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Fees and Commissions

 

The Landlord should read the Terms of Business carefully and in particular this Section which clearly sets out the Commission, Fees and other charges including any renewal, extension or continuation of the Tenancy either as a fixed term or a periodic tenancy which will be payable by a Landlord whether or not we are instructed to act on your behalf. Ensure you are certain of the meaning of the charges you will incur.       

 

Let Only Commission

1.    

You are responsible for paying our Commission at the rate of 100% including VAT of the First Month’s Rent when any person, company or other organisation enters into a binding contract for the occupation of the Premises where they do so as a result of:

a.     a viewing conducted by us; 

b.     sight of any marketing or advertising material produced by us or by our instructions;

c.     by way of an introduction from an existing occupier for which we have previously charged a commission.

 

The Landlord gives us the authority to deduct our Commission, fees, expenses and any other costs from any monies belonging to the Landlord or any deductions from the Deposit agreed by the Tenant for any property owned by the Landlord where we are or were acting on the Landlord’s behalf.

 

VAT

2.    

Commission is chargeable including VAT at the prevailing rate (currently 20%).    All fees contained within this Agreement are shown inclusive of VAT.  

 

Basic Renewal Commission

3.    

We will charge Renewal Commission of £180.00 including VAT as a fixed fee if the Tenancy is renewed whether or not we are instructed to act for the Landlord if the Tenant remains in occupation after the initial fixed term.

 

Rent Collection Service

4. 

If we are instructed to collect the rent for the Premises then further to the Let Only Commission you will have to pay us an additional commission at the Rent Collection Commission Percentage being 4.2% including VAT of the gross Rent, premium or other money payable throughout the initial fixed Term and any continuation, extension or renewal of it whether fixed Term or periodic whether or not we are instructed to act on your behalf. If our instructions to collect the rent or other monies are terminated our Commission remains payable at the Let Only Commission percentage throughout the initial fixed Term and any continuation, extension or renewal of it whether fixed Term or periodic whether or not we are instructed to act on your behalf.

 

Management Service

5.    

If we are instructed to manage the Premises we will reduce our Commission for the Let Only Service by 50%, you will have to pay us an additional Commission at the Full Management Commission Percentage for management being 9% including VAT, subject to a minimum management fee of £75.00 including VAT, of the gross Rent premium or other money payable throughout the initial fixed Term and any continuation, extension or renewal of it whether fixed Term or periodic whether or not we are instructed to act on your behalf.

 

Commission Due

6.    

Our Commission payment will become due at the agreed start date of the Occupation Agreement and we will invoice you accordingly/take payment from the monies paid by the Occupier of the Premises until our Commission and any other fees and disbursements have been paid/divide our Commission into equal amounts and take them from the payments made by the Occupier at the intervals agreed in the Occupation Agreement.  Our other fees and disbursements will be taken in full from payments made by the Occupier.  Should the Occupier fail to make any agreed payments our Commission, Fees and Disbursements will still be payable by you and we will invoice you accordingly.

 

Refund of Commission

7.    

We will not make any refund of our Commission if the Tenancy terminates before the originally agreed date if for any reason, the Landlord permits the Tenant to terminate the Tenancy (apart from by use of a break clause); releases the Tenant from the their obligations specified in the Tenancy Agreement; the Tenant terminates the Tenancy early due to the actions or lack of action of the Landlord; due to an agreed surrender, repudiation, rescission, frustration or forfeiture of the lease, through any Court proceedings, or if your interest in the Premises is assigned to another party; for any period prior to the earliest date upon which the Tenant could have exercised a break clause.

 

Withdrawal from an Agreed Offer

8.    

If you instruct us to proceed with a proposed Tenancy and subsequently withdraw your instructions you agree to meet some of the costs and the expenses incurred up to the sum of £300.00 including VAT. This clause does not affect any statutory rights to cancel that may arise under the Cancellation Regulations. If you have a right to cancel under the Cancellation Regulations, this clause will apply if you withdraw your instructions at any time after the 14 day cancellation period, or at any time after we have received a written request for us to market the Premises.

 

Additional Services

9.    

The following Services are in addition to the above and form the subject of an additional charge.

a.     Preparation of an Inventory and Schedule of Condition and/or check-in on behalf of the Landlord by an inventory clerk will depend on the size and style of the Premises.  Estimates will be given upon request. The cost of the preparation of the Inventory is borne by the Landlord.

b.     Checking and making any alterations requested by you or your solicitor to our standard Tenancy Agreement: £30.00 including VAT.

c.     Preparing addenda to amend agreement terms £120.00 including VAT.

d.     Service of Notices to terminate a Tenancy when we are not managing the Premises will be subject to an administration fee of £150.00 including VAT.

e.     Instructing contractors during a void period or if we are not managing the Premises will incur an administration fee of £30.00 including VAT payable in advance together with the cost of the contractor.  This Service is only offered provided we have written instructions from the Landlord and hold sufficient cleared funds to cover the cost of the work plus our fees.

f.      Instructing us to carry out an Energy Performance Certificate £78.00 including VAT.

 

Joint and Several Liability

10.  

If the Landlord forms more than one person all persons forming the Landlord are liable for our Fees, Commission and Disbursements until all outstanding sums are paid in full; and each person forming the Landlord is liable for payment of all Fees, Commission and Disbursements until all outstanding sums are paid in full.

 

Sub Agency

11.  

We may give details of your Premises on a commission sharing basis to other agents unless we receive your specific written instructions to the contrary. This involves you in no additional expense and increases the chance of letting the Premises promptly.