TERMS AND CONDITIONS

LET ONLY SERVICE

As part of the LET ONLY SERVICE FS Properties will:

1. Visit the property and advise the Landlord on the achievable rental value.

2. Prepare details of the property, which will be circulated to prospective Tenants.

3. Find a Tenant and negotiate the terms of the proposed tenant on behalf of the Landlord.

4. Take up references on the proposed Tenant.

5. Prepare the Tenancy Agreement.

6. Collect the first month’s rent and deposit.

7. Hold the deposit as stakeholders for the term of the tenancy (unless agreed with tenant and landlord that it is to be released)

For a LET ONLY SERVICE our involvement will cease once a tenant has moved into a property.

Our fees for this service are payable by the Landlord and are £700 inc VAT however different schemes will command different fees. Please ask one of our experienced staff for more details. The fees will be deducted from the first month’s rent and the outstanding amount will be forwarded to the Landlord.

Where a tenancy is greater or subsequently extended beyond the agreed period, whether by the agent or Landlord our fee will be £50 inc VAT. This will be payable on renewal. All properties must be in an acceptable condition with current gas and electrical safety certificates available if so requested.

MANAGEMENT SERVICE – AS ABOVE PLUS:

8. Collection of rent.

9. Payment of rent into an appropriate account.

10. Quarterly inspections of the property.

11. Payment of service charges.

12. Maintenance problems dealt with (within agreed financial limits)

GENERAL CONDITIONS

RENTS:
The rent charged will, unless we are informed in writing, be understood to include all out goings such as, service charges, ground rent, building and Landlord's contents insurance's. The Tenants will make direct applications to the Council, the suppliers of gas, electricity, water rates, sewage and telephone and be responsible for those costs. At the end of each month (usually on the last working day) a cheque for the balance will be forwarded onto the Landlord or the Landlord's bankers, as requested. For managed properties only, FS Properties will prepare a monthly statements that will illustrate all expenditure, rents and receipts received during that month and this will be sent at the end of each month.

INVENTORY:
We strongly recommend you employ an Independent Inventory clerk who will check the Tenant into and out of the property prepare a detailed inventory of the contents of the property and of their condition. If a Landlord decides to prepare his own Inventory it will then be their responsibility to satisfy themselves as to the accuracy of the inventory and to arrange for it be to checked at the beginning and the end of the Tenancy. FS Properties cannot accept any responsibility for the accuracy of the inventory check-in or checkout undertaken by the Landlord or the Inventory Clerk.

CLEANING:
The cleanliness of the property is of paramount importance. We are able to recommend professional cleaning Companies who will clean the property prior to letting, to include carpets, soft furnishings and windows. Should the property not be of the required standard we reserve the right to authorise a further professional cleaner with the cost being deducted from rent achieved.

TENANCY AGREEMENT:
FS Properties are to provide a Tenancy Agreement in their standard form, included within the rental or management fee. FS Properties can take no responsibility in relation to the use of this Agreement in any particular case and the Landlord must consult their own solicitors in regard to the Agreement and rely solely upon their legal advice.

RENT ASSESSMENT:
In certain situations a Tenant, whose tenancy commenced on or after 15th January 1989, can make application to the Rent Assessment Committee to determine the rent after a term certain has terminated. The Committee may assess a rent at a higher or lower level than specified in the original rental agreement and their decision is legally binding for the period of the tenancy. FS Properties are unable to accept responsibility for any claim arising out of the decision of the Rent Assessment Committee or the creation of an assured tenancy whether intended or not.

DEPOSITS:
The deposit will, where applicable, be collected from the Tenant and be held by FS Properties as stakeholders in a special account. These monies remain the property of the Tenant throughout the tenancy and will only be released by FS Properties when consent has been obtained from both the Landlord and the Tenant.

INSURANCE:
It is essential that the Landlord should inform his insurance company that the property is being let. It is the Landlord's responsibility to ensure that the contents and fabric of the building are fully insured.

PERMISSIONS:
It is generally a condition of a lease that the written permission of the Freeholder is granted prior to the property being let. The Landlord should seek such permission from the Freeholder. If there is a mortgage on the property it is generally required that the permission of the mortgagor be obtained from the relevant Building Society or Bank prior to the commencement of the Tenancy and the Landlord should apply for such permission giving sufficient time for FS Properties to comply with the Mortgagor's conditions. FS Properties Limited can not be held responsible for obtaining these permissions in both cases and the Landlord will need to indemnify FS Properties against any liability that my arise through this not being done.

LEASEHOLDERS:
If you are a leaseholder FS Properties will be expected to pay demands from the Freeholders (or their managing agents) for the ground rent and service charges if they appear to us to be in order if we are managing a property. We are unable to accept responsibility for the verification of these demands or for the adequacy of the insurance cover on the building.

COUNCIL TAX:
Occupiers of your property will be required to pay a council tax. During the periods when a property is unoccupied the owner will be responsible for a standard charge.

TAXATION:
FS Properties are obliged to declare all rental income to the Inland Revenue annually. FS Properties recommend that the Landlord should consult an accountant, prior to letting a property, and take professional advice on his personal tax liabilities and any tax relief to which he may be entitled.

TAX:
In the event of the Landlord residing abroad FS Properties, as your Letting agent, will be responsible to the Inland Revenue for taxes due on rent collected by us. Accordingly FS Properties will deduct tax at the basic rate from rents received and will forward the same to the Inland Revenue each quarter. It is the Landlords responsibility to reclaim this from the Inland Revenue where applicable.

AS AGENTS FOR OVERSEAS RESIDENTS WHO'S PROPERTIES ARE MANAGED BY FS PROPERTIES WE WILL EITHER:
1. Pay your rental income direct to you with no tax deductions, but only after we have received from the Inland Revenue a certificate of exemption. 2. Until an exemption certificate is received by FS Properties from the Inland Revenue we are bound to pay the Inland Revenue 23% of your rent net of expenses and for this service a charge will have to be made on a time basis. VOID PERIODS: Our management function does not include the supervision of the property when it is unoccupied although special arrangements can be made for inspections to be carried out.

REDIRECTION OF MAIL:
It is imperative that Landlords have their mail redirected. FS Properties may have to charge for postage and labour incurred.

SALE OF PROPERTY:
In the event of the Tenant or occupier wishing to purchase the property FS Properties usual sole agent commission of 1% of the purchase price will be payable by the Landlord/Vendor on completion of the sale. Keys: We would normally require two sets of keys to the property, one will be handed to the tenant on occupation, the other will be retained in our office for emergencies. Note: If you wish to use or collect these keys at any time- you must bring proof of identification as a security measure.

SAFETY CERTIFICATES:

Gas
Since November 1994 it has now become mandatory for Landlords to have a certificate of safety for all gas appliances, pipes and meters. It is therefore incumbent on the Landlord to contact a Corgi registered installer prior to the commencement of the Tenancy. A copy of this certificate must be given to FS Properties prior to the Tenants moving in, with the original being given to FS Properties Management, if managed, and copies of each annual inspection. Should any certificates not be available prior to the Tenancy commencement date, FS Properties reserve the right to delay the start of the Tenancy until such certificates have been received. FS Properties reserve the right to have a Corgi registered installer to check the premises if no certificate has been obtained and the cost for this and any remedial work will be borne by the Landlord.

Electricity
It is the Landlord's responsibility to ensure that the property is safe. FS Properties reserve the right to have a qualified NIC/EIC technician to check the premises and if there appears to be a problem or the property does not appear to be safe then the cost for this and any remedial work will be borne by the Landlord.

Equipment and Alarms
It is incumbent on the Landlord to ensure that all equipment left in the property is in working order. If there is an alarm at the property this will be deemed to be in working order. If the alarm or equipment is not in working order then FS Properties require confirmation of this in writing prior to the commencement of marketing. If we have not received written confirmation that the alarm or equipment do not work we will expect that to be rectified by the Landlord prior to the commencement of the Tenancy.

FULL MANAGEMENT SERVICE:

For FULL MANAGEMENT, in addition to the INTRODUCTION OF TENANT SERVICE detailed as above, FS Properties will:

1. If instructed to do so, pay all service charges, ground rents, insurance premiums and other regular out goings out of the rental income as and when received. It is the Landlord's responsibility to notify all relevant bodies to forward the invoices to us. We regret that we are unable to make mortgage payments for the Landlord.

2. We will visit the property every four months to check on the general condition, however this does not include a structural examination or inventory check.

3. Any items requiring repairs that are notified to us by the Tenant will be renewed or replaced up to maximum of the agreed limit, with monies taken from the rental income. Wherever possible, on items over £250.00, FS Properties will obtain quotations for the necessary works. When two or more estimates are requested for works under £250.00 FS Properties may charge an administration fee. Please note, some contractors charge for estimates. In cases of emergency FS Properties will act as they think best to protect the Landlord's interests.

4. Capital works cannot be regarded as general day-to-day management but FS Properties are happy to carry out such repairs and will charge the Landlord for their work on a time basis. Any professional fees incurred in relation to the management of the property will be borne by the Landlord.

5. We will collect the rent, hold it against repairs, prepare a statement for yourselves, remit the balance to your bank in the United Kingdom at the end of the month and send copy statements to your accountant, if requested.

6. The Gas and Electricity meters are read by FS Properties when a tenant moves in and FS Properties will arrange for the termination accounts to be sent to the landlord. The termination of the telephone account should be arranged by the Landlord, where possible liaising with the incoming Tenants. The termination account may be forwarded onto FS Properties Management for payment if required using rental income.

7. Should the property require remedial works before a Tenant moves in FS Properties would recommend the Landlord instruct a Contractor to complete the works required prior to the start date. Should the Landlord require FS Properties to arrange and supervise the works a charge will be applied.

8 Please note that the Management service specified above does not cover any period prior to, or after a Tenancy, however should works be required FS Properties are prepared to undertake this service by agreement.

9. Should a Landlord have a three star Gas contract with British Gas and wish to continue this service, FS Properties cannot guarantee that this will be renewed unless the appropriate documentation is sent direct to this office. Notice of this service must be attached to the boiler and copies of all relevant documents must be sent to FS Properties. Should there be the requirement for a visit to the property by British Gas, and no exact time for an appointment be available, FS Properties reserve the right to employ a house sitter on an hourly basis.

The fees for the INTRODUCTION OF TENANT AND FULL MANAGEMENT SERVICE will be 10% of the rent. This will be payable monthly out of the rents received. FS Properties is subject to a two month period of notice by either party to cease Management.