Let only instructions; this fee is at a rate of 12 % INC VAT, which equates to 10% PLUS VAT of the eventual total rental value.
Managed instructions, this fee is at a rate of 19.2 INC VAT, which equates to 16 % PLUS VAT of the eventual total rental value.
This Agreement sets our business terms between “The Principal” the Landlord and VSG Global Limited “The Agent”. VSG Global Limited will be referred to as ‘Victorstone.’ This document is your instructions to Victorstone to act as your letting agent and, where applicable, offer your property “To Let” on the open market.
Please confirm whilst Victorstone is letting your property will you be resident in the UK. If you are a resident overseas, You will have applied for approval to receive rental income gross of tax for HMRC Centre for Non Residents. You must advise us if you are a non-resident.
The Agent will not be able to implement the Landlord’s instructions or account to the Landlord for any funds until the following documents are received:
- Signed & Dated Lettings Agency Terms and Conditions or Response to the Memorandum of offer or equivalent of the same
- Two forms of identification (photographic personal identity and evidence of address) and
- Proof of Ownership (Mortgage Statement/Land Registry/Completion Letter or service charge Consent for letting
You confirm that:
Authority to let is obtained from all joint owner(s) of the property who must be named on the Tenancy Agreement.
- Authority to let is obtained from all joint owner(s), interested parties and trustees of the property.
- If the property to be let is subject to a mortgage, permission is obtained from the mortgagee.
- That property has adequate Buildings Insurance.
- Any intended letting is permitted by the terms of our title of any head lease, and where applicable, permission has been granted by the Head Lease, which we will attach to the Tenancy Agreement. Failure to do so will mean that the tenant does not have to abide by those conditions, which may cause you to breach your lease’s conditions.
- This agreement replaces all previous agreements in place.
You must confirm to us if:
- The property is not vacant.
- The property is being let furnished.
- If the property is an unregistered HMO.
- The property is subject to any major repairs, construction or maintenance work carried out to the Premises, any adjoining property, or the building of which the Premises form part.
1. Our Services
Victorstone offers a comprehensive lettings service outlined in the schedule below. We offer a Let only service or Managed Service.
The commission is payable for the Initial Letting of the property. The further commission is payable from the ongoing management of the property for as long as we continue to provide the management service.
We will deduct our fee for the Initial Letting of the property from the first rent payment where possible. If the fee exceeds the amount of rent collected on your behalf, the balance will be deducted from the next rent payment received.
Fees for the property’s ongoing management will be deducted from the monthly rent before you pay the rent balance. If the full amount of rent for the term of the Tenancy Agreement is collected at the commencement of the tenancy or those other rent payments are collected in advance, our fees will be deducted on a proportionate basis before payment of the balance to you.
Letting Only Service
The commission is payable for the Initial Letting of the property. We will deduct our fee for the Initial Letting of the property from the first rent payment where possible. If the fee exceeds the amount of rent collected on your behalf, the balance will be deducted from the next rent payment received or will need to be paid within 14 days of commencement of the tenancy.
Victorstone will contact both the Landlord and Tenant before the end of the Initial Agreement to negotiate an extension or renewal of the tenancy if required. If Victorstone has not been able to reach the Landlord for 3 working days, the Landlord permits Victorstone to proceed with a renewal/extension/termination of a tenancy should it deem it in the best interest of the Landlord.
You will be liable to pay Victorstone commission fees in respect of the period after the end of that initial period where the original tenant introduced by Victorstone remains in occupation, whether under a new agreement or by the initial agreement being extended or the tenant being allowed to “hold over” (all of these being Renewals). There is more than one tenant; the Renewal commission will be payable in full where any or all of them remain in occupation and where the existing occupants introduce you to new tenants. Renewal Commission will be charged in advance.
You will be liable to pay Victorstone’s Renewal Commission fees whether or not Victorstone negotiates any Renewal, even if another agent negotiates any Renewal, or even if you do not require Victorstone to perform any additional services over and above the tenant’s introduction.
After the initial tenancy period and an additional two tenancy terms of Renewals, Victorstone’s obligations under this agreement will cease. Victorstone will offer you the opportunity of continuing to receive the benefits of Victorstone’s services. The charge for continuing Victorstone’s services will be as per the current service charges in place at this time or as otherwise agreed with you.
4. Additional Fees and Services
Where additional services become payable by the fee schedule below, the additional fees will be deducted from the rents received. If there are insufficient rent payments to discharge the fee in full, any outstanding fee amounts are payable by the Landlord within 14 days of the invoice date.
Victorstone will act as your agent in this regard but will not be held responsible for Charges payable following your direct instructions or services instructed upon your behalf.
- Energy Performance Certificates (EPC) £144 Inc VAT
- Gas Safety Certificate £156 Inc VAT
- Legionella Safety Certificate £150 Inc VAT
- Electrical Safety Certificate (EICR) from £232 Inc VAT
- Smoke Alarms and Co2 Alarms £70 Inc VAT
- Professional Cleaning from £195 Inc VAT
- Full Inventory with photo content 0—3 beds £225 Inc VAT
- Full Inventory with photo content 4 beds plus £290 Inc VAT
- Checking Out of Tenant £150 Inc VAT
- Respond on your behalf to the TDS dispute (LET ONLY) £240 Inc VAT
- Services of Notice (LET ONLY) £80 Inc VAT
- Quarterly Property Inspections per visit (LET ONLY) £120 Inc VAT
- Key Cutting Charge (net key cost added also) £50 Inc VAT
- Non-managed administration charge for additional services £400 Inc VAT
- Court preparation and attendance charge per hour £125 Inc VAT
- HMO Application submission £720 Inc VAT
- Arranging and/or Witness for the completion of Subletting deeds or equivalent £300 incl VAT
- Ad- hoc visits (up to 2 hours) £100 inc VAT
Your Property Charges
- Minimum up to 6% monthly for void periods of day 8 day to 31 days £180 inc VAT
- Utility Bills change over to the landlord
- Minimum £500 management float
- Management of any known or pre-agreed remedial works and/or repairs alike
- Void property inspections by staff with accompanying report £100 inc VAT
Submission of non-resident landlords’ (NRL) receipts to HMRC:
To remit and balance the financial return to HMRC quarterly and respond to any specific query relating to the return from the landlord or HMRC. Make HMRC deduction and provide the landlord with the NRL6 (if relevant). £540 inc VAT annually.
Pre-tenancy moving in service – Furniture and Repairs
In circumstances whereby you cannot complete or provide the agreed services, Victorstone can endeavour to carry out works/ provisions on your behalf before a tenancy. Victorstone will apply a £400.00 inc VAT service charge in addition to 10% of the cost element to the services provided. The cost of additional works will require a payment on account of the full works before any works commencing.
5. Ready willing and able tenant
A Tenant is a “ready, willing and able” tenant if he/she is prepared and can move into the property with satisfactory references (or tenant waiver signed by you) and has placed a commitment fee. You will be liable to pay remuneration to us in addition to any other costs or charges agreed/ incurred if we introduce a “ready willing and able tenant by your instructions at the following rates upon the following thresholds and you subsequently withdraw from the transaction.
- 50% of total fees due upon production of the memorandum of the offer (memorandum assumed verbal acceptance)
- 75% of total fees are due at the point of submission of instruction for references.
- 100% of total fees due at the point of receipt of references and beyond
6. Payment of Fees
If our fees or charges for additional services are not discharged in full within 14 days of the invoice date, we reserve the right to charge interest on the outstanding balance on a day to day basis at the rate of 8 % above the Barclays Bank base rate as well as withdraw any preferential payment terms and/or reduction in fees; all fees will revert to its original rate.
The minimum term of this agreement is 24 months. Early termination from the landlord is not permitted. Alternatively, the Landlord agrees to meet the marketing cost, conducting viewings and/or opportunity cost of early termination should services continue, whichever is greater.
Victorstone reserve the right to reasonably increase fees midterm should there be additional duties or liabilities attached to Victorstone. The Landlord will be advised 30 days in advance.
Victorstone reserve the right to deduct any outstanding fees from other properties owned by the landlord.
The minimum marketing term is 6 weeks sole agency with sole letting rights. Commission fees are due whether or not Victorstone negotiates any transaction, even if any transaction is negotiated by another agent, third party or yourself, and even if you do not require Victorstone to perform any additional services over and above the introduction of the tenant.
7. Introduction of a tenant
Whilst every attempt be made to contact the landlord, If Victorstone has sourced a suitable party and has not been able to reach the Landlord for 3 working days to discuss the offer, the Landlord permits Victorstone to proceed with the commencement of a tenancy should it deem it in the best interest of the Landlord. A draft memorandum will be forwarded to the owner, highlighting the breakdown of the proposed tenancy.
Private dwellings must comply with the Housing Health and Safety Rating System (“HHSRS”), a means of measuring hazards and risk of injury on domestic premises. You are responsible for ensuring the property complies with the HHSRS and for any costs or fines as a result thereof.
9. Energy Performance Certificate (EPC)
By the housing act 2004, it is required that an EPC is commissioned before the marketing of a building can commence. It is a legal requirement to provide any prospective applicant for a Tenancy of your premises with an EPC produced by an approved Domestic Energy Assessor. If you already have an EPC, you should supply us with a copy; otherwise, it will be necessary to produce one. We can instruct an Assessor on your behalf to provide an EPC. Our fee for providing an EPC is as stated within the fee schedule. Please note that we will be unable to market your property until we have an EPC. By signing this agreement, the Landlord authorises us to request an EPC on their behalf by the Housing Act 2004 should one not be made available.
10. Right to Rent Check
Immigration Act 2014 and the right to rent regulation. All tenants and occupants over 18 will be required to produce original identification documentation when renting in the UK. The original identification will need to be provided when applying for a property to rent and on the Tenancy’s 1st day. Copies of Identification must be kept for 12 months.
11. Agents Responsibility – Managed
When a suitable tenant shows an interest in your property, we will take copies of each applicant and occupants’ identification whenever possible. During the Tenancy, if the property is let in a manner that requires further checks on the right to rent and immigration status of the tenant(s) or occupants, we will continue to check this status every 12 months thereafter. The landlord and their agent are responsible for informing the relevant authorities if the right to rent status cannot be further proven.
12. Landlord Responsibility – Let Only / Landlord Self-Managed
During the Tenancy, if the property is let in a manner which requires further checks on the right to rent and immigration status of the tenant(s) or occupants, the landlord is solely responsible for confirming the right to rent status of the tenants(s) and occupants. The landlord is responsible for informing the relevant authorities if the right to rent status cannot be further proven. No Tenancy can commence without each tenant or occupant providing their identification in person.
It is essential that the property and contents included in the Check-In Inventory are adequately insured, including third-party liability and that your insurers are aware that the property is let. Failure to do so may invalidate your insurance. You must inform your insurers whenever the property remains vacant for a period greater than specified in your insurance policy.
14. Let Boards
We will arrange for a For Sale board to be erected under the requirements of Town & Country Planning Regulations 1992 as amended. The regulations permit the display of only one “For Sale” board. The Landlord agrees not to allow any other “For Sale” board whilst Victorstone’s is displayed.
The Landlord hereby gives his/her authority to Victorstone to advertise the property in whatever media is deemed appropriate, including advertising the property on all relevant websites available to Victorstone.
Victorstone will use pictures of properties in general sales campaigns. By signing this agreement, you agree to give your consent for any outside pictures of your property to be used in such campaigns.
16. Data Protection Act 2018
Victorstone is registered under the Data Protection Act 2018, and we undertake to comply with the Act in all our dealings with your personal data.
In providing our services, we may instruct other organisations to process personal data on our behalf and/or share personal data with law enforcement agencies involving data transfer outside the European Economic Area. We are committed to ensuring that your personal data is always dealt with securely and strictly compliant with the Act.
Occasionally, we may contact you by letter, telephone, email or otherwise to inform you about other products and services we offer. We try to limit this contact to acceptable levels, but you are right to opt out if you wish to exercise.
17. Consumer Protection Regulations 2008
A copy of the property particulars will be forwarded to you. Under the Consumer Protection from Unfair Trading Regulations 2008, anything we say or publish about your property must be accurate.
Therefore, you must read the details carefully and immediately inform us if there is anything inaccurate. We are also obliged to pass on any material information that would impact a potential buyer’s transactional decision. So you must advise us of anything you feel is relevant to this.
18. Houses in Multiple Occupation
Under the Housing Act 2004 (“the Act”), certain property types may require a licence before being let. These properties are primarily Houses in Multiple Occupation (HMOs) occupied by three or more people who are not related but, in certain areas, licences can be required for all Landlords. Suppose we become aware that the property is let in a manner that requires a licence. You refuse to obtain one; we reserve the right to terminate our instruction immediately and inform any occupiers of the property and the situation’s local housing authority. In such circumstances, you preclude Victorstone from any claims resulting from such breaches.
You will need to pay any outstanding utility charges up to and including the date upon which the Tenant occupies the property and for any void period between tenancies.
You must supply us with details of all utility suppliers before the commencement of any Tenancy; we will notify those utility suppliers of occupation changes at the property.
20. Professional Support
We may arrange with your agreement to assist in purchasing products and services when required for other professionals. These may be, for example, surveyors, builders, cleaners, plumbers, removal companies, furniture suppliers, EPC providers and insurance brokers etc.
Although we take great care in selecting the appropriate professional by checking their professional status and certification, we can not accept responsibility for the information provided by them or for their conduct of matters directly under their control.
These service providers do not act under our supervision and are independent organisations.
Referral Fees: Please note that this Company operates a fee referral system with various suppliers. Victorstone could receive a referral fee or a future preferential rate to introduce a supplier to a client. Should you require any further information regarding this process or procedure, please contact the Central Lettings Team.
When a suitable tenant shows an interest in your property, we will take up references upon each applicant whenever possible. These references will be forwarded to you upon request. (An external referencing agency may be used for this purpose). You will need to confirm that the references are acceptable to you.
Upon your instructions, we will proceed with the letting of your property. When we proceed, we will be doing so without any responsibility for the accuracy of those references or their information. We will not be warranting the Tenant as suitable.
22. Tenancy Agreement and Administration
A Tenancy Agreement setting out both parties’ rights and obligations will be used to respect all lettings unless otherwise instructed.
The cost to you for the initial Tenancy Agreement is included in the Marketing Fee. The Tenant will pay an additional fee for any subsequent Tenancy Agreements to the same Tenant following the fee schedule. Charges payable by you re-letting to an existing or new Tenant will be payable in line with the Renewal Fees chargeable under this agreement.
An Inventory and Schedule of Conditions is essential for properly managing your property, whether they are let furnished or unfurnished, to reduce the risk of a dispute regarding the security deposit.
If you are arranging the inventory, we must receive it from you at least five days before the commencement of the Tenancy; otherwise, we will compile a check-in Inventory and Schedule of Condition on your behalf, and you will bear the cost of this under the pricing schedule within this agreement unless you specifically instruct us otherwise. A check-out Inventory and Schedule of Conditions will be carried out at the end of the Tenancy and the costs borne by You under the pricing schedule within this agreement unless you specifically instruct us otherwise.
An arrangement of the Inventory, Schedule of Condition and Check out are included within our Managed Service.
24. Rent arrears/Breaches of covenant
We will endeavour to collect rent from the tenant on the due dates, but we cannot guarantee that the rent will be paid. We will notify you of any unpaid rent within 7 working days of the due date.
We will assist with the recovery of unpaid rent, but it remains your responsibility to recover any unpaid amounts. We will advise you of any material breach of the covenant of which we become aware of. Still, you will be responsible for the cost of any enforcement action which becomes necessary.
25. Break Clause
If a Tenant(s) or Landlord exercises a break clause, any pro-rata commission refund will be issued as a credit note only and redeemed against this or another property owned by the said Landlord. Credit note valid for 12 months from the date of early termination. If we are instructed to re-let the property, the pro-rata refund will be deducted from the full current scale agency fees for introducing a new Tenant (s).
If the Tenant wishes to seek early termination of their Tenancy Agreement and/or vacates the Property during the Term apart from according to any agreed Tenant break clause which is included within the Agreement, the Tenant will remain liable to pay Rent and any other monies payable under the Agreement until the Term expires; or the Property is re-let whichever is earlier.
For the avoidance of doubt, should the Tenant leave earlier than at the agreed Tenant break clause contained within the Agreement or the official expiry date of the Term, the Tenant will be responsible for compensating the Landlord for the amount of Agents commission between the termination and the agreed Tenant break clause date or the official end of the term, whichever is earliest. Fees that fall below the minimum fee will not qualify for any refunds. Cash/bacs refunds will not be permitted under any circumstances.
Victorstone may change or add to this agreement’s terms (except concerning the level of any fees due under this agreement) for legal or regulatory reasons. We will notify you if any such change affects the service that we offer you.
You will provide Victorstone with 3 complete sets of keys in the case of a fully managed service, one set of which will be retained by Victorstone to fulfil its duties as your managing agent. In circumstances where we are instructed on a let only basis, we will require 2 complete sets of keys to the property. In circumstances where such keys are not supplied to Victorstone at the time of instruction, You confirm we have your authorisation to cut additional keys as required. The cost of which will be as per the Key Cutting Charge service contained within this agreement.
28. General Provisions
Acts of third parties
We will not be responsible for any loss or damage that you suffer through the act, default or negligence of any third party which may arise otherwise than through the negligence, omission or failure on the part of Victorstone.
It is not part of our service to forward the Landlord’s mail. We recommended that you arrange for all mail to be redirected via the Post Office.
You will be liable for tax on rental income, and you must inform the Inland Revenue that you are letting the property. If you are a Landlord who is a resident overseas, we are legally obliged to deduct tax from your rental income at the prevailing rate if you have not obtained a tax exemption number from the Inland Revenue.
Joint and Several Liability
If the Landlord is more than one person, each person will have joint and several liabilities for all of our commission, fees and expenses, including VAT set out herein.
Service of Notices – Landlord
All notices required under the Agreement will be deemed served if served in writing on JOINT AND SEVERAL LIABILITY. If the Landlord is more than one person, each person will have joint, and several liabilities for all of our commission, fees and expenses, including VAT set out herein.
If any Clause of this Agreement is held invalid or otherwise unenforceable, the Agreement’s remainder shall not thereby be invalidated. The Laws of England and Wales apply to this Agreement and in the event of a dispute of either the Landlord or the tenant wants to take Court Proceedings, they must do so in England and Wales.
Victorstone will not be liable for any direct or consequential losses after breaching of contract that (i) arises naturally from the breach or (ii) would have been in the parties’ reasonable contemplation when the contract was entered into. Under this agreement, you agree to preclude Victorstone from future claims for errors and omissions made within this agreement or during the tenancy.
Service of Notices – Agent
All notices required under the Agreement will be deemed served if served in writing on Victorstone at an office of Victorstone or on the landlord at the last known postal address for the landlord as advised to Victorstone by the landlord in writing.
We reserve the right to assign our rights or obligations under this Agreement upon giving you at least three months’ written notice.
Victorstone takes pride in its professionalism and service standards; however, if you have Complaints about the service of Victorstone, these should, in the first instance, be sent in writing to The Directors, Victorstone, 213 City Road, London EC1V 1JN. Your complaint will be acknowledged in the first instance and promptly investigated. The findings and conclusions of our investigations will be submitted to you in writing.
30. The Property Ombudsman (TPOS)
Victorstone is a member of The Property Ombudsman (TPOS) and abides by Their Code of Practice. You agree that we may disclose information relating to the property’s rental to The TPOS and other regulatory bodies if you, as the landlord, have registered a complaint. The TPOS asks for it. You also agree that we may disclose your contact details to The Property Ombudsman if they ask for them to assist in monitoring our compliance with the Code of Practice – www.tpos.co.uk
31. Rent and Deposit Collection
We will collect the Deposit and initial rental payment from the Tenant and account to you within 7 working days of us receiving cleared funds, less our agreed fees and expenses.
Where we are instructed to manage the Premises, monthly statements of account will be sent to you. Funds due to you will be paid into your nominated bank/building society account less our agreed fees and expenses within 7 working days of receipt of cleared funds.
32. Client Money
Any money held by us on your behalf will be held in a dedicated client account as follows:
NAME: VSG GLOBAL LIMITED
ACCOUNT NUMBER: 23316165
SORT CODE: 20-41-50
IBAN: GB60 BUKB 2041 5023 3161 65
SWIFT / BIC: BUKBGB22
33. Account Details
If you instruct us to hold the Deposit, we shall do so under the Tenancy Deposit Scheme terms. We will hold the Deposit as Stakeholder. If you decide to hold the Deposit and the Tenancy is an Assured Shorthold Tenancy, You must specify to us before the start of the Tenancy under which other Tenancy Deposit Protection Scheme the Deposit will be covered. At the end of a Tenancy where we hold the Deposit, the Deposit will be paid following the appropriate regulations under the Tenancy Deposit Scheme. Any Security Deposit held remains the Tenant’s money until agreed between you and the tenant or ordered otherwise under the Tenancy Deposit Scheme.
34. Security Deposit
Victorstone is a member of the Tenancy Deposit Scheme Deposits on assured shorthold tenancies (AST’s) must be protected with a government-approved scheme. Under the Housing Act 2004, the landlord or agent must protect the deposit and issue prescribed information to the tenant within 30 days of receiving it. If there is disagreement over how the deposit is divided at the end of the tenancy, a dispute can be raised with the scheme, and an impartial adjudicator will decide how the deposit should be divided based on the evidence provided. Tenancy Deposit Scheme (TDS) is a government-approved tenancy deposit protection scheme in England and Wales operated by The Dispute Service Ltd. The Dispute Service is an industry owned, not for profit company. Should the landlord wish to hold the tenant’s deposit, they must inform Victorstone upon instruction or services engagement. The Landlord must provide Victorstone with the certificate of protection before any payments being made. Failure to do so will result in Victorstone protecting the deposit under its own scheme and applying any Tenancy Agreement changes. Such changes will levy £60 inc VAT payable by the Landlord.
35. Safety Regulations
You must ensure that your property is fit to be let. Your property must comply with the following:
FURNITURE AND FURNISHINGS (FIRE) (SAFETY) REGULATIONS 1998 (as amended)
It is a criminal offence to let a property with furniture or soft furnishings which cannot be proven to comply with the above fire safety regulations. You must arrange for removing any item that does not have a fire regulation label attached to it.
ELECTRICAL EQUIPMENT (SAFETY) REGULATIONS 1994
You are responsible for ensuring that all electrical installations and appliances within the property comply with the above Regulations. You must ensure that all electrical equipment is safe. We can arrange for an electrical safety check to be carried out at your request.
GAS SAFETY (INSTALLATION AND USE) REGULATIONS 1998
Under the above regulations, you are responsible for ensuring that all gas appliances and the fixed installation are maintained in good order and checked for safety every 12 months by a Gas Safe registered engineer.
Unless we are instructed otherwise by you, and we are provided with a valid Gas Safety Certificate to us at the time of instruction, we will appoint a Gas Safe registered engineer to inspect all appliances and the fixed installation on your behalf before the initial tenancy and annually thereafter or as required under the above regulations. You will be liable for any costs associated with the Gas Safety Certificate provision under the attached fee schedule.
LEGIONELLA RISK ASSESSMENTS
The Approved Code of Practice L8 (Fourth Edition) requires Landlords and Managing Agents as the duty holders of rented residential accommodation to provide annual Legionella Risk Assessments (LRA) under the Control of Substances Hazardous to Health Regulations 2002 (COSHH). Unless we are instructed otherwise by you, we will arrange for an LRA to be carried out annually. You will be liable for any costs associated with the LRA provision under the attached fee schedule.
Under legislation introduced in October 2015, smoke alarms will be required to be fitted on every floor of the property; carbon monoxide alarms will also be required in properties that burn solid fuels. Landlords will be required to check the alarms are working at the start of every new tenancy. If alarms are found to be faulty or non-existent, or non-compliant, You hereby authorise Victorstone to arrange for replacement alarms to be fitted. You will be liable for any costs associated with the provision of new units following the attached fee schedule.
36. Management Service
We are instructed to provide the Management Service; we will organise repairs or replacements at the property on your behalf. We will not arrange or supervise any property alterations, extensions or refurbishments. Except in situations we view as emergencies, we will endeavour to contact you wherever practical to obtain your written authorisation for repairs or replacements.
We will endeavour to supply you with an estimate before instructing contractors to undertake the work but are not obligated to do so under this agreement. Except in situations we view as emergencies, we will require that we have received from you sufficient funds before instructing a contractor to undertake any work upon the property or that you will enter into a contract directly with the contractor about those works.
We cannot arrange for any works without first holding cleared funds sufficient to meet the estimated liability. We have no liability for any loss suffered or deterioration in the property if we do not hold sufficient funds to carry out work on your behalf. For managed properties where the full six or twelve months’ rent is collected in advance, we will retain one month’s rental payment, which will be held to create a fund (“the Repair Fund”) used to discharge the cost of repairs routine works. The Repair Fund’s balance will be paid to you at the commencement of the last month of the tenancy term. We reserve the right to charge contractors an administration charge based on the cost of any repair replacement or building works.
37. Visits to managed premises
During the normal course of our day to day management of your property, we will carry out periodic visits to the property. We will report our comments and observations to you in writing following our visitation. We may elect to carry out non-expert investigations of alleged disrepair that come to our attention due to visits or through the Tenant. It should be appreciated that any visitor can only extend to obvious visual defects and will not amount to an expert investigation or structural survey of the property. We cannot accept responsibility for hidden or latent defects. If in our opinion, the occupants are not taking proper care of the property, we will inform them, and you and we will advise you of an appropriate course of action.
38. Vacant Periods
Our Management Service does not include your property’s supervision when it is vacant (e.g. waiting to be let). However, if we attempt to re-let the property on your behalf, we will endeavour to advise you of any problems noticed during accompanied viewings. Additional inspections can be undertaken; however, these are chargeable by the scale of charges.
39. Rent arrears/Breaches of covenant
We will endeavour to collect rent from the tenant on the due dates, but we cannot guarantee that the rent will be paid. We will notify you of any unpaid rent within 14 working days of the due date. We will assist with the recovery of unpaid rent, but it remains your responsibility to recover any unpaid amounts. We will advise you of any material breach of the covenant of which we become aware of. Still, you will be responsible for the cost of any enforcement action which becomes necessary.
40. Service of notice on the tenant
We will organise for you appropriate notices to be served upon a tenant. Upon receipt of your instructions, we will prepare and serve notice upon the tenant at the property. Where a dispute is likely, we may recommend you obtain legal advice before serving any Notice. You will be responsible for the costs of any professional legal advice required to facilitate the process if required.
41. Early departure of the tenant
If the Tenant leaves the property of their own accord before the Tenancy expiration, it is your responsibility to take the appropriate action to recover any outstanding rent from the Tenant. This will not be subjected to any pro-rata credit notes from the landlord.
42. Proper Law and Jurisdiction
These Terms & Conditions shall be governed by and construed under the law of England and Wales.
43. Withdrawal from Agreed Offer
If a Tenancy Agreement has been entered into with a prospective tenant, it will not be possible to terminate the Tenancy Agreement, and Victorstone’s Fees will be due in full. In the event of you instructing us to proceed with a proposed Tenancy and subsequently withdrawing such instructions before the commencement of the Tenancy Agreement for reasons other than acceptable references having been unobtainable, you agree to meet the costs of the expenses incurred by us under the provisions under the Ready Willing and Able Tenant Clause contained within this agreement.
You may withdraw your instructions to manage the property upon giving us at least three months’ written notice. We will also be entitled to a fee based on 6% (5% plus VAT) of the rent payable for the remainder of the Term of any fixed term Tenancy Agreement existing at the property at the termination date. The fee is payable in full at the date of termination. We may withdraw from your instructions immediately if you breach any of the Terms contained in this Agreement or if you do or omit to do something that makes it impossible, impracticable or illegal to continue providing these services or you discriminate against any person or employee. We will give you at least three months’ written notice before terminating this Agreement in all other circumstances.
Also, should we withdraw from your instruction if you breach any of the Terms contained in this agreement, we will still be entitled to a fee based on 6% (5% plus VAT) of the rent payable for the remainder of the Term of any fixed term Tenancy Agreement existing at the property at the date of termination. The fee is payable in full at the date of termination. If this Agreement is terminated before a Tenant being identified, we will charge you a withdrawal fee of £300.00 (£250.00+VAT) to cover the marketing costs accrued.
45. Indemnity of Agent
You will keep us reimbursed regarding any claim damage or liability, whether criminal or civil, suffered from and during the time we act on your behalf. For the avoidance of any doubt, we reserve the right to have work carried out on your property on your behalf and to charge you for that work to ensure that you fulfil your contractual and statutory obligations as Landlord. You agree to preclude and indemnify us against any Consequential Losses and cover all costs due in respect of work instructed on your behalf.
46. Unoccupied Properties
Victorstone takes no responsibility for unoccupied properties unless separately agreed in writing, and an additional fee will apply.
47. Waiting at Properties
Ordinarily, we will arrange a mutually convenient time for contractors attending the property to work on your behalf to meet the Tenant at the property. This is not possible, and we may be able to arrange to meet the contractor at the property on your behalf, for which an hourly fee of £60 including VAT, will be charged under the fee schedule attached.
48. Services to Tenants
Victorstone may offer tenants mortgage and financial services, removal services, utilities, conveyancing and insurance services and any other related services through their associated companies for which fees may be obtained.
Victorstone confirms that (unless instructed to the contrary in writing by the Landlord) they will forward to the Landlord promptly and accurately all offers from prospective tenants. If Victorstone has sourced a suitable party that has not reached the Landlord for 3 working days to discuss the offer, the Landlord permits Victorstone to proceed with the commencement of a tenancy should it deem it in the best interest of the Landlord. A draft memorandum will be forwarded to the owner, highlighting the breakdown of the proposed tenancy.
50. Minimum Fees
The following Minimum fees apply:
- Let only £2500 (£3,000 incl VAT)
- Management £3500 (4,200 incl VAT)
When applying pro-rata refund credit notes, the minimum fee will still apply. For example, if the cost of reletting is £3,000 incl VAT and the Pro-rata credit note is £1000, we will only use £500 towards the transaction, and the balance and new credit note will be issued for £500 for 12 months commencing from the new tenancy date. Any transactions that fall below the minimum fee will not be entitled to a pro-rata credit note.
51. Late Payments & breach of Contract
Should the above be applicable, you will then surrender/forfeit any preferential rates, discounts/or payment terms. All fees will revert to the stated charge initially, and all fees will be due immediately, as well as any additional costs caused by the breach.
52. Disclosure of Personal Interests
In writing, vendors must inform Victorstone of any interest they or their relatives or friends have in Victorstone or any of its subsidiary companies.
53. Money Laundering Regulations 2017
To comply with the Money Laundering Regulations 2017, we require you to provide us with one proof of identity and one proof of residence for all beneficial property owners. You should either provide us with original documents for copying and returning to you or provide us with copies certified by a solicitor as genuine.
I/We confirm that I/We have received, read and accepted the Terms of Engagement of Victorstone before signing this agreement and that we are legally authorised to let the property.
I/We confirm that the above information is accurate and that I/We have read and understood the terms and conditions within this document. I/We understand that I/We may have the right to cancel this agreement under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 within 14 calendar days from the date it was signed. Confirm that I/We wish Victorstone to commence marketing the property immediately. I/We accept that in signing this document, I/We am bound by its entire contents.
Notice of your Right to Cancel
You have the right to cancel this contract if you wish. This right can be exercised by delivering or sending written notice to Victorstone at any time during the period of 14 days, starting from the date of signature of our terms and conditions. The notice of cancellation is deemed to be served as soon as it is posted or, in the case of electronic communication, from the day it is sent. If work on the above contract has begun, with your written agreement, before the end of the cancellation period, you will be required to pay £350 plus VAT (£420 including VAT) related to withdrawal/administration costs.
If you wish to cancel the contract, YOU MUST DO SO IN WRITING and deliver personally or send this (which may be by electronic mail) to the person named who signed the contract on behalf of Victorstone and addressed to the relevant office handling your property.