We strongly recommend that a detailed Inventory of the property’s condition and contents is prepared by a professional inventory clerk. The landlord will find it very difficult to make any recovery from the deposit if this is not done even if the property is to be let unfurnished. The inventory should record the condition of the walls, carpets, curtains, and any fixtures which helps avoid any dispute at the end of the tenancy. Inventory Clerks are not employed by us. Whilst every care will be taken in instructing the Inventory Clerk, we cannot accept any responsibility for any omission or error on their part. The charge for Inventory preparation, the check in and check-out is paid by the landlord.
Maintenance agreements and contractors
It is agreed that where independent specialists and contractors are required, for the purpose of any repairs, refurbishment, or maintenance issues they are employed by the Landlord or agent acting on the client’s behalf.
Major appliances including plumbing and heating, should be presented in good order and where possible be covered by maintenance agreements. We should be advised of all items covered by guarantee, and we should hold copies of these guaranties on file.
Also, where possible instruction manuals should be provided, Landlords are expected to maintain any items supplied with the property and in some cases are required to do so by law (gas appliances). Taxation of a non-resident landlord The situation is complex, and we would recommend that you consult your Accountant in this respect. If you are resident in the UK, you should declare your residential lettings income to the IR annually as it is assessable for income tax. The Inland Revenue does have wide powers to hold the Agent liable for tax on a Landlord’s letting income. If the Inland Revenue assesses “the Agent” for income tax payable by the Landlord, because of a letting arranged by “the Agent”, then the right is reserved to deduct such amounts as are necessary, to meet the liability to the Revenue from the rent received. If you are resident abroad during the “let” period, you must inform HM Revenue and Customs. We are obliged to deduct, retain, and pay tax quarterly, until the Inland Revenue confirms liability for the year in question and it has been cleared, or an Approval Reference has been granted.
Our Full Management service does not include supervision of the property when it is not let. During this time, non-emergency defects noted whilst accompanying prospective tenants, will be advised to the Landlord. Those of an emergency nature will be attended to without delay. However, should a Landlord wish “the Agent” to regularly visit the property, a fee of £45 including vat per visit will apply. Under our F/M Service, when a property is let, visits will be performed approximately three times a year. These visits will involve checking for visible defects and any maintenance issues or any problems brought to our attention, and we will be advising on any action required. It should be noted that we will be observing how the property is being kept and we will submit periodic reports where necessary. It should be appreciated that a visit, although thorough, cannot be considered complete or to be a structural survey.
Sale of a let property
We reserve the right to charge a commission fee where a let property is sold to the introduced tenant by Eltze Estates, or another party introduced by Eltze Estates. A fee of 1.5% including vat of the final sale price is payable on completion of the sale by your solicitor.
Summary of fees to landlords
- Let Only Service
FEE: 7% + VAT (8.4% including vat) of annual rent received ongoing, payable at the commencement of each new tenancy. Payment will be deducted from the initial rent unless otherwise agreed and then invoiced thereafter.
- Let & Rent Demand Service
FEE: 9% + VAT (10.8% including vat) of annual rent received ongoing, payable per calendar month.
- Full Management Service
FEE: 12% + VAT (14.4% including vat) of annual rent received ongoing, payable per calendar month.
- Let Fee – £192 including vat & Re-Sign Fee £96 including vat.
This fee is applicable to all service levels and is payable at commencement of each new term. A Letting Fee is applied at the start of a new term when there is a new tenant. A Re-Sign Fee is applied at the start of a new term when the existing tenant remains. If the existing tenant leaves, then the full ‘letting fee’ will apply.
These fees cover Tenancy Agreements and Statutory Notices, pre-tenancy preparations, compliance procedures. N.B: an additional fee of 12 % including vat will be added to the total cost of any repair/refurbishment work, where we are required to visit the property with contractors to organise and supervise any refurbishment.
Engagement terms & termination
We require a ‘Sole Agency’ period of four weeks to secure an appropriate tenant. If this agreement is cancelled once marketing has begun and prior to a suitable tenant being found, you agree to pay a fee of £120 including vat to cover our marketing costs. Should you decide to dis-instruct Eltze Estates & reject a tenant after their references have been processed, you agree to pay Eltze Estates £100 including vat .
Eltze Estates is also a member of the government approved redress scheme The Property Ombudsman that provides redress in the unlikely event of a dispute being unable to be resolved. We are also a member of Money Shield giving peace of mind for landlords and tenants that your money is protected.