TO CONTACT OUR TEAM PLEASE CALL OR EMAIL US:

TEL: +44 (0)116 255 5544

EMAIL: INFO@NICOPROPERTIES.CO.UK

32 EGGINTON STREET, LEICESTER,

LE5 5BA, ENGLAND

© 2019 NICO PROPERTIES 

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IN THE FOLLOWING CONTACT FORM:

LETTINGS, MANAGEMENT & LANDLORDS GUIDE

 

Deciding which Agent to instruct to let your property can for some Landlords be a very daunting thought. As a homeowner or Investment Landlord who has taken care and pride in their property, you want to ensure that your Letting Agent will find Tenants that will continue to maintain the property to the highest possible standard as well as pay their rental on time and in full and keep the property in excellent condition.

As a Letting Agent we have a careful selection process of all Tenants. As a company we take a personal interest in providing you with the best possible service. Our staff has an in-depth knowledge of the Letting market.  We aim to achieve the best possible rent for your property and our commitment is to oversee and manage your property for a hassle free term of tenancy.

We would like to thank you for considering Nico Properties to manage your property. We are a successful independent company with over ten years experience in letting and management. We never forget that you are our client. We offer to you the care and personal service you would expect of a professional company.

 

Below we outline our terms and conditions of management. Please contact our offices for further information.

 

LET ONLY SERVICE

 

  • Prepare particulars of the property and rental value.

  • Market the property for letting.

  • Obtain full references on all prospective Tenants.

  • Inform the Landlords of Safety Regulation to adhere to.

  • Prepare the Tenancy Agreement and relevant notices.

  • Collect the first month's rental in advance.

  • Collect a security deposit/Bond and register it with an approved body (if required).

  • Advise the Tenants of the procedures for registering with the appropriate domestic services.

  • Prepare an Independent Inventory (optional, extra charge), free for management.

  • Check the Tenants into the property (optional, extra charge), free for management.

PART MANAGEMENT SERVICE

 

  • Full colour inventory.

  • Make arrangements for the collection of the rental.

  • Arrange payment 10 days after receipt of rent.

  • Prepare monthly statements.

  • Chase late rents.

  • Arrange for any property maintenance and repairs as per your instructions/approval.

  • Carry out property visits and report to the Landlord.

  • Liaising between Landlord and Tenant. - Supervise that the Tenant(s) comply with the Terms of the Tenancy Agreement signed. 

  • Review rental values and renewal of tenancies.

  • Arrange for check-out of the Tenant at the end of the tenancy.

  • Arrange safety tests for gas and electrical appliances.

 

TENANT REFERENCING 

All prospective Tenants are interviewed before being recommended. If accepted, full referencing will then take place via an independent referencing Agency or alternatively, a manual referencing system will be used where the following references will be obtained where possible.

 

  • Employers reference.

  • Personal reference.

  • Credit check.

  • Bank reference in the form of recent bank statement.

  • Photo ID (Either passport or driving licence).

  • Previous Landlord (if applicable).

  • Financial Guarantor (if applicable).

 

TAXES MANAGEMENT ACT 1970

If you are going to reside outside the UK, we are bound under the Taxes Management Act 1970, Sections 78 and 83, to assess you at the basic rate of income tax (variable) due from rents we collect on your behalf if you are not "self-assessing" your own tax. We should receive a letter of confirmation from your Accountant and Tax Office confirming that they accept liability for payment of your tax. (Please see your Accountant). Alternatively, we can instruct a Tax Specialist or Tax Advisor who can give you advice or can be employed by you to take care of your tax affairs whilst abroad. (See our Terms of Business).

 

REGULATIONS

Whether requiring a Letting only Service, Rent Collection or Management services, Landlords have the responsibility for the safety of both the Tenant and their own property during the tenancy. The Landlord must adhere to the following regulations without fail, and as Agents we must ensure that they are carried out.

 

FIRE & FURNISHINGS (SAFETY) REGULATIONS 1988 (1993)

All soft furnishings such as settees, sofas, beds, padded chairs, pillows, cushions etc, must comply with the Fire Resistance requirements contained within the regulations. Items of furniture made prior to 1950 are termed as antiques, and as such are excluded from the regulations. Usually, a label is attached to the item of furniture to confirm it is acceptable. We will at all times check your furniture and advise you accordingly to the best of our ability.

 

GAS SAFETY (INSTALLATIONS & USE) REGULATIONS 1994 (1996)

A qualified Engineer (Gas Safe or British Gas) must check all Gas appliances and installation within the accommodation on an annual basis, for its safe use. This includes such items as Gas Fires, Central Heating boilers, Gas cookers and other gas appliances. It also insists that flues and chimneys are clear of obstructions and in the correct place. The engineer must issue a certificate and a copy presented to the Tenant at the start of any tenancy. Any items that fail to comply with the regulations must be fixed or removed immediately.

 

THE ELECTRICAL EQUIPMENT (SAFETY) REGULATIONS 1994

These regulations require that all Electrical equipment left at the property be "safe and of no risk or injury to humans or animals". They should be checked that flexes, fuses and electrical output are safe and correct. Items that must comply are all portable electrical items such as electrical cookers, fridges, washing machines, kettles, toasters etc. As agents we can not guarantee which items are safe or not, and will recommend that a qualified electrician checks these items (a charge will be made). Your own electrician can carry this out.

 

TENANTS' DEPOSITS

From the 6th April 2007, all deposits must now be registered. We are registered with www.depositprotection.com. The fee for this is £65.00 plus VAT.

 

Tenancy Deposit Schemes are being introduced to prevent a small number of bad landlords from wrongly withholding part or all of a tenant’s deposit. They will encourage tenants and landlords to have a clear agreement on the condition of the property before the tenancy begins. Drawing up inventories of fixtures and fittings will become good practice and help to resolve disputes. The Scheme covers Assured Shorthold Tenancies entered into after 6th April 2007 – it covers the vast majority of tenancies.

 

ENERGY PERFORMANCE CERTIFICATE (EPC)

FROM 1st October 2008, an EPC will be required whenever a dwelling is let to new tenant. An EPC is not required for any property occupied prior to 1 October 2008 that will be occupied by same tenant after that date. An EPC is valid 10 years from date of issue and can be used as many times as needed within that period. The fee is £65.00 plus VAT

LANDLORD CHECK LIST

MORTGAGED PROPERTIES

You should notify your Building Society or Bank if the property is mortgaged, that you are thinking of letting the property. It is usually one of the conditions of your mortgage that you apply for permission to sub let the property. We also recommend that your building and content Insurers are advised of your plans, as they too may need altering to cover a third part residing at the property. (We can assist in recommending specialist insurance companies dealing with insurance for rented properties. Please speak to a member of staff).

LEASEHOLD PROPERTIES

It is also wise to check that if the property is leasehold, therefore you must confirm with the freeholder that there are no restrictions or covenant that prevents you from letting the property and the Tenants must adhere to during the Tenancy period.

 

KEYS

It is important to have several keys cut for the property, enough for each adult Tenant due to move into your property, plus a set for our Management Department (if applicable) for security reasons and access, if so required.

LEGAL COSTS

Should there be at any time any need to take legal action against the Tenant for what so ever reason, the Landlord will be responsible for this action plus any necessary costs incurred. For managed properties, assistance will be given to the Landlord with regards to documentation and administration with reference to the tenancy, costs will still need to be paid by the landlord. 

TRANSFER OF SERVICES

If you have employed us as your Managing Agents, the only service that we are not able to transfer for you is the telephone, as BT or cable will only deal with the subscriber and not with a third party. Please, therefore, arrange transfer on the day the Tenants take occupation, if possible. Your assistance will also be welcome with any final meter readings or notification of services.

THE SMALL PRINT

If a Tenant is found for the property and suitable references have been received and the Landlord does not proceed, then a fee of £250 + VAT is payable to the agent.

Legal costs and expenses (if necessary).

 

The costs of any overseas calls, faxes and redirected mail on behalf of the Landlord shall be recoverable.

 

A sum equivalent to 20% of the value of any insurance claim (minimum fee £50) dealt with by the agent on behalf of the Landlord.

Purchase by Party Introduced by Us

 

In the event of a party introduced by us (or any person or body corporate associated with that party) subsequently purchasing the premises, whether before or after entering into a Tenancy Agreement, commission shall be payable to us on completion of the sale at the rate of 1% + VAT of the sale price.

Ending the Agreement.

 

If the Landlord wishes to terminate the contract and continue to keep the existing Tenants introduced by the Agency he/she will need to give the Agency 2 months notice and will be liable to pay 1 months rent plus vat for the termination.

MISCELLANEOUS

The Landlord shall indemnify us as Agents against costs, expenses or liabilities incurred or imposed on us, provided that they were incurred on his behalf in pursuits of our normal duties.

 

The Landlord is the sole or joint owner of the property and that he/she has the right to rent out the property under the terms of his mortgage or head lease.

 

The Landlord shall permit the Agent to undertake the remedy of any emergency, the cost of which shall be borne by him/her unless proved to be the responsibility of the Tenant.

 

The Landlord shall permit the agent to sign, any notices contracts, with relation to the management of the said property.

 

The agent reserves the right to give 14 days notice in writing to the Landlord to terminate this agreement.

 

The agency accepts no liability for any damage or theft at the property whilst vacant or in between lettings. No management service is offered during this period.

FEES (unless stated all fees are inclusive of VAT)

LET ONLY  

 

Fee: 60% plus VAT of First Month’s Rent

Minimum Fee £300

 

  • Agree Marketing Rent

  • Advertise on Property Portals and Relevant Websites

  • Erect To Let Board

  • Carry Out Accompanied Viewings

  • Tenant References

  • Prepare Tenancy Agreements

  • Liaise with Guarantor if required 

  • Collection of Initial Month's Rent & Deposit

Optional:

 

  • Prepare Photographic Inventory: £120

  • Gas Safety Certificate: £78

  • EPC Certificate: £78

  • Deposit Administration: £60

  • Tenancy Renewal Fee: £12

TAKE OVER MANAGEMENT FROM LANDLORD/AGENT 

Fee: £299 plus VAT

  • Property visit

  • Information on Landlord compliance and various safety regulations

  • Register the Deposit with TDS and issue the new certificate to the Tenant (if required)

  • Negotiate the new terms of the Lease with the Landlord and the Tenant

  • Rent review inline with current market rent and property condition

  • Prepare the new Assured Shorthold Tenancy Agreement (AST)

  • Complete the Tenant ‘Right to Rent’ checks. (Up to 4 adults) - (£25 for additional adults)

  • Witnessed signing of the new Tenancy paperwork with the Tenant on behalf of the Landlord

  • Re-issue the Gas Safety Certificate to the Tenant, if applicable

  • Re-issue the Energy Performance Certificate to the Tenant, if applicable

  • Re-issue the ‘How To Rent’ booklet to the Tenant, if applicable

Optional 

 

  • Prepare Photographic Inventory: £120

  • Gas Safety Certificate: £78

  • EPC Certificate: £78

  • Deposit Administration: £60

  • Tenancy Renewal Fee: £120

MANAGED PROPERTIES    

Fees: £300 plus VAT

Monthly Management Fees:

10% + VAT

12% + VAT (Overseas Landlord’s)

 

  • Agree Marketing Rent

  • Advertise on Property Portals and Relevant Websites

  • Erect To Let Board

  • Carry Out Accompanied Viewings

  • Tenant References

  • Prepare Tenancy Agreements

  • Liaise with Guarantor if required 

  • Tenant Check In 

  • Prepare Photographic Inventory 

  • Collection of Initial Month's Rent & Deposit

  • Deposit Administration 

  • Rent Collection

  • Arrears Management

  • Managing Repairs (in liaison with landlord)

  • Monthly Statements

  • Online Transfer of Rent within 10 working days of collection

  • End of Tenancy Inspection

Optional 

  • Deposit Dispute Submission: £78

  • Number of Inspections Per Annum - 3 (thereafter chargeable at £50 per visit)

  • Gas Safety Certificate: £68 (Includes Up to 2 gas appliances)

  • EPC Certificate: £78

  • Tenancy Renewal Fee: £60 

  • Annual Accounts Statement: £36

  • Submitting Tenancy Notices: £60 (section 13 notice only)

  • Liaising with Solicitors for Eviction Proceedings: £78

  • Court Attendance (Daily Rate): £144

  • New Tenancy Charge: £240 

Legal Fees

  • Section 13 Notice - £60.

  • New contract fees due to change of ownership - £120.

                                                

Landlord Accounts

  • Monthly statements - Included in management fee.

  • Yearly statements - £60.

  • If statements are required for previous years - £120 per annum.

 

Discounts are available for property portfolios.

We operate a client money protection scheme provided by RSA and an independent redress scheme provided by The Property Ombudsman. 

Nico Properties - Partners, Nazir Issat & Hafsa Issat.