Standard Management Service
Stennett Properties provides a property management service to owners wishing to let out their property. Below is an outline of our management services.
LETTING ONLY SERVICE:
- Advising as to the likely rental income.
- Advertising and generally marketing the Property.
- Taking up full references including a credit check, right to rent check, employer, previous landlord reference for all prospective tenants. Where necessary, additional security would be requested by means of a guarantor and larger deposit and/or a few months’ rent in advance will be asked for. In the case of a company, a bank reference would be taken and a letter from the accountant.
- Preparing the tenancy agreement necessary for the Landlord to gain protection of the relevant Rent and Housing Acts, and renewing the agreement where necessary at the end of the tenancy term.
- Taking a deposit from the Tenant, dealing with this deposit under the requirements of the Tenancy Deposit Scheme until the end of the tenancy when the Property and contents have been checked for unfair wear and tear and handling any termination issues with the Tenant and the tenancy deposit scheme provider.
- Collecting the Rent monthly and paying over to the Landlord monthly (normally sent within 15 days of collection) less any fees or expenses due or incurred for the period. Payments will be made by direct bank transfer and a detailed rent statement will be forwarded to the Landlord.
- Arranging with service companies (principally electricity, gas & water) for meter readings and advising them of the transfer of service contracts to the Tenant at the beginning of each tenancy.
- Regular inspections of the Property are carried out on a 6-monthly basis, after the first inspection has been carried out three months into the start of the tenancy. Responsibility for and management of an empty property is not normally included, and will only be carried out by special arrangement agreed in writing between the Landlord and the Agent.
- Co-ordination of repair or maintenance including arranging for tradesmen to attend the Property and obtaining estimates where necessary, supervising works and settling accounts from rents received.
- Making payments on behalf of the Landlord from rents received for costs in managing the Property.
- Carrying out a full property inspection and inventory check at the end of the tenancy and, if necessary, preparing and agreeing a schedule of works relating to any damage or unfair wear and tear prior to releasing the Deposit.
- Collecting and forwarding Landlords mail
Where the Landlord does not wish us to undertake full management (the Standard Management Service), the Agent can provide a Letting Only Service. The Letting Only Service includes only items 1 to 4 of the Standard Management Service as listed above. The Landlord would remain responsible for all other aspects of the letting including the right to rent check, the maintenance of the Property and any gas and electrical appliances. The Landlord would remain responsible for complying with the Deposit protection requirements of the Housing Act 2004 and must provide the Agent with written confirmation of this together with a receipt for the Deposit monies received by the Agent on his behalf. The fee for the Letting Service is 8% (plus VAT) of the gross rental for the term of the tenancy subject to a minimum fee of £500 plus VAT. The fees are payable at the commencement of the tenancy and will be deducted from monies received by the Agent on the Landlord's behalf. If the Tenant leaves prior to the end of the term of the tenancy, through no fault of the Agent, the Landlord shall not be entitled to reimbursement of any fees paid.LETTING ONLY SERVICE PLUS DEPOSIT PROTECTION:
Where the Landlord requires the Agent to deal with his legal responsibilities for the protection of tenancy deposits under the Housing Act 2004 (item 5 of the Standard Management Service) then this will be charged in addition to the above Letting Only Service.LETTING PLUS RENT COLLECTION SERVICE:
Where the Landlord requires the collection of rents and the deposit service (items 5 & 6 only of the Standard Management Service as listed above) in addition to the Letting Only Service fee, a fee of 7% (plus VAT) from the gross monthly rental income for the term of the tenancy will be charged and will be deducted from rents collected.