LETTINGS FEES INFORMATION

McRae's…

RESIDENTIAL LETTINGS & PROPERTY MANAGEMENT

Our Services For Landlords, And Current Fee Information (May 2016)…

WHY CHOOSE McRAE'S LETTINGS & MANAGEMENT

Renting a property should be a reliable and profitable source of income, but it is one that does not go without some risks. By instructing McRae's Lettings & Management as your Agent, we will help to simplify the process and make it a pleasant and profitable experience the whole way through!
As one of the leading Agents within the area, McRae's Lettings & Management is seen as the first choice by many Landlords and Tenants throughout the following areas:

HIGHAMS PARK – CHINGFORD – WALTHAMSTOW – SOUTH WOODFORD – WOODFORD GREEN

WHERE EXPERIENCE COUNTS… NONE FINER”

If you are looking to rent your property, it is very important to seek good, solid advice from an experienced Property Professional that you can trust. At McRae's Lettings & Management we are experts in all aspects of Residential Lettings and Property Management. We provide our Landlords with all the help and support required from an Agent.

We have a “hands on” customer focused approach which ensures we go the extra mile to deliver a thorough and professional service to our clients at all times. We are so confident of the levels of service we maintain that our business is constantly reviewed by the customers who use us. We currently have in excess of 550 personalised comments listed on the Property Ombudsman's website making us one of the highest reviewed Estate Agency businesses in the Country!

REGULATED AGENT

As members of the National Approved Lettings Scheme (NALS), Safe Agent, The Property Ombudsman (Lettings), Tenancy Dispute Service and the Guild of Professional Estate Agents you can rest assured that McRae's Lettings & Management will act with integrity and discretion on your behalf at all times. Our quality of service is based on helpful guidance and advice, transparency and an honest answer to any questions raised.

YOU'RE IN SAFE HANDS!

McRae's Lettings & Management handles Tenant and Property problems on a daily basis and endeavours to resolve any issues that may arise in a quick, efficient manner and with minimal fuss or expense to you, the Landlord. We believe it is our responsibility to keep you informed of any changes in Law, Legislation or circumstances that may become relevant to your Let. Our Lettings team are always available for consultation in order to answer any questions or assist you in these matters.

Your property is a valuable investment- At McRae's Lettings & Management We fully understand that! We appreciate the importance of working closely with our landlords to provide a comprehensive range of professional services that will ensure you get the best advice possible, resulting in absolute piece of mind. We believe this is why our clients choose our service time after time, because with McRae's Lettings & Management client's satisfaction means everything!

A TAILOR MADE BUSINESS RELATIONSHIP

McRae's Lettings & Management has, for more than 15 years, gained a wealth of experience within the local property market that comes with successfully selling and renting homes. Motivated and driven, our focus is on managing your property in the most effective and competent manner whilst retaining a friendly open attitude. At McRae's we believe it is all about building a relationship with our client's. We aim to do this by having a proactive yet focused approach resulting in a fuller understanding of our clients' expectations and needs.

McRae's Lettings & Management offer a tailor made service for every client and will guide you through the entire lettings process. From the moment you decide to enter the lettings market with us we will relieve the pressure and take away the hassle that lettings can sometimes create. Landlords have a choice of three types of service McRae's Lettings & Management offer. These are:

•  Letting only service
•  Rent collection service
•  Full management service

FEES & COMMISIONS EXPLAINED – LETTING ONLY SERVICE

Our “Letting only service” is designed for landlords who wish to handle all of the day-to-day management responsibilities and collection of rent themselves after the initial commencement of the tenancy. Our schedule of inclusive services are as follows:

•  Visiting the premises to provide you with an indication of the current market rent achievable
•  Advising on marketability and presentation of the premises and providing guidance on landlords legal responsibilities
•  Arranging an Energy Performance Certificate- At the landlords expense
•  Comprehensive marketing and advertising via multiple medias, including the following -- -www.mcraes.co.uk www.rightmove.co.uk www.zoopla.co.uk
Together with our own “in house” property magazine published each month
•  The erection of a To Let board at the premises
•  Accompanying prospective tenants to the premises or arranging a mutually convenient appointment, providing you with feedback on viewings
•  Negotiating offers, advising on appropriate tenant selection & undertaking stringent referencing with previous landlords, current employer, income and credit rating
•  Drafting the tenancy agreement, setting out the rights and obligations of both parties including any special terms that have been agreed
•  If required arranging a Gas Safety check at the landlords expense and the provision of the certificate to the tenant (it is your legal responsibility to arrange all future Gas checks- we have no liability if you fail to do so)
•  If required arranging an Electrical Safety check at the landlords expense (it is your legal responsibility to arrange all future Electrical checks- we have no liability if you fail to do so)
•  Providing a list of professional inventory clerks for the preparation of a suitable condition report/inventory- Additional fee applies which is the landlords responsibility to pay
•  Arrange a suitable rental guarantee policy (if required) - Additional fee applies which is the landlords responsibility to pay
•  Protection and registration of the deposit in line with our membership of the Tenancy Dispute Service (TDS)- Additional fee applies
•  Receiving from the tenant the deposit and first month's rent on your behalf and holding this in a stakeholder capacity against damage, breach of tenancy agreement or any other outstanding charges owed by the tenant. Issuing the appropriate certification in line with legislation
•  Assisting with the arrangement of a standing order mandate so that future rent payments are made direct to the landlords bank account
•  Forward copies of all related documentation to landlord and tenant once tenancy has commenced
•  Transfer of first month's rent to landlord, less McRae's agreed fee, and Tenancy Deposit Registration fee.

LETTING ONLY SERVICE COMMISION – AMOUNTS TO 8% OF THE GROSS RENT, PREMIUM OR OTHER MONEY PAYABLE THROUGHOUT THE INITIAL FIXED TERM AGREED plus VAT AT THE PREVAILING RATE – EXAMPLE BASED ON A 6 MONTH LET AS FOLLOWS:

RENT @ £1000 PER CALENDER MONTH X THE INITIAL FIXED TERM OF SAY 6 MONTHS= £6000
£6000 X 8% = £480.00
£480 X 20% VAT= £96.00
Total amount payable = £576.00

LETTING ONLY SERVICE – TABLE OF ADDITIONAL SERVICE FEES
INSTRUCTION:NET FEE:VAT:GROSS FEE:
Energy Performance Certificate (EPC)£100.00£20.00£120.00
Tenancy Deposit Registration£50.00£10.00£60.00
Preparation Of Tenancy Renewal£150.00£30.00£180.00
Service Of Notice To Terminate A Tenancy (Section 21 Notice)£50.00£10.00£60.00
Checking And Making Any Alterations To Our Tenancy Agreement Requested By Your Solicitor£30.00£6.00£36.00
Arranging For The Premises To Be Cleaned Prior To The Commencement To The Tenancy – Administration Charge (In Addition To The Cost Of The Cleaning Contractors£20.00£4.00£24.00
Arranging A Safety Check Of The Furniture And Furnishings, Electrical Or Gas Appliances – Administration Charge In Addition To The Cost Of The Contractors£20.00£4.00£24.00
Arrange A Rental Guarantee PolicyThis Amount Is Variable
Withdrawal From An Agreed Offer – If You Instruct Us To Proceed In Writing With A Proposed Tenancy, You Agree To Pay Some Of Our Costs And Expenses Incurred Up To A Sum Not Exceeding£100.00£20.00£120.00

FEES & COMMISIONS EXPLAINED – RENT COLLECTION SERVICE

This service is in addition to the “letting only service” as above. We will receive the rent on your behalf, and transfer the monthly balance to your nominated bank or building society account upon receipt of cleared funds less our agreed commission plus VAT.

If we do not receive rent from the tenant, no payment will be made to you. We normally include a rental guarantee policy within this service for the first 6 months of the let. Our schedule of inclusive services are as follows, and include that which is set out under our letting only service:

•  The collection of monthly rent from the tenant/s and transferral to your nominated bank or building society
•  Forward to Landlord by electronic mail a monthly financial statement
•  Monitor and follow up any late rental payments (if required)
•  Arrange renewal of rental guarantee policy (if required) - Additional fee applies which is the landlords responsibility to pay

RENT COLLECTION SERVICE COMMISION – AMOUNTS TO 10% OF THE GROSS MONTHLY RENT, PREMIUM OR OTHER MONEY PAYABLE THROUGHOUT THE FIXED TERM AGREED plus VAT AT THE PREVAILING RATE – EXAMPLE BASED ON A MONTHLY RENTAL AS FOLLOWS:

RENT @ £1000 PER CALENDER MONTH
£1000 X 10% = £100.00
£100 X 20% VAT= £20.00
Total amount payable = £120.00 PER MONTH

RENT COLLECTION SERVICE – TABLE OF ADDITIONAL SERVICE FEES
INSTRUCTION:NET FEE:VAT:GROSS FEE:
Energy Performance Certificate (EPC)£100.00£20.00£120.00
Tenancy Deposit Registration£50.00£10.00£60.00
Preparation Of Tenancy Renewal£150.00£30.00£180.00
Service Of Notice To Terminate A Tenancy (Section 21 Notice)£50.00£10.00£60.00
Checking And Making Any Alterations To Our Tenancy Agreement Requested By Your Solicitor£30.00£6.00£36.00
Arranging For The Premises To Be Cleaned Prior To The Commencement To The Tenancy – Administration Charge (In Addition To The Cost Of The Cleaning Contractors£20.00£4.00£24.00
Arranging A Safety Check Of The Furniture And Furnishings, Electrical Or Gas Appliances – Administration Charge In Addition To The Cost Of The Contractors£20.00£4.00£24.00
Arrange Renewal Of Initial Rent Guarantee PolicyThis Amount Is Variable
Withdrawal From An Agreed Offer – If You Instruct Us To Proceed In Writing With A Proposed Tenancy, You Agree To Pay Some Of Our Costs And Expenses Incurred Up To A Sum Not Exceeding£100.00£20.00£120.00

FEES & COMMISIONS EXPLAINED – FULL MANAGEMENT SERVICE

This service is exactly what it says! We undertake our responsibilities on your behalf managing the premises and reporting to you with any maintenance issues that may arise. This service frees our landlords of the day-to-day responsibilities and allows McRae's Lettings & Management to deal with matters and at the same time “keep you in the loop” at all times. We normally include a rental guarantee policy within this service for the first 6 months of the let.

In addition to the Let Only and Rent Collection Services, this service includes:

•  Organising annual safety tests where required

•  Arranging transfer of the utilities, provided we are supplied with full account details. You will need to pay any outstanding utility charges up to the date of the commencement of the Tenancy and for any void period between tenancies. Some suppliers will not take instructions from us in which case you must contact them directly to take the accounts out of your name

•  Paying current outgoings such as ground rent if applicable, any service charge and/or maintenance charge or similar contribution to shared expenses and account to you regularly provided we hold sufficient funds if specifically instructed to do so by you in writing. Although we will do our best to query any obvious discrepancies, we are entitled to accept and pay, without question, demands and accounts that appear to be in order. In particular, we cannot accept responsibility for the verification of any service or maintenance charge demands or estimates where applicable. We have no liability for any discrepancy in any invoices paid on your behalf to or any dispute with any third parties unless the loss is due to our negligence or breach of contract. It is your responsibility to ensure that invoices and demands are sent direct to us for payment

•  Handling all maintenance and repair issues on a daily basis, including minor repairs up to a maximum figure for any one item of £300. Except in the case of an emergency or to enable you to comply with statute, wherever practical, two estimates will be obtained and submitted to you for approval prior to any work commencing. In the event that we do not receive contrary instructions from you in writing within 10 working days of us sending the estimates to you, we will proceed with your full authority

•  Instructing contractors on your behalf as your agent. You give us authority to instruct contractors on your behalf and deduct the cost of their invoices up to the maximum amount agreed between us at the time of signing our terms and conditions, except in an emergency which risks significant damage to your Premises or to the life of an individual where the amount is unlimited. You however remain liable for the payment of all invoices to tradesmen. We will not be liable for any loss or damage suffered by you if we are unable to carry out repairs or maintenance because we do not hold any or sufficient funds unless the loss or damage is due to our negligence or breach of contract

•  Attempting to arrange a mutually convenient time for contractors to meet the Tenant when attending the Premises to undertake work on your behalf. Where this is not possible we may be able to arrange to meet the contractor at the Premises. We will charge waiting time at the Premises as shown in this Agreement under Additional Services in addition to the invoice of the contractor. These charges may be recoverable from the Tenant if there is a clause to that effect within the Tenancy Agreement

•  Attempting to arrange visits to the Premises approximately twice each year provided the Tenant grants access. We will inform you if access is refused but it will be your responsibility to take legal advice and advise us of the appropriate action. These visits are of a limited nature in order to verify the general good order of the Premises and the proper conduct of the Tenancy by the Tenant. A visit will not constitute a complete check of every part of or every item in the Premises but enable us to note any lack of repair or maintenance, which should be brought to your attention. A visit will only note repairs of which we are informed or which are clearly visible. We do not accept any liability for any loss or damage due to hidden or latent defects

•  Advising you if any arrears of Rent arise and pursuing the tenant for payment therein

•  Serving Notice to end the Tenancy upon receipt of a written request to do so from you. You must provide us with at least ten weeks written warning that you want to end the Tenancy either at the end of the fixed Term or according to a break clause. We cannot be held liable for any delay in getting possession if you provide insufficient time for service of the Notice. Should the Tenant fail to comply with the Notice, you will need to commence County Court proceedings to obtain a Possession Order. We can put you in touch with solicitors who are specialists in this field. All costs and disbursements incurred will be payable by you

•  Renewing the Tenancy agreement if both parties agree and subject to your paying our costs of providing the renewal Tenancy Agreement as set out in this Agreement under Additional Services. We will contact you towards the end of the initial fixed term to find out your intentions and to agree any renewal instructions. We will review the Rent and advise you if a Rent increase is possible or desirable depending upon current market conditions. You must confirm to us in writing if you wish the Tenancy to be renewed, continue as a periodic Tenancy or Notice served. We will try to ensure both parties sign the documentation by the start date of the new period of the Tenancy. However if the Tenant fails to return the extension documents the Tenancy will continue as a periodic Tenancy until either party gives notice in writing. Our commission will be payable whether the Tenancy continues as a fixed Term or a periodic Tenancy whether or not we are instructed to act on your behalf. While we will make every effort to obtain the signed extension documents we have no liability if the Tenant fails to return them

•  Arranging a check of the Premises at the end of the Tenancy at your expense

•  Negotiating with the Tenant regarding any damage claim

•  Endeavouring to obtain a forwarding address from the Tenant to give to the water company to comply with the Flood and Water Management Act 2010 which makes payment of the final water account the liability of the Landlord if no forwarding address is provided. We cannot be held liable if the Tenant does not provide an address or gives an address that is not deemed acceptable by the water company

FULL MANAGEMENT SERVICE COMMISION – AMOUNTS TO 12% OF THE GROSS MONTHLY RENT, PREMIUM OR OTHER MONEY PAYABLE THROUGHOUT THE FIXED TERM AGREED plus VAT AT THE PREVAILING RATE – EXAMPLE BASED ON A MONTHLY RENTAL AS FOLLOWS:

RENT @ £1000 PER CALENDER MONTH
£1000 X 12% = £120.00
£120 X 20% VAT= £24.00
Total amount payable = £144.00 PER MONTH

FULL MANAGEMENT SERVICE – TABLE OF ADDITIONAL SERVICE FEES
INSTRUCTION:NET FEE:VAT:GROSS FEE:
Energy Performance Certificate (EPC)£100.00£20.00£120.00
Tenancy Deposit Registration£50.00£10.00£60.00
Preparation Of Tenancy Renewal£150.00£30.00£180.00
Arrange Renewal Of Initial Rent Guarantee PolicyThis Amount Is Variable
Service Of Notice To Terminate A Tenancy (Section 21 Notice)£50.00£10.00£60.00
Checking And Making Any Alterations To Our Tenancy Agreement Requested By Your Solicitor£30.00£6.00£36.00
Arranging For The Premises To Be Cleaned Prior To The Commencement To The Tenancy – Administration Charge (In Addition To The Cost Of The Cleaning Contractors£20.00£4.00£24.00
Arranging A Safety Check Of The Furniture And Furnishings, Electrical Or Gas Appliances – Administration Charge In Addition To The Cost Of The Contractors£20.00£4.00£24.00
Additional Visits To Premises With Management Report£50.00£10.00£60.00
Waiting Time At Property When Accompanying Contractors (First Hour Free) Charge Is An Hourly Rate£10.00£2.00£12.00
Withdrawal From An Agreed Offer – If You Instruct Us To Proceed In Writing With A Proposed Tenancy, You Agree To Pay Some Of Our Costs And Expenses Incurred Up To A Sum Not Exceeding£100.00£20.00£120.00

ARRANGE YOUR FREE NO OBLIGATION PROPERTY VALUATION TODAY!... CALL US OR EMAIL US NOW…

TEL: 0208 503 3336

EMAIL: lettings@mcraes.co.uk