MANAGEMENT TERMS

Landlord FEES

Section 83 of The Consumer Rights Act 2015 refers to the provision of Letting and Managing Agentís fees, charges and/or penalties and is intended to create full transparency to enable consumers (both landlords and tenants) to ascertain exactly how much they will be required to pay before they enter into any form of contract or agreement. This is not always straight forward as there are many aspects of our service and some landlords have specific requirements. However we set out below our standard charges (2016).


Standard Letting Service Fees = 10% plus VAT (i.e. 12%) of the gross rent for the duration of the initial tenancy, subject to a minimum fee of £500 plus VAT (i.e. £600).

Standard Renewal Service Fees = 5% plus VAT (i.e. 6%) of the total agreed rent for each subsequent term, subject to a minimum of £300 plus VAT (i.e. £360).

Standard Management Service Fees = 5% plus VAT (i.e. 6%) of the rental income, collected from the rents received.


Requested additional inspections carry a fee of £54.00 (Including VAT).

Lodging the tenantís deposit with The Deposit Protection Service, a fee of £30.00 (including VAT) will apply. This service is free where we are instructed to manage the property.

Administering a deposit dispute with the Alternative Dispute Resolution (ADR) service carries a further charge of £60.00 (Including VAT).

Should myspace be required to arrange the purchase of furniture, or items for the property, myspace will charge 10% (plus VAT) of the costs to cover time and administration (subject to a minimum £30.00 (Including VAT) and maximum charge of £120.00 (Including VAT)).

We reserve the right to levy a supervision charge of 10% (plus VAT) of the cost of any protracted refurbishment/building works.

Additional fees will be payable in respect of our dealing with applications for market rents, rent assessment committees or any other Court Tribunal proceedings or other protracted correspondence on your behalf. You will be charged at an hourly rate of £50 (Including VAT) and you will also be responsible for solicitors fees incurred in respect of such dealings.

Tenant assignment (Managed Tenancies and Let only Tenancies where we have been instructed to lodge the deposit) Ė Where a tenant wishes to leave a tenancy and where they have found a replacement, we will carry out one assignment at no additional charge to the Landlord. Further assignments will be charged at £240 (including VAT). For clarity, this includes during any continuations / renewals.

Tenant assignment (Let only Tenancies) Ė Where you request us to deal with a tenant assignment, an administration charge of £120 (including VAT) will apply.

Should you, the Landlord withdraw from an agreed let prior to the Tenancy Agreements being signed you will be obliged to cover all our Administrative Costs to the sum of £240 (including VAT), and any expenses incurred at cost.

We reserve the right to charge postage, delivery, travel, telephone, copying, bank charges and all other expenses at cost.

N.B. All myspace fees are subject to VAT at the governing rate.


AREAS COVERED

Areas covered: Estate Agents, Letting Agents and Property Management in Angel, Archway, Barnsbury, Bloomsbury, Camden, Canonbury, Clerkenwell, Crouch End, Dalston, Dartmouth Park, De Beauvior, Finsbury Park, Harringay, Highbury, Highgate, Holloway, Islington, Kentish Town, Kings Cross, Muswell Hill, Shoreditch, Stoke Newington, Stroud Green, Tufnell Park and Woodberry Down.


Postcodes: N1, N4, N5, N6, N7, N8, N19, NW1, NW3, NW5, EC1, WC1, E1, E2.


Myspace are members of the Property Ombudsman for Estate Agents and abide strictly by their professional code of conduct and practice. We are also members of the National Approved Letting Scheme (NALS) and hold Client Money Protection (CMP) Insurance via Safe Agent.