33 HIGH STREET
0121 443 4343
KINGS HEATH
BIRMINGHAM
B14 7BB
glovers.uk.com
glovers ESTATE AGENTS is the trading name of The Property Agency Ltd. Reg. in England No.3896856 Reg. office: 33 High Street.
Fees
fax: 0121 443 1335
payable
[email protected]
by
Landlords
We offer 4 options to landlords when letting a managing their residential property.
1. A LETTING ONLY SERVICE
2. A LETTING and PROPERTY MANAGEMENT SERVICE
3. A LETTING and RENT COLLECTION SERVICE
4. A PROPERTY MANAGEMENT ONLY SERVICE
1. LETTING ONLY SERVICE
For our Letting Only Service as set out in our Letting Agreement with Terms and Conditions,
there is one fee payable:a letting or set up fee of 84% of one month’s full rent payment, inclusive of VAT (which is
equivalent to 70% of one month’s full rent payment, plus VAT),subject to a minimum fee of
£360.00 inclusive of VAT. This fee can be negotiable depending upon the rental value of the
property, and the occurrence of repeat business
This service includes advising the landlord on the best rent attainable for the property and giving
general advice relating to property letting, the marketing of the property, finding and referencing a
tenant acceptable to the landlord, negotiating the tenancy, preparing and completing a Tenancy
Agreement, collecting the first month’s rent in advance, collecting and registering the tenancy
deposit with an approved tenancy deposit scheme, concluding the letting, preparing our fee
account, deducting our fee from the first month’s rent collected, crediting the balance of the rent
to the landlord’s bank account by BACS transfer, and sending the signed tenancy agreement to
the landlord.
2. LETTING and PROPERTY MANAGEMENT SERVICE
For our Letting and Property Management Service as set out in our Letting and Management
Agreement with Terms and Conditions, there are two fees payable, a one off letting or set-up fee
every time we market the property to find a new tenant, and a monthly property management
fee:1) an initial letting or setting-up fee of 60% of one month’s full rent payment, inclusive of VAT
(which is equivalent to 50% of one month’s full rent payment, plus VAT) subject to a minimum fee
of £360.00 inclusive of VAT. This fee can be negotiable depending upon the rental value of the
property, and the occurrence of repeat business, and
2) a monthly management fee of 12% of the monthly rent received inclusive of VAT (which is
equivalent to 10% of the monthly rent received plus VAT) This fee can be negotiable depending
upon the rental value of the property, and the occurrence of repeat business,
This service includes advising the landlord on the best rent attainable for the property and giving
general advice relating to property letting and management, the marketing of the property, finding
and referencing a tenant acceptable to the landlord, negotiating the tenancy, preparing and
completing a Tenancy Agreement, collecting the first month’s rent in advance, collecting and
registering the tenancy deposit with an approved tenancy deposit scheme, concluding the letting,
preparing our fee account for letting the property and for the first month’s management, deducting
our fees from the first month’s rent collected, and crediting the balance of the rent to the
landlord’s bank account by BACS transfer.
As part of our management duties we will write to the local Council, local water authority, and the
utility providers advising them of the change of occupancy, giving meter readings as appropriate.
At the end of the tenancy we will repeat the procedure, giving the forwarding addresses for the
previous tenants to settle final accounts; management involves the collecting of the monthly rent
due, preparing a monthly statement for the landlord showing rent collected, fees and charges
made, deducting our monthly rent collection from the rent collected, sending the rent balance to
the landlord’s bank account by BACS transfer, chasing any late payments of rent, advising the
landlord as to courses action to take if rents aren’t received, or are paid late. We will be
responsible for the day to day management of the property, which may involve arranging for
general repairs or maintenance to be carried out, subject to an agreed limit; we carry out mid term
property inspection and thereafter carry out property visits on a regular basis for the duration of
each tenancy; at the end of the tenancy, we check the Inventory & Schedule of Condition to
assess whether the property is, in our opinion, in a reasonable state of repair, subject to fair wear
and tear, if necessary, we will make agreed deductions from the deposit to cover the tenant’s
share of the costs for dilapidations and if instructed to do so, make arrangements for any cleaning
or repairs to be carried out; we will return the deposit in accordance with the Tenancy Deposit
Scheme, to the tenant at the end of the tenancy when the has been vacated provided that the
tenant has complied with the terms of their tenancy, and the condition of the property is
satisfactory with regard to the Schedule of Condition & Inventory.
3 LETTING and RENT COLLECTION SERVICE
For our Letting and Rent Collection Service as set out in our Letting and Rent Collection
Agreement with Terms and Conditions, there are two fees payable:1) a letting or set-up fee of 84% of one month’s full rent payment, inclusive of VAT
(which is equivalent to 70% of one month’s full rent payment, plus VAT), subject to a minimum fee
of £360.00 inclusive of VAT. This fee can be negotiable depending upon the rental value of the
property, and the occurrence of repeat business, and
2) a monthly rent collection fee of 6% of the monthly rent collected inclusive of VAT (5% of the
monthly rent received plus VAT)
This service includes advising the landlord on the best rent attainable for the property and giving
general advice relating to property letting, the marketing of the property, finding and referencing a
tenant acceptable to the landlord, negotiating the tenancy, preparing and completing a Tenancy
Agreement, collecting the first month’s rent in advance, collecting and registering the tenancy
deposit with an approved tenancy deposit scheme, concluding the letting, preparing our fee
account, deducting our letting fee from the first month’s rent collected, crediting the balance of the
rent to the landlord’s bank account by BACS transfer, and sending the signed tenancy agreement
to the landlord.
Thereafter, we collect the monthly rent due, prepare a monthly statement for the landlord,
deducting our monthly rent collection from the rent collected, send the rent balance to the
landlord’s bank account by BACS transfer, chase any late payments of rent, and advise the
landlord as to courses action to take if rents aren’t received, or are paid late.
4 PROPERTY MANAGEMENT ONLY SERVICE
For our Property Management Only Service as set out in our Property Management Agreement
with Terms and Conditions, a monthly management fee is charged:12% inclusive of VAT is charged on the monthly rent received (10% of the monthly rent received
plus VAT) This fee can be negotiable depending upon the rental value of the property, and the
occurrence of repeat business.
Our management service will include the collecting of the monthly rent due, preparing a monthly
statement for the landlord showing rent collected, fees and charges made, deducting our monthly
rent collection from the rent collected, sending the rent balance to the landlord’s bank account by
BACS transfer, chasing any late payments of rent, advising the landlord as to courses action to
take if rents aren’t received, or are paid late. We will be responsible for the day to day
management of the property, which may involve arranging for general repairs or maintenance to
be carried out, subject to an agreed limit; we carry out mid term property inspection and thereafter
carry out property visits on a regular basis for the duration of each tenancy; at the end of the
tenancy, we check the Inventory & Schedule of Condition to assess whether the property is, in
our opinion, in a reasonable state of repair, subject to fair wear and tear, if necessary, we will
make agreed deductions from the deposit to cover the tenant’s share of the costs for dilapidations
and if instructed to do so, make arrangements for any cleaning or repairs to be carried out; we will
return the deposit in accordance with the Tenancy Deposit Scheme, to the tenant at the end of
the tenancy when the has been vacated provided that the tenant has complied with the terms of
their tenancy, and the condition of the property is satisfactory with regard to the Schedule of
Condition & Inventory.
---------o-0-o--------The following fees or charges are itemised in our service options as may be appropriate, and in
our Terms and Conditions
For providing an Energy Performance Certificate, without a floor plan:VAT (£60.00 + VAT)
£72.00 inclusive of
For Re-letting the Property to the existing tenant and preparing another fixed tenancy
agreement, our administration fee is:- £150.00 inclusive of VAT (£125.00 plus VAT).
For a Purchase of the Property by the tenant - In the event that a tenant introduced by Glovers
negotiates the purchase of the property which the tenant is renting either in his own name or in
the name of a nominee, a commission is payable to us of:- 1.2% inclusive of VAT (1% plus VAT)
of the negotiated purchase price plus VAT. The fee is payable upon completion of the sale
whether or not negotiations have been carried out by us.
For Carrying out additional Property Inspections in addition to the routine inspections agreed
in our terms and conditions, or where the property is vacant and caretaking visits are required,
the charge is:- £30.00 inclusive of VAT (£25 plus VAT) for each inspection.
For providing an Energy Performance Certificate:- £72.00 inclusive of VAT £60.00 + VAT)
For providing a Schedule of Condition and Inventory, when the cost is not included as part of
our fee, the price is variable depending upon property type and whether it is unfurnished or
furnished; the price range is from £84.00 inclusive of VAT for an unfurnished studio flat to
£156.00 inclusive of VAT for a furnished 5 bedroom house. A price list is available upon request.
For completing a Quarterly Return to HMRC showing tax deducted from rent receipts from
properties owned by UK taxpayers when they are resident abroad and have not obtained an
Approval Notice from HMRC allowing rents to be paid without the deduction of tax at 20% of the
net amount, and for crediting HMRC with the tax deducted, the charge is:- £96.00 inclusive of
VAT (£80.00 plus VAT), for each quarterly return submitted.
For Undertaking a Repair where the cost of the repair is over £750.00, we reserve the right to
charge an additional fee of 12% including VAT (10% plus VAT) on the total cost of the works (this
fee is to be agreed in writing and is only payable when works are completed); we will arrange
access and assess costs with the contractor, obtain quotations, agree the work with the landlord
client, ensure that the work has been carried out in accordance with the agreed specification, and
obtain warranties and any guarantees in respect of the work.
Consumer Protection from Unfair Trading Legislation 2008
glovers ESTATE AGENTS abide by current consumer protection legislation when dealing with clients and customers.
We do not engage in any unfair practices such as: giving false or misleading information to consumers; hiding or failing
to provide material information; exerting undue pressure on consumers; and not acting with the standard of care and
skill that is in accordance with honest market practice and in good faith.
The National Association of Estate Agents
glovers
ESTATE AGENTS is a member of this organisation which is the UK’s leading professional body for estate
agency personnel across all branches of property services, being dedicated to the goal of professionalism within all
aspects of property, estate agency, and land. We adhere to the NAEA’s Codes of Practice and complaints redress
procedures.
Client Money Protection Scheme
glovers
ESTATE AGENTS, as a member of National Association of Estate Agents subscribes to a Client Money
Protection Scheme which is a compensation scheme run by the National Federation of Property Professionals (NFoPP)
which provides compensation to landlords, tenants and other clients should an agent misappropriate their rent, deposit
or other client funds.
The Property Ombudsman Scheme
glovers ESTATE AGENTS is a member of The Property Ombudsman Scheme (TPOS) and follows the TPOS Code of
Practice. The Landlord agrees that we may give information about the property to the Ombudsman, if the landlord has
registered a complaint and he asks for information. The landlord also agrees that we may give the landlord’s contact
details to TPOS (if they ask for it) to help them monitor how we are following the Code of Practice. A copy of the Code
of Practice and the Consumer Guide is available from www.tpos.co.uk
Anti Money Laundering measures
glovers ESTATE AGENTS have in place procedures and controls, which are designed to forestall and prevent money
laundering. If we suspect that a customer or client or employee is committing a money laundering offence as defined by
the Proceeds of Crime Act 2002, we will in accordance with our legal responsibilities, disclose the suspicion to the
National Criminal Intelligence Service.