities with regard to Gas Safety Checks are met.  In the event that we cannot confirm that British Gas or similar have carried out the safety check, we shall in order to protect your interests, employ an alternative contractor at your expense to carry out the gas safety checks.

 

1.5        Fire Regulations

 

·         You must ensure that any furniture and fittings at the property comply with the requirements of The Furniture & Furnishings (Fire) (Safety) Regulations 1988. 

·         You hereby confirm that all furniture and furnishings at the property fully comply with the requirements of the regulations

·         You agree to indemnify Letting Genie for any liability, cost or expense under such laws or regulations.

 

1.6        Electrical Safety and Electrical Equipment

 

·         The Electrical Equipment (Safety) Regulations 1994 state that all equipment at the property must be fully operational and recently serviced.

·         Letting Genie strongly recommends that a qualified electrician carries out a safety check prior to the start of any tenancy

·         You hereby confirm that all electrical items are safe and you undertake responsibility for safety checks in accordance with the 1994 Electrical Regulations

·         You agree to indemnify Letting Genie for any liability, cost or expense under such regulations

·         We strongly recommend that you obtain a copy of the booklet “Landlords Guide to Electrical Safety” available from the Electrical Safety Council’s website and read it carefully and follow their advice

 

1.7       Inventories and Schedule of Condition

 

·         An Inventory and Schedule of Condition is essential for all tenancies to avoid disputes at the end of tenancies.  Inventories should show that furnishings, soft furnishings and all electrical equipment complies with current legislation

·         Letting Genie can arrange an Inventory and Schedule of Condition at an additional cost.  Letting Genie will check in the tenant at the start of the tenancy and check out the tenant the end of tenancy.

·         If you compile your own Inventory and Schedule of Condition then you must conduct your own check in and check out of the tenant.  Letting Genie accepts no responsibility if you have produced your own inventory and there is a dispute at the of the tenancy

·         In the event of a dispute at the end of a tenancy you as the landlord will be unlikely to prove damage or loss without an Inventory and Schedule of Condition.  Under the Rules of the Tenancy Deposit Scheme adjudication process, the Independent Claims Examiner has indicated that where there is no inventory and schedule of condition taken at the tenancy start and end date, he will have no evidence on which to consider the landlords case for deductions from the deposit and therefore will be unable to adjudicate on the dispute and is likely to rule in favour of the tenant

 

1.8       Cleaning

 

·         The property must be cleaned prior to the start of a tenancy.  This will set the required standard of cleanliness to the tenant of how the property must be left at the end of the tenancy.  The standard of cleanliness should be noted on the Inventory and Schedule of Condition

 

1.9       The Tenancy Deposit and Tenancy Deposit Scheme

 

·         Letting Genie is a member of the Tenancy Deposit Scheme which is administered by:

 

My Deposits.co.uk

Ground Floor, Kingmaker House

Station Road

New Barnet

Herts

EN5 1NZ

 

·         If Letting Genie is instructed by you to hold the deposit we shall do so under the terms of the Tenancy Deposit Scheme.  Letting Genie holds all tenancy deposits as Stakeholder.

·         If you decide to hold the deposit you must confirm to Letting Genie under which Tenancy Deposit Scheme you will be holding the deposit.  If the deposit is covered by the Tenancy Deposit Scheme you must provide proof of membership together with a copy of the insurance policy before the deposit can be released to you.  If the deposit is to be sent to the custodial scheme known as the Deposit Protection Scheme Letting Genie will send the deposit direct to the Deposit Protection Scheme or if you wish to register the tenancy yourself Letting Genie will send you a cheque for the deposit made payable to the Deposit Protection Scheme for you to send on to them.

·         The rules of the Tenancy Deposit Scheme allow all those tenancies falling outside the Housing Act 1988 into the Tenancy Deposit Scheme to be included.  This will mean that in the event of a dispute it can be referred to The Dispute Service dispute procedure as outlined in this agreement below.  For the avoidance of doubt Letting Genie will place deposits for all tenancies falling outside of the Housing Act 1988 into the Tenancy Deposit Scheme.

·         We will make an administrative charge of £50 per tenancy for registering each tenancy with the Tenancy Deposit Scheme and access to the dispute resolution facility.

 

At the end of a tenancy where we are holding the deposit under the Tenancy Deposit Scheme:-

 

·         If there is no dispute Letting Genie will deduct any amounts agreed where expenditure as been incurred on behalf of the landlord.  The balance of the deposit or if no deductions the whole of the deposit will be repaid according to the conditions of the tenancy agreement.  Payment of the deposit will be made within 10 working days of receipt of written consent from both landlord and tenant.

·         If after 10 working days following notification of a dispute to Letting Genie and after reasonable attempts have been made in that time to resolve any differences of opinion, the dispute remains unresolved then the dispute will be submitted to the Independent Case Examiner for adjudication.  All parties agree to co-operate with any adjudication.

·         When the amount in dispute is over £5000 the landlord and tenant will agree by signing the tenancy agreement to submit the dispute to formal arbitration through the engagement of an arbitrator appointed by the Independent Case Examiner although with the written consent of both parties, the Independent Case Examiner may at his discretion accept the dispute for adjudication.  The appointment of an arbitrator will incur an administration fee to be fixed by the Board of the Dispute Services Ltd from time to time shared equally between the landlord and the tenant.  The liability for any subsequent costs will be dependent upon the award made by the arbitrator.

·         The statutory rights of the landlord or the tenant to take legal action against the other party will remain unaffected.

·         In the case of a dispute the parties do not have to refer the dispute to the Independent Case Examiner for adjudication.  The parties may seek the decision of the Court.  The process may take longer and incur more costs.  A judge will refer the dispute to the Independent Case Examiner as it is a condition of the tenancy agreement that this is done.  If the parties agree that the Independent Case Examiner should resolve the dispute then they must accept the decision.

·         If there is a dispute then Letting Genie must remit to The Dispute Service Ltd the full deposit less any amounts already agreed by the parties and paid over to them.  This must be done within 10 working days of being told that a dispute has been registered whether or not it is to be contested.  Failure to do so will not delay the adjudication but The Dispute Service Ltd will take appropriate action to recover the deposit and may take disciplinary action against Letting Genie.

·         Letting Genie must co-operate with the Independent Case Examiner in the adjudication of the dispute and follow any recommendations regarding the resolution of the dispute.

·         When dealing with disputes from non-Assured Shorthold Tenancies, the Independent Case Examiner may agree to resolve any disputes over the allocation of these deposits by arrangement.  If he does:-

o    The ICE will propose what he considers the most effective method of resolving the dispute.

o    Landlord, tenant and agent must consent in writing to his proposal.

o    Disputes will be subject to a fee of £500 plus VAT or 10% of the deposit plus VAT whichever is the greater.

o    The resolution process will not start until the parties agree the disputed amount and the fee has been submitted.

 

1.10     Incorrect Information

 

All the information provided by the landlord to Letting Genie must be correct to the best of your knowledge.  In the event that the landlord has provided incorrect information which causes Letting Genie to suffer loss or legal proceedings to be taken then the landlord agrees to reimburse and compensate Letting Genie for all losses suffered.

 

1.11     Maintenance

 

·         The landlord has a statutory responsibility for the upkeep of the Property pursuant to Section 11 of the Landlord and Tenant Act 1985.

·         The landlords responsibilities under the Act are to keep in good order and repair the structure of the Property; to keep in good repair the appliances for the supply of gas, electricity and water; to keep in good repair the appliances for the supply of space heating and hot water; to keep in good repair the sanitary equipment.

·         Please ensure the Property is in good order and repair with no outstanding maintenance issues or faulty equipment before the commencement of the tenancy and during the tenancy.

 

1.12     Energy Performance Certificate

 

·         An Energy Performance Certificate (EPC) is required for all new tenancies.  Letting Genie will be unable to market the Property until we are in receipt of the EPC. 

·         An EPC is valid for 10 years.

·         Responsibility for obtaining an EPC remains with the landlord.  Letting Genie can arrange for an EPC on your behalf at extra cost. Please ask for details.

 

1.13     Houses in Multiple Occupation (HMOs)

 

·         HMOs are regulated under the Housing Act 2004.  The following are stated as HMOs:

o    Student accommodation during term time

o    Properties inhabited by 3 or more people who are not a household and share kitchen and bathroom facilities.  A household is defined as parents, grandparents, children, aunts, uncles and cousins.

o    A building converted into flats pre June 1992 which does not comply with the Building Regulations 1991, has not been subsequently up-dated to the relevant fire safety standard and where a third or more of the properties are rented on short term tenancies. 

·         The landlord may not have to carry out any action to ensure compliance.  The above property types must comply with the Housing Health and Safety Rating System (HHSRS) which is a statistical means of measuring hazards and risk of injury at a property.  This system applies to all properties but those properties stated above are subject to inspection by the Environmental Health Officer.  The responsibility for ensuring premises comply is that of the landlord.  If we, Letting Genie, as the agent accept an instruction to let premises and subsequently an order is served to comply with the HHSRS and we incur any costs for compliance due to the terms of the order, the landlord agrees to reimburse Letting Genie within 14 days of written demand by signing this document that the costs may be deducted from the rent received.

 

HMOs that require mandatory licensing:-

 

·         Properties that require mandatory licensing are properties with 3 or more storeys which has 5 or more occupiers who do not form one household and share kitchen and bathroom facilities.  It is your responsibility to apply and pay for the licence from the local authority.   You must supply Letting Genie with a copy of the licence or a certificate confirming that you have applied for the licence before we accept your instructions to let the property on this basis.

 

·         If we believe your property falls into this category and you do not have a licence we will only be able to let the property to a single family group.

 

Discretionary licensing of HMOs

 

·         Local authorities can enforce discretionary licensing.  Letting Genie will always endeavour to advise you of any regulations of which we are aware but it is the responsibility of the landlord to check if the premises are subject to discretionary licensing and if so to apply and pay for the licence.  

 

Planning permission for change of use from private dwelling to HMO

 

·         From October 2010 applications for change of use from private dwelling to HMO are submitted under General Permitted Development Orders without the need for planning permission.  However you should be aware that your local authority can issue an Article 4 direction in relation to HMO properties and may require planning permission in any event.  It is responsibility of you the landlord to enquire of the local authority their rules and requirements and if required to do so to apply and pay for such planning permission for change of use.

 

The Regulatory Reform (Fire Safety) Order 2005

 

·         These regulations set out obligations to landlords with regard to HMOs.  A HMO must have mains linked smoke detectors in common parts and fire blankets and fire extinguishers in the kitchen.

 

·         Depending on the age and character of the property further alterations may be required and landlords are required to seek advice from the local authority or fire service on what is required to comply with the legislation.  We recommend that landlords visit the LACORS website for guidance on fire safety at http://www.lacors.gov.uk/lacors/contentdetails/aspx?id=19843

 

·         It is responsibility of you the landlord to comply with the requirements of this regulation and you agree to indemnify Letting Genie for any liability, cost or expense under such regulations.

 

1.14     Smoke alarms and carbon monoxide alarms

 

·         Since June 1992 newly built properties must have mains fitted smoke alarms with battery back up.  All other properties are also required to be fitted with smoke alarms and carbon monoxide alarms, one on each floor in respect of the former and in any room using solid fuel in respect of the latter.

 

·         Where battery operated smoke and carbon monoxide alarms are fitted at the property the landlord must ensure that the alarms are in working order at the start of a tenancy.  Letting Genie will not test such alarms are in working order. 

 

·         Letting Genie can arrange the fitting of alarms at a cost to you.  Please ask for details.

 

1.15     Terminating a Tenancy Agreement

 

·         In order to regain possession at the end of a fixed term Assured Shorthold Tenancy (with no mutual break clause included) you will need to serve two months notice in writing to the tenant to expire no earlier than the end date of the tenancy. This is known as a Section 21(1)(b) Notice.  Please note that your tenant is not legally required to serve any notice upon you and can vacate the property at the end of the fixed term without notice.

 

·         Where a break clause is included within the Assured Shorthold Tenancy and you wish to use it then you need to write to the tenant informing them that you are exercising the break clause and giving them at least 2 months notice by serving a Section 21(1)(b) Notice. 

 

 
2.         Our Service to You

 

1. Letting & Management Service

2. Letting & Rent Collection Service

3. Letting Only Service

 

2.1       Letting & Management Service

 

Letting Genie Letting & Management Service consists of the following services:-

 

·         Introduction of tenant and agreeing terms including preparation of tenancy agreement                                                 

·         Rent collection, deposit collection and protection and accounting

·         Payment of outgoings

·         Repairs and replacement

·         Property visits

·         Renewing the tenancy

·         Vacant properties

·         Waiting at properties

·         Insurance claims

·         Furnishing and refurbishment

·         Inventories and schedule of condition

·         Deposit holding

·         Arranging Legal Expenses and Rent Guarantee Insurance

 

Introduction of tenant and agreeing terms

Taking up references (but not including any charges for further company investigations should you request these) and negotiating the terms of the tenancy between yourself and the tenant. Preparation and finalisation of tenancy agreement between both parties.

 

Rent collection, deposit protection and accounting

Collection and holding of the deposit paid by the tenant, receiving the rent on your behalf and if necessary initiating procedures for late payments.  Please note that we cannot be held responsible if tenants fail to pay their contractual rent.

Sending you the balance of rents received less our allowable fees and expenses to your nominated bank account and preparing and submitting regular rent statements to you/and your accountant.

 

Payment of outgoings

We will pay on your behalf outgoings relating to the property and account to you for such expenditure on the rent statement.  Although we will do our best to account for any discrepancies it must be understood that we may pay without question demands and accounts that appear to be in order.

You must inform us in writing of any outgoings you wish us to pay on your behalf (e.g. insurance, ground rent, service charges) and instruct these persons/companies to send accounts to you via Letting Genie.

We will be unable to pay on your behalf any insurance demand or renewal without your written agreement and specific instructions to pay this on your behalf.

 

Repairs and replacement

We will administer minor repairs on your behalf to the value of £100 for any single item without reference to you providing we are holding sufficient funds.  Where possible we will provide written estimates to your for works likely to exceed £100.  In an emergency we will arrange for work to be completed to protect your interests and advise you of the costs as soon as practical thereafter.  In addition any statutory obligations imposed on us in relation to the repair of the property will be discharged and charged to you as appropriate.  We require a minimum float of £250 as a working balance.  We cannot undertake to meet any outgoings beyond the funds available in your account with us.  You will be responsible for meeting all invoices for work instructed on your behalf when they become due.  In the event that we do not receive requested instructions from you or where we are unable to contact you, we will have full authority to act in your best interests.

When instructed we are happy to use a contractor specified by you but reserve the right to instruct our own contracts in an emergency or if your contractor is unable to undertake the required work within a reasonable time.

 

Property visits

We undertake to visit the property quarterly unless otherwise agreed with the landlord. Our management will include non-expert investigation of defects that come to our notice or are brought to our attention clearly and adequately by the tenant.  Inspections extend only to obvious and apparent defects and will not amount in any way to a structural survey of the property.  We cannot accept responsibility for hidden or latent defects.

 

Renewing the tenancy

Where both you as landlord and the tenant wish to extend the tenancy at the end of the fixed term we will make recommendations on the rental level and will negotiate on your behalf an extension to the tenancy and prepare a new tenancy agreement for signature. This is at an additional cost of £75 for either the renewal or extension of the tenancy.

 

Vacant properties

Our management service does not include the supervision of the property when it is not let.  If you give us instructions we can make visits to the property for a minimum fee of £35 per visit.

 

Waiting at properties

In the event you instruct a contractor or we have to use a contractor to attend the property who is unable to collect keys from our offices or give a specific time of call we will attend the property on your behalf and charge a ‘waiting fee’ of £35 per hour or part thereof.

 

Insurance claims

Insurance companies will only accept claims reported to and submitted to them by you the insured.  Letting Genie will assist you by providing quotes or other information to support your claim.  Where we are instructed to assist with an insurance claim on your behalf we will charge an administration fee of 10% on the total value of the claim.

 

Furnishing and refurbishment

Where instructed to undertake partial or total furnishing/refurbishment of the property we will charge a fee of 10% of the total value.

 

Inventories and schedule of condition

We will unless otherwise instructed arrange for both an inventory and schedule of condition to be completed together with booking a check-in with the tenant at the start of the tenancy and check-out at the end of the tenancy. This is at an additional cost of £95 in respect of the check in to the property and the cost of the check out from the property is payable by the tenants.

 

Deposit Holding

We will hold your tenants deposit throughout the length of the tenancy under the rules of The Tenancy Deposit Scheme.

 

Legal Expenses and Rent Guarantee Insurance

Letting Genie strongly recommend that your be protected by a Legal Expenses & Rent Guarantee Insurance policy as per the summary terms and conditions enclosed. Letting Genie are able to arrange this cover on your behalf and each time we do so you will be sent a schedule of cover, the premium payable and other important information including policy wording. If you change your mind about purchasing insurance then you have 14 days from the date you receive your documents to cancel and receive a full refund of the premium paid provided no claims have been made.  Thereafter you may cancel the cover but will receive no refund for any unused proportion of that month’s premium.  The purchase of this insurance is not compulsory so please let us know of you do not require this policy.

 

2.2       Letting and Rent Collection Service

 

Letting Genie Letting & Rent Collection Service consists of the following services:-

 

·         Introduction of tenant and agreeing terms including tenancy agreement                                                          

·         Rent collection, deposit and accounting

·         Renewing the tenancy

·         Deposit holding

·         Arranging Legal Expenses and Rent Guarantee Insurance

 

Introduction of tenant and agreeing terms

Taking up references (but not including any charges for further company investigations should you request these) and negotiating the terms of the tenancy between yourself and the tenant. Preparation and finalisation of tenancy agreement between both parties.

 

Rent collection, deposit and accounting

Collection and holding of the deposit paid by the tenant, receiving the rent on your behalf and if necessary initiating procedures for late payments.  Please note that we cannot be held responsible if tenants fail to pay their contractual rent.

 

Renewing the tenancy

Where both you as landlord and the tenant wish to extend the tenancy at the end of the fixed term we will make recommendations on the rental level and will negotiate on your behalf an extension to the tenancy and prepare a new tenancy agreement for signature.

 

Deposit Holding

We will hold your tenants deposit throughout the length of the tenancy under the rules of The Tenancy Deposit Scheme. You will be responsible for arranging the checkout and should the deposit be held by us and upon written confirmation from you and your tenant we will release the deposit accordingly.  In the event of a dispute we will follow the procedures already outlined in this document. In the event that you require us to assist you in the negotiation of the deposit release and on receipt of your written instructions, we will charge an additional fee of £250 for assisting you.

 

Legal Expenses and Rent Guarantee Insurance

We will unless otherwise instructed arrange for your tenancy to be protected by a Legal Expenses & Rent Guarantee Insurance policy as per the summary terms and conditions enclosed.  Each time we do so you will be sent a schedule of cover, the premium payable and other important information including policy wording.  If you change your mind about purchasing insurance then you have 14 days from the date you receive your documents to cancel and receive a full refund of the premium paid provided no claims have been made.  Thereafter you may cancel the cover but will receive no refund for any unused proportion of that month’s premium.  The purchase of this insurance is not compulsory so please let us know of you do not require this policy.

 

2.3       Letting only Service

 

Letting Genie Letting Only Service consists of the following services:-

 

·         Introduction of tenant and agreeing terms including tenancy agreement

·         Deposit and initial rent

·         Renewing the tenancy

·         Deposit holding

 

Introduction of tenant and agreeing terms

Taking up references (but not including any charges for further company investigations should you request these) and negotiating the terms of the tenancy between yourself and the tenant. Preparation and finalisation of tenancy agreement between both parties.

 

Deposit and initial rent

We will collect the deposit and initial rent from the tenants and account to you within 7 working days following receipt of cleared funds, less our allowable fees and expenses.  In the event that the initial rent collected in insufficient to cover payment of our agreed fees we will require payment in advance before the tenancy will be allowed to commence.  We will instruct the tenant to arrange for a standing order for the payment of rent to your nominated bank account. 

 

Renewing the tenancy

Where both you as landlord and the tenant wish to extend the tenancy at the end of the fixed term we will make recommendations on the rental level and will negotiate on your behalf an extension to the tenancy and prepare a new tenancy agreement for signature.

 

Deposit Holding

We will hold your tenants deposit throughout the length of the tenancy under the rules of The Tenancy Deposit Scheme. You will be responsible for arranging the checkout and should the deposit be held by us and upon written confirmation from you and your tenant we will release the deposit accordingly.  In the event of a dispute we will follow the procedures already outlined in this document. In the event that you require us to assist you in the negotiation of the deposit release and on receipt of your written instructions, we will charge an additional fee of £250 for assisting you.

 

3.         Our Fees

 

            An initial non refundable fee of £150 is payable on instruction and is a one off set up fee for new landlords per property.

Upon finding a tenant who is acceptable by you and who enters into a tenancy agreement for all or part of the Property our non-refundable commission will be charged as follows subject in each case to a minimum fee of £395 on a 6 month tenancy agreement.

 

3.1       Letting and Management Service

               

            Commission: 10% of the total rent received throughout the tenancy.

 

We reserve the right to charge the letting portion of the fee at the commencement of the tenancy and then six monthly or annually thereafter with the management element collected monthly from rent received.

 

3.2       Letting and Rent Collection Service

 

            Commission: 7.5% plus VAT of the total rent received throughout the tenancy.

               

We reserve the right to charge the letting portion of the fee at the commencement of the tenancy and then six monthly or annually thereafter with the rent demand element collected monthly from rent received.

 

3.3       Letting Only Service

               

Commission: Half of the first months rent subject to a minimum £395 for a 6 month rental period or the whole of the first months rent plus VAT subject to a minimum £750 for a 12 month rental period. 

The total amount of commission payable is due at the commencement of each tenancy and each extension.  This commission will be payable for any tenant introduced by Letting Genie whether or not the tenancy was set up and administered by Letting Genie and will be deducted from the initial rental payment received with any balance owing being payable by your prior to the commencement of the tenancy.

 

3.4       Tenancy Agreement and Extension Documentation

 

The costs of preparing the tenancy agreement are split equally between you and the tenant at £150 each.  Extensions to the agreement will be charged at £75 to each party.

 

Unless we are instructed otherwise we will use the tenancy agreement for the letting of the property.  Should you instruct your own solicitor to prepare a tenancy agreement you will be responsible for the solicitors fee.  For the negotiation and administration of your own or tenants own tenancy agreement our fee will be £75.
 

4.         General Provisions

 

4.1       Ending this Agreement

 

Either party giving 60 days written notice may terminate this agreement.  Notice by either party to end this agreement will not detract from our right to receive payment of our agreed charges as set out in this agreement for the period the tenants introduced by us remain in the property.

 

4.2       Rent

 

Unless otherwise agreed the rent quoted to a prospective tenant by us on your behalf will be inclusive of all outgoings for which you are responsible  (for example ground rent, service charges, buildings insurance) with the exception of water charges, gas, electricity and telephone charges and fuel oil where there is an independent oil fired heating system.

 

Any rent demanded by us on your behalf will not include council tax or any similar charge which is normally charged separately to the occupants of the property.

 

4.3       Rent Remittances

 

Payment to you will be made by BACS transfer to your nominated bank account within 7 working days of cleared funds being received in our account.

 

4.4       Payment by Cheque

 

In the event of monies being paid to us by cheque, a 10 day clearance period will be applied before payment can be made against the cheque.

 

4.5       Change of Ownership

               

            If you sell the property with the tenant in occupation you will remain liable for all fees agreed for the period of the tenancy

 

4.6       Withdrawal from Agreed Offer

 

If you instruct us to proceed with a tenancy and subsequently withdraw your instructions before the tenancy agreement is entered into you agree to pay £250 as a contribution towards the costs of administration and marketing.

 

4.7       Your Post and Mail

 

It is not part of our service to forward your mail and therefore no responsibility can be taken for your mail and it is recommended that you set up a mail redirection with Royal Mail.

 

4.8       Instruction of Solicitors

 

If legal action is required in respect of your tenancy you will be responsible for instructing your own solicitors and for all fees involved.   If we are required to attend court and/or subsequently attend Courts Bailiff on your behalf a charge of £150 per day or part day thereof will be made.

 

4.9       Tax on Rental Income

 

You are responsible for notifying the Inland Revenue of the tenancy.  Where you are resident abroad the Inland Revenue will hold Letting Genie responsible for the payment of withholding tax from your rental income unless you have ensured that Letting Genie has the requisite Approval Number under applicable tax legislation.

 

If you have an existing Approval Number referring to another letting agent you will need to ensure the Inland Revenue issue a new Approval Number in the name of Letting Genie.

 

If you are not resident in the UK and do not have an Approval Number we are required to deduct tax from your rent at the appropriate rate and remit the tax withheld to the Inland Revenue on a quarterly basis.  Should this be necessary an administration charge of £75 per quarter will be payable.

 

Where we are not employed to collect the rent for you and where you are resident outside the UK the tenant is responsible to deducting tax and remitting to the Inland Revenue.

 

If you are resident in the UK but subsequently cease to be resident in the UK and have not provided us with an Approval Number it will be necessary for us to commence withholding tax from the time you cease to be resident.

 

Where you are not resident in the UK you will be charged £50 per annum for the provision of a gross annual income statement or other information to the Inland Revenue.

 

Annually and within two months of 5 April or in the case of a company its accounting reference date, we will provide you with a statement of gross income and expenditure relating to tenancies administered by Letting Genie under the terms of this agreement.  There is an annual charge of £75 for each statement.

 

4.10     Keys

 

We require three sets of keys for your property.  In the event that you are unable to supply these we will have them cut at your expense plus our administration fee of £25 for arranging this on your behalf.

 

We recommend that if you have any lost keys or keys that are unaccounted for, the locks be changed before the tenancy starts.  It may be necessary for you to provide Letting Genie with a letter of authority for security or registered keys to be cut.  Letting Genie cannot be held responsible for lost or unaccountable keys.

 

If it is your intention to move back into the property at the end of the tenancy we recommend that you change the locks as we cannot guarantee that your tenant has not made copies of which we are unaware.

 

4.11     To Let Board

 

In order to market your property Letting Genie reserves the right to erect a ‘to let’ board at the property unless instructed to the contrary or local legislation or property covenants do not permit this.

 

4.12     Interest

 

No interest will be paid on any monies held by Letting Genie. 

 

No charges will be made in respect of any banking costs incurred by Letting Genie in operating the client account.

 

4.13     Sale of Property to the Tenant

 

In the event that the property is being sold to a tenant or any third party introduced by Letting Genie a fee of 2% plus VAT of the sale price or market value (whichever is the greater) will be payable.

 

4.14     VAT

 

Letting Genie is not registered for vat purposes however upon registration you will be notified and upon notification vat will be payable from the date of registration. Except where VAT is expressly excluded in the agreement, VAT is due and payable on all vatable services provided by Letting Genie at the applicable rate from time to time.

 

4.15     Landlord & Tenant Act 1987 Sections 47 and 48

 

We are obliged to include your full name and address on all rent demands if your address is within England and Wales.  If you reside outside England and Wales then we must provide the tenant with an alternative address to which notices (including notices of court proceedings) may be served on you.  If you have contracted to the Letting and Management Service we will use our office address for such purposes.

 

Although we will use our best endeavours to forward any notices to you promptly we cannot accept liability for any loss or damage incurred either directly or indirectly from our actions or omissions in this respect.

 

4.16     Reserved Rights

 

Letting Genie reserves the right to offer to you other services for which Letting Genie may receive a commission and for which we do not have to account to you.

 

4.17     Further Assurance

 

Upon and after this agreement takes effect each of the parties shall at the request of the other, do and execute or procure to be done and executed all such acts, deeds, documents and things as may be necessary to give effect to this agreement.

 

4.18     Assignability

 

This agreement shall be binding on and insure for the benefit of the successors of the parties and shall not be assignable by you but will be assignable by Letting Genie as reasonably required from time to time.

 

4.19     Representations

 

No director, employee or agent of Letting Genie is authorised to make any representation or warranty not contained in this agreement and you acknowledge that you have not relied on any such oral or written representations or statements about the business of Letting Genie, your business, the prospects for the same, turnover, profitability or any other matter.

 

It is expressly provided that nothing in this agreement shall exclude the liability of either party for pre-contractual statement or representation where such statements or representations have been made fraudulently.

 

4.20     Data Protection

 

Letting Genie will process all personal information in accordance with Data Protection legislation.  You may be contacted by telephone, post or email from time to time by Letting Genie and carefully selected third parties about financial or other products and services.

 

If you would prefer us to not use your information in this way then please let us know.

 

4.21     Rights of Third Parties

 

No term of this agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any third party.

 

4.22     Governing Law and Jurisdiction

 

Each of the parties to this agreement hereby acknowledge and agree that the terms and conditions of this agreement shall be interpreted in accordance with the laws of England and that and dispute, difference or question of any kind which may arise between the parties in respect of this agreement shall be determined in accordance with the laws of England and the parties hereto hereby submit to the exclusive jurisdiction of the English courts.

 

4.23     Interpretation

 

All warranties, representations, agreements and obligations expressed to be given or entered into by more than one person are given or entered into jointly and severally by the persons concerned.

 

Reference to clauses or schedules are to clauses and schedules to this agreement and reference to sub clauses are to sub clauses of the clause in which the reference appears.

 

Headings and sub headings are inserted for convenience only and shall not affect the interpretation of this agreement.

 

The singular includes the plural and any reference to the masculine gender shall include the female gender and vice versa.

 

Any reference in this agreement to any provision of a statute or statutory instrument shall be construed as a reference to that provision as amended, re-enacted or extended.

 

Any reference to ‘the tenancy’ or ‘tenancy’ shall be to any or all tenancies arrange by Letting Genie in respect of a property under the terms of this agreement.

 

4.24     Entire Agreement

 

This agreement together with any documents referred to in it constitutes the whole agreement between the parties relating to its subject matter and supersedes and extinguishes any prior drafts, agreement, undertakings, representations, warranties, assurances and arrangements between the parties.

  

These Terms of Business together with the Declaration and Landlord and Property Details Questionnaire and any documents referred to in them constitutes the whole agreement between the parties relating to its subject matter and supersedes and extinguishes and prior drafts, agreements, undertakings, representations, warranties, assurances and arrangements between the parties.

 

You will be required to sign and date a paper version of these Terms of Business upon contracting the services of Letting Genie.

 

Definitions 

The Property - The property includes all or any parts of the dwelling house, gardens, paths, fences, boundaries or other outbuildings that form part of the let.  Where the premises form only part of another property (e.g. in a block of flats), the letting includes the use of communal access ways and area.

Landlord - A person or persons who own or have a formal interest in the premises that gives them the right to possession of the premises.

Deposit held as “stakeholder” - At the end of the tenancy the parties to the tenancy agreement should jointly agree in writing any deductions to be made from the deposit e.g. for costs or compensation for damage, for breaches of or failure to comply with the tenant’s obligations.  Any amount in dispute should not be paid over to or taken by either party until mutual agreement is reached or an adjudication decision from the Independent Case Examiner of the Dispute Service Ltd under the Tenancy Deposit Scheme or there is an order of the court.

Letting Genie - Letting Genie is a trading name of Goldmarque Solutions Ltd

 

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