Valley Homes

GENERAL INFORMATION

1.	We would suggest that your property is let on an Assured Shorthold Tenancy Agreement which we usually prepare on your behalf along with the necessary statutory notices required under the Housing Act 1988 (as amended by the Housing act 1996). The cost of preparing the aforementioned is split between the Landlord and Tenant i.e. £45.00 plus V.A.T. each. As an alternative, Landlords may wish their solicitor to prepare the agreement, however we would ask all Landlords to ensure that this form of agreement is appropriate to their particular circumstances.
2.	If you are a tenant or a lessee it is essential for you to ensure that the letting is both permitted by your Lease and also for a period expiring prior to the termination of your Lease. Your Landlord’s written permission may be required for the sub letting if you wish to protect your position.
3.	Where the property to be let is subject to a mortgage, permission is normally required from the mortgagee to let the property. Permission is usually granted where the landlord is using a letting agent and an approved form of tenancy agreement. We strongly advise that you obtain your mortgagee’s permission at the earliest date rather than once a tenant has been found.
4.	Unless otherwise agreed, the rent quoted to a tenant by us on your behalf must be inclusive of all outgoings for which you are responsible, i.e. ground rent and service charges, with the exception of council tax, water rates, gas, electricity or fuel oil if there is an independent oil fired central heating system.
5.	You should make sure that your property and contents are adequately insured and that your policy covers furnished lettings as some policies do not do so.
6	. We would recommend that no items of sentimental or great value are left in the property.
7.	With effect from 1st March 1993 all furniture included in accommodation let for the first time must be of a fire retardant nature. The landlord should be aware that this is an offence which carries a custodial sentence. As your agents we also are responsible and may require evidence that these regulations have been met.
8.	It is assumed by the landlords agents that all electrical appliances included in the tenancy are in safe working order and have been left with clear instructions as to their operation, since this again is a legal requirement. Current legislation also requires that any gas appliances supplied by the landlord is tested annually by a registered Corgi gas fitter and a record kept of the inspection. If instructed to manage the property we will undertake to arrange this unless a specific written instruction to the contrary is received.
9.	Should the landlord reside abroad, even temporarily, the Inland Revenue have the power to collect any tax due on rental income from the managing agents. In these circumstances, we hold back 22% of the net rent until we have confirmed that any tax demand has been met.
10.	Whether a property is let furnished or unfurnished, you are strongly advised to have a good quality detailed inventory. This will describe the condition of the property’s contents, fixtures, fittings and household effects. We can arrange for an inventory to be carried out on your property, please ask us for more information and a price, as we would normally charge less for unfurnished properties.
11.	If a sale of the property to the tenant occurs, we will be entitled to commission at 1% of the sale price plus V.A.T.

DESCRIPTION OF SERVICES

LETTING SERVICE
This service is designed to select and provide you with a suitable tenant and set up the tenancy. Our fee includes:

•	Finding a suitable tenant by placing suitable advertisements in the local press, inclusion on www.rightmove.co.uk www.torent.co.uk and our own Website with a colour photograph, a colour photograph in our office window, a To Let board and from direct enquires;
•	Taking up references, i.e. we use a credit search company who collects a full financial picture of the prospective tenants along with confirming with employers and their previous landlords their ability to pay the rent and to look after the property. If the references are successful your Tenant will be entered into an insurance backed Rent Guarantee System for 6 months; and
•	Collection of the first months rent and deposit from the tenant. The deposit may be held either by us or the landlord and is released to the tenant at the end of the tenancy subject to any deductions made for damages or general breach of tenancy obligations. If the deposit is held by the Landlord, Valley Homes will not have any involvement in its return at the end of any let.

RENT COLLECTION SERVICE
This service provides for administration of rental income as per your specific instructions. We will perform all of the above and in addition we will:

•	Administer rents with accounting to the landlord as soon as is practical thereafter;
•	Chase late payments of rent by telephone call and by letter;
•	Credit net rental payments to your account as per your instructions. This is normally done by electronic transfer direct to your bank account; and
•	Prepare landlord’s monthly statement of account.

FULL MANAGEMENT SERVICE
This service seeks to remove all day to day property management problems from the Landlord. In addition to performing all items in our letting only service we will:

•	Administer rents with accounting to the landlord as soon as is practical thereafter;
•	Pay current outgoings, such as insurance premiums, service charges and similar contributions to shared expenses (provided we are in funds to do so). Although we shall endeavour to query any obvious discrepancies we are entitled to accept and pay without question demands and accounts which appear to be in order. In particular, we cannot accept responsibility for the adequacy of any insurance cover or for the verification of services/maintenance charge demands or estimates where applicable;
•	We will deal with day to day management matters including minor repairs up to a maximum figure to be mutually agreed (usually £200.00). An additional supervisory fee may be charged if works are required based on 10% of the total bill;
•	Our management fee includes investigation of defects which come to our notice or are clearly and adequately brought to our attention by the tenant. We will inspect the premises periodically (not less than twice a year) but it should be appreciated that any such inspections can extend only to apparent and obvious defects. We cannot accept responsibility for hidden or latent defects;
•	Our management function does not include the supervision of the property when it is not let although in the normal course of letting periodic visits may be made to the property accompanying prospective tenants. If you wish your property to be managed during a void period, there will be an additional charge of £15.00 plus V.A.T. per visit; and
•	Notification to service companies, i.e. gas, electricity, council tax, water at commencement of the tenancy. British Telecom will not take instructions from anyone other than the bill payer therefore we ask for you to contact them direct yourself.

PLEASE NOTE: RENT RECEIVED BY STANDING ORDER OR CHEQUE WILL TAKE APPROXIMATELY SEVEN WORKING DAYS TO CLEAR.