Full Management

Valerie Rose Residential Management

PROPERTY MANAGEMENT

Terms of Business

This agreement is made on the ……………….. date of …………………. 201….

Between ………………………………………………………………………………..
Hereinafter called the Landlord of the one part
and Valerie Rose Residential Management, Melford House, 65 Millgate, Newark, Nottinghamshire, NG24 4TU, hereinafter called the Managing Agents of the other part.

IT IS HEREBY AGREED AS FOLLOWS:

1 The Landlord/Landlords hereby appoints the Managing Agents to be his/her/their Managing Agents of and for all the property known as:

…………………………………………………………………………………..
…………………………………………………………………………………..

Situated in the County of …………………………Post Code …………….

Landlord(s) full name(s)

(Title) ……… (Christian name) ……………………. (Surname) …………………………

(Title) ………. (Christian name) …………………….. (Surname) …………………………

Landlord(s) present address: ……………………………………………….

……………………………………………………. Post Code ………………

2 During the management period the Managing Agents will manage the property in a proper and business like manner and to the best advantage of the landlord.

3 The Agent will inquire into the suitability of any proposed tenant as may be deemed necessary by them, and will take up such references as the Agents in their absolute discretion see fit. The Agent will not be liable to the Landlord should it transpire that any of the references so requested have in fact been wrongly given.

4 The Agent will prepare and arrange for the execution of a Tenancy Agreement between the Landlord and the Tenant.

5 The Agent will attend to the collection of rents applicable to the above letting and will credit monthly these rents to the Landlord’s bank account, no interest will be payable on money held by the agent for less than twelve weeks. This imposes no liability on the Agent to make good such sums withheld by the Tenant in respect of rents due provided that the sums are not withheld due to default on the part of the Agent.

6 The Landlord authorises the Agent to pay and discharge out of money so collected all taxes and other outgoings and to put in hand with contractors of good standing all repairs to the premises or any part thereof properly failing to be carried out by the Landlord. In the event of there being insufficient funds to meet the costs of the repairs the Landlord will pay the balance to Valerie Rose Residential Management on demand.

7 The Agent will, at the commencement of tenancy prepare an inventory and schedule of the property; this will be rechecked at termination of tenancy. Any relevant costs relating to disrepair or other accountable issues will be charged to the tenant. The agent will use its best endeavours to obtain settlement of any sums necessary provided of course that this imposes no liability upon the agent to make good any deficiencies in the sums in the event of there being insufficient deposit or no means of contact with a tenant who has disappeared.

8 The Agent confirms that they will make every reasonable effort to ensure that the property is used in a good and tenant like fashion.

9 Where insurance is taken out by the Landlord to provide security of rental income legal costs of eviction the terms of this insurance will be strictly complied with to ensure that any breach of the tenancy agreement is handled in the most efficient way.

10 Where the Tenant is entitled to housing benefit contributions the Landlord agrees to indemnify and reimburse the agent with any amount of overpayment to him/her/them which is deemed by the local authority to be overpaid benefit and is subsequently reclaimed by them.

11 The Landlord confirms that the property will be adequately insured at all times including any period when it is unoccupied. If the Landlord instructs the Agent to pursue an insurance claim on his/her/their behalf an administration charge of 10% of the claim will be made by the Agent.

12 The Landlord confirms that where the property is subject to a mortgage or loan that the mortgagee has been advised the property is to be let and that a copy of the approval will be sent to Valerie Rose Residential Management.

13 The Landlord confirms that the Agent may charge a commission for the management of the property at the agreed rate as identified in the Agents prospectus at the time of signing or at such rates notified to the Landlord from time to time. Letting fees and any other charges incurred and agreed by the agent to be deducted from rental income at the appropriate time.

14. As Managing Agents we hold the deposit on behalf of the tenant(s)this being banked in the tenant(s) name in the client account. New government legislation came into effect on the 6 April 2007 with regard to the protection of tenancy deposits. The following conditions apply.

THE TENANCY DEPOSIT

The Agent is a member of the Tenancy Deposit Scheme, which is administered by:

The Dispute Service Ltd
P O Box 1255
Hemel Hempstead
Herts
HP1 9GN

Telephone no. 0845 226 7827
Web. www.thedisputeservice.co.uk
Email. deposits@tds.gb.com
Fax. 01442 253193

A. If we the Agent are instructed by the Landlord to hold the Deposit, the Agent shall do so under the terms of the Tenancy Deposit Scheme.

B. The Agent holds tenancy deposits as Stakeholders.

At the end of the tenancy covered by the Tenancy Deposit Scheme

A. If there is no dispute we the Agent will keep any amounts agreed as deductions where expenditure has been incurred on behalf of the Landlord, or repay the whole of the balance of the Deposit according to the conditions of the Tenancy Agreement with the Landlord and the Tenant. Payment of the Deposit will be made within 10 working days of written consent from both parties.

B. If, after 10 working days following notification of a dispute to the Agent/Member and reasonable attempts having been made in that time to resolve any differences of opinion, there remains an unresolved dispute between the Landlord and the Tenant over the allocation of the Deposit it will be submitted to the ICE for adjudication (subject to .3 below). All parties agree to co-operate with any adjudication.

C. When the amount in dispute is over £5,000 the Landlord and the Tenant will agree by signing the Tenancy Agreement to submit the dispute to formal Arbitration through the engagement of an arbitrator appointment by the ICE although, with the written consent of both parties, the ICE 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 Service 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.

D. The statutory rights of either you/the Landlord or the Tenant(s) to take legal action against the other party remain unaffected.

E. It is not compulsory for the parties to refer the dispute to the ICE for adjudication. The parties may, if either party chooses to do so, seek the decision of the Court. However, this process may take longer and may incur further costs. Because it is a condition of the Tenancy Agreement signed by both parties, judges may refer the dispute back to the ICE for adjudication. If the parties do agree that the dispute should be resolved by the ICE, they must accept the decision of the ICE as final and binding.

F. If there is a dispute we 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 you or we want to contest it. Failure to do so will not delay the adjudication but The Dispute Service Ltd will take appropriate action to recover the deposit and discipline us.

G. The Agent must co-operate with ICE in the adjudication of the dispute and follow any recommendations concerning the method of the resolution of the dispute.

15. If the Agent is required to accompany estate agents, surveyors or prospective purchases to the property or to make arrangements for such visits (whether or not such visitors actually attends the property) the Agent reserves the right to charge a fee of £20 for each visit or appointment.

16. Valerie Rose Residential Management will accept instructions for letting and or management on properties as Sole Agent only. Joint agency will not be considered for residential or managed properties.

17. If the Landlord wishes to terminate this agreement with the Agent during the terms of a tenancy that notice shall not be less than three calendar months and given in writing to the Agent. If the tenancy has been established for less than three months at the time of such notice being given then the Agent reserves the right to charge a fee for the remainder of the tenancy of 6% inc VAT of the total rent due.

18. Should the landlord decided not to proceed with instructions we require 14 days notice from the date of the letter of confirmation letter.

19. The Landlord confirms that should he/she/they and the Agent find it necessary to instruct solicitors or other professional advisors to undertake any works in connection with the management of the tenancy and should such fees for these professionals not be recoverable from the Tenant or any rent protection insurance, then the Landlord will reimburse the Agent for any outstanding fees which the Agent may have paid on behalf of the Landlord.

20. We will require verification of identity, either photograph driving licence or passport together with confirmation of address.

AS WITNESS the hands of the said parties the day and year first before written

SIGNED by the above named:- ……………………………………………………………….

In the presence of: …………………………………………………………………………..

Address: …………………………………………………………………………………………

…………………………………………………………… Post code ………………………….

Occupation: ……………………………………………………………………………………..