Lettings and Management
Terms & Conditions – One Off Letting
Marketing
When we have been instructed to let your property we take full details and photographs which will immediately be put onto our website and in our window display.
Suitability of Prospective Tenants
Upon finding a suitable tenant we will run a credit check to ascertain their credit worthiness (any charges involved will be borne by the prospective tenant) and obtain two references from a previous landlord, employer or a bank. Bull and Company take the best possible care when selecting a suitable tenant but we cannot accept any responsibility or liability should a tenant prove to be unsatisfactory in any way, despite these references.
Verification of Housing Qualifications
Bull & Company will ensure that the prospective tenant obtains the correct registration card from the Social Security Department.
Lease
We will use our standard lease which complies with the Tenancy Law.
Standing Order
We will pass on details of your bank account to the tenant and ask them to arrange for a monthly standing order to be set up. Unless otherwise instructed, we will arrange for your rental payments to be made each consecutive month directly into your bank account.
Inventory & Schedule of Condition
Prior to letting you should ensure that the property is clean and in good order, internally and externally. It is important to make sure that sufficient keys are made available. We prepare an inventory and schedule of condition for every property to comply with the Tenancy Law.
Services
Notification of change of name to service companies (telephone, gas, electricity, water, oil, parish and water rates) will be the responsibility of the landlord and tenant at the start of the tenancy.
Fees
When a suitable tenant is in place and all paperwork completed and signed, a fee of 7.5% of the first year’s rental will be levied as a ‘one off’ payment. This fee will be deducted from the deposit and first month’s rent or part thereof taken by us from the prospective tenant. Any remaining monies will be forwarded to you together with copies of all relevant documents.
Terms & Conditions – Management
Management
In addition to letting, (see Terms and Conditions above) the fees for which are 7.5% of the first year’s rental, we provide a management service, the fee for which is 7.5% of the annual rental, for the duration of the tenancy. We try to tailor the services we offer to meet the individual requirements of each client but the following is a guide to the regular services we offer.
Handing Over
Before handing over your property to ourselves and your new tenant, it is advisable to make sure that your roof and windows are watertight, any possible damp areas have been attended to, you have serviced your boiler, checked to see that all your carpets, curtains and kitchen equipment are in good and clean order, and that you have left numbers of all the tradesmen you use and who know your property for us to contact. It can save a lot of money using, for example, an electrician who knows how your house has been wired. As well as this, we would like you to make sure that you have left us with a full set of keys, clearly marked as to which key belongs to which door, including any garage, outbuilding or shed.
Rental Payments
The rent is paid to us on the 1st of every month. Once we are satisfied cleared funds are available in our Clients’ Account, our accounts department will prepare a Statement of Income and Expenditure and make a payment into your bank account minus our management fees and any expenditure during the period.
Repairs and Renewals
We will deal with the day-to-day management of your property and, when necessary, instruct professional parties on your behalf to carry out essential works up to an agreed sum. In the event of the repair or renewal exceeding the agreed amount, we shall obtain competitive quotes (where possible) and, subject to your approval, instruct professional contractors. In the event of an emergency e.g. a burst pipe, we shall immediately send in a professional contractor to carry out the necessary repair. All costs will be paid by us, on your behalf, and deducted from the monthly income. If a very large sum of money is involved, then we would discuss this matter with you and discuss any additional funding required.
Expenditure
We will pay the insurance premium on the property and also the Parish Rates, on your behalf if you so wish, but instructions must be given by you on these points. If an insurance claim needs to be made on your property then we would charge a fee based on the amount of time taken to complete the paperwork, obtain estimates for any necessary repairs and monitor the same.
Tenancy Changes
In the event of a change of tenant during our management of the property, we will use our best endeavours to find a suitable new tenant. At Bull & Company, our property management staff look after a very large portfolio of properties and therefore we are well placed to judge what the correct market rent should be for any rental property. Our rental values are realistic because our main aim is to find a suitable tenant for your property in the shortest amount of time thereby negating voids in rent. In our opinion it is more beneficial to keep a property tenanted at a slightly lower rent than to wait for a rent which may not be achievable.
Void Periods
We shall also use our best endeavours to keep your property occupied and will accompany prospective tenants on appointments to view your property when your tenant has given notice. During void periods, however, we cannot be held responsible for the day-to-day security of the unit and our management function to collect rent on your behalf will cease until a replacement tenant is obtained.
Inspections
As part of our management services we will make an inspection of your property as and when we feel it is necessary. We will deal with any matters which we feel need attention and liaise with you if appropriate.
Fees
The management fee of 7.5% of the annual rent will be paid every year during the term of our management and will be deducted from each payment of the rent collected on your behalf.