1. Information for Tenants
Once your offer has been accepted by the landlord (subject to contract and receipt of satisfactory references) a holding deposit of one week’s rent will be requested from the tenant to withdraw the property from the market. The deposit is non-refundable unless the landlord does not proceed with the tenancy. If the tenancy proceeds the deposit will be deducted from the initial monies payable.
Malverns uses the services of a credit reference agency to assess a potential Tenant, the cost of which is £40.00 including VAT and is charged to the Tenant. We will also need a copy of your photographic ID to be kept on record.
After the administrative deposit has been paid we will ask for the following monies prior to the start of your tenancy:
- The first instalment of rent
- One half of the cost of the Tenancy Agreement Fee, typically £240 incl. VAT
- The Tenant Reference Fee, as detailed above
- Dilapidations deposit, normally the equivalent of 6 weeks rent
- All cheques or bankers drafts should be made payable to Malverns.
This payment must be in the form of cleared funds, i.e. cash (maximum of £5,000), banker’s draft or direct transfer to Malverns’ clients account. If payment is made by personal cheque please allow 7 working days for clearance before the commencement of the tenancy.
Subsequent payments of rent should be paid by standing order to Malverns’ client account to arrive on the due date.
Malverns is a member of The Dispute Service Limited which operates to safeguard your deposit and to ensure that any dispute over the return of the deposit at the termination of a tenancy is resolved swiftly, inexpensively and fairly. Please refer to www.thedisputeservice.co.uk for further information.
Where a Malverns’ Tenancy Agreement is used the cost of preparation is shared equally between the landlord and tenant. In this instance each party will be charged £240 incl. VAT.
Should you wish to renegotiate and extend your lease beyond its original term a charge of £60 (inc. VAT) will be charged to both the tenant and landlord.
Inventory Check-In and Out
An inventory check will be conducted at a pre-arranged time with an independent inventory clerk booked by Malverns. We recommend you are present at both check-in and out to avoid any later dispute. The landlord will typically pay for the check-in and the tenant for the check-out.
Tenants are responsible for all utility payments and council tax for the duration of the tenancy. At the commencement and termination of the tenancy, we will contact each company with meter readings and change of name.
As the tenant you are responsible for insuring your own contents. We can provide you with recommendations of where to purchase your insurance from.
Tenancy Deposit Scheme
The Tenancy Deposit Scheme (TDS) is run by The Dispute Service LTD. It is an insurance backed tenancy deposit protection scheme authorised by the government.
Click here for more information.
2. Information for Landlords
Our fully managed service to landlords includes:
Finding The Right Tenants
- Advise on the optimal rental value of the property
- Market the property
- Find suitable tenants, conduct references and credit checks
Once The Tenants Are Found
- Take receipt of the holding deposit and register it with The Dispute Service
- Draw up the tenancy agreement at the start of the tenancy and manage renewals thereafter
- Instruct the inventory clerk to prepare the inventory and check the tenant in and out
- Issue keys, collect rent, transfer utilities, manage repairs and organise regular maintenance
- Manage actions required when rents are overdue or tenants are causing nuisance
General Lettings Advice
We will also:
- Provide advice on purchasing of suitable property to rent
- Give guidance on what items to include in the inventory
- Assist with completion of tax returns and arrange any buildings, contents or legal insurances
- Advise on general legal problems associated with letting and locate and liaise with solicitors where necessary
- Letting and Rent collection service: 10% (inc VAT) of the rent received deducted by the Agent as and when rent received.
- Full Management service: 6% (inc VAT) of the rent received, deducted by the Agent as and when the rent received.
- Agreement Admin Fee: £240 (inc VAT)
- Inventory Service: £90-£200 depending on size of property (inc VAT)
- Duplicate statements: £39 (inc VAT)
- Tenancy Renewal fee: £60 (inc VAT)
- TDS scheme: £18 per deposit
- Major works fee: 12% (inc VAT) if works over £500
- Professional hourly rate: £120 (inc VAT) charged by the Agent when required to carry out any additional services and court attendance.
3. Information For Buyers
However, if you would prefer we can do the property search for you, find out more about how we can help with your search here
Making An Offer
Prior to making an offer you will need to ensure you have a solicitor in place. From our experience, we advise that you use a London solicitor, as we have found this eases the process. If you do not have one, we can give you a selection of solicitors that we have worked with in the past.
With some purchases we may need proof of funds. This can be in the form of a bank statement, or a letter from your solicitor stating that you are in funds for the purchase of the property. Unfortunately, due to some timewasters, these checks are requested by some sellers to ensure the purchase proceeds smoothly.
Having Your Offer Accepted
On having an offer accepted we will require the following documents so that we can comply with UK Money Laundering regulations:
- Photographic ID from the buyer
- Copy of a utility bill / bank statement / proof of address
4. Information For Sellers
Top Tips For Selling Your Home
With our years of experience in the property market we have learned some useful tips along the way that we would like to share with you. When selling your house we recommend:
- Always present the property in a clean and tidy manner for viewings
- Ensure any required cosmetic works (e.g. old leaks that need re-painting) are completed prior to the property being put on the market
- Please let us know if you have children that can’t be disturbed, so that we can ensure viewing are arranged around those times
- Ensure all bulbs and lights are in working order, as light, airy rooms are more appealing to buyers
When selling your home with us we will ask you to provide the following information and documents, this is so we can comply with UK money laundering regulations:
- Signed Terms of Business Property Information sheet
- Certified Copy of photographic ID
- Copy of utility bill / bank statement/ proof of address.
You will also need a solicitor in place to deal with the sale. From experience, we advise that you use a solicitor based in London as it can make the process easier for you when dealing with London property. If you would like us to recommend some excellent solicitors that we have worked with in the past please contact us.
To speed things up, when you put your property on the market ask your solicitor for any property information packs that you need to complete, doing these early on in the selling process, stops a last minute dash to fill them in when you receive an offer.