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Terms & Conditions

1 LETTING SERVICE
1.1 We shall:
1.1.1 Inspect the property, prepare particulars and seek tenants.
1.1.2 Take up references.
1.1.3 Receive rent.
1.1.4 Receive and hold any deposit payable by the tenant.
1.2. If required we shall:
1.2.1 Prepare the Tenancy Agreement.
1.2.2 Arrange for an inventory to be prepared and checked at the beginning and end of the tenancy by an independent Inventory Clerk who will make a separate charge for this.
1.2.3 Arrange for gas electricity and water services and the council tax to be transferred into the name of the tenant at the beginning of the tenancy and back into your name at the end.

2 MANAGEMENT SERVICE
2.1 We shall:
2.1.1 Pay outgoings as demanded - for example water rates, ground rent, service charge and insurance premiums.
2.1.2 Arrange minor renewals/repairs up to a maximum of £250 for any one item without prior reference to you.
2.1.3 Arrange emergency renewals/repairs without prior reference to you.
2.1.4 Visit the property four times in any twelve month period.
2.1.5 Generally deal with matters arising on a day to day basis.
2.2 If required we shall arrange re-decoration, renewal or repairs on the basis of estimates obtained by us and first approved by you.
2.3 This service is only available in conjunction with the letting service and is subject to our prior receipt of funds to meet all payments.

3 OUR FEES
3.1 For the Letting Service 10% of the rent payable during the period for which the property is let where this is six months or more and 18% where the property is let for less than two months and 15% where it is let for a period between two months and six months (with a minimum fee of £300.00).
3.2 For the Management Service 6% of the rent payable during the period for which the property is let together with 10% of the total cost of any works carried out but excluding minor repairs as referred to in Clause 2.1.2 (previous page). We reserve the right to make a further charge should we be required to represent your interests generally or provide services beyond those set out in Clause 2.1 such charge to be based on the work and time involved.
3.3 Payment is due upon the tenancy being entered into but where rent is to be received by us we will make a concession whereby payment by installments may be made in line with the rental payment periods (but not less than quarterly) provided for in the Tenancy Agreement.
3.4 For the purpose of calculating our fees:-
3.4.1 The period for which the property is let shall include:-
3.4.1.1. Any continuation/extension of the original tenancy.
3.4.1.2 Any further tenancy.
3.4.1.3 Any tenancy granted to a person introduced by or through or in any way connected with the tenant.
3.4.2 Any premium or consideration in lieu of rent shall be treated as rent.
3.5 You remain liable for payment notwithstanding any change in ownership of the property. When instructing your solicitors/conveyances in connection with any disposal of the property you should draw this to their attention and ensure that they liaise with us so that the necessary arrangements are made for any then future liability to be taken over by the person acquiring the property.
3.6.1 For preparing (or checking where it is prepared by another) the Tenancy Agreement £150.00 (it would be usual for the Tenant to contribute one half of this).
3.6.2 For preparing documentation, recording any extension renewal or variation of the Tenancy Agreement £50.00 (it would be usual for the Tenant to contribute one half of this).
3.6.3 For applying for Landlords and/or Superior Landlords and/or Mortgagees consent to the tenancy (where we agree to do so) £75.00 for each.
3.6.4 For arranging the transfer of gas, electricity, water, council tax and/or other services (where required of us) £100.00 (this charge will be waived where we are able to provide the Management Service). 3.7 We reserve the right to charge postage, delivery, travel, telephone, copying, bank charges and all other expenses which are payable upon demand.
3.8 In the event of a tenant or prospective tenant or any person introduced by or through or otherwise in any way connected with a tenant or prospective tenant purchasing the property a commission calculated as 1.75% of the sale price is payable to us upon completion of the sale and is to be paid by your solicitors/conveyances out of the sale proceeds.
3.9 Together with:
3.9.1 Value Added Tax at the rate from time to time in force.
3.9.2 Interest on any monies not paid within fourteen days of the due date at the rate of 4% per annum above National Westminster Bank plc base rate from time to time in force.

4 GENERAL
4.1 We do not:
4.1.1 Deal with any consents to the tenancy which you may require - for example from your Landlord or Mortgagee. These must be obtained before the tenancy is entered into and may from time to time have to be renewed.
4.1.2 Accept responsibility for any act or default of the tenant.
4.1.3 Take proceedings in the event of non payment of rent or other breach by the tenant although if so authorised will instruct your solicitors in this regard.
4.1.4 Have any obligation to you at any time whilst our fees are outstanding.
4.1.5 Deal with any tax liability in respect of rent received/receivable although you should note that in certain circumstances we may be obliged to deduct and pay tax to the Inland Revenue.
5.1 Where your property is leasehold you should provide us with a copy of your lease to be passed on to the tenant
5.2 You should check with your insurers, preferably obtaining written confirmation, that buildings and where appropriate contents policies are in place and will remain in full force and effect whilst the property is tenanted which is not always the case particularly for the latter. You should take this opportunity to check that the sums insured and the risks covered are adequate (including cover during any period that the Property is left empty whether between tenancies or during the course of a tenancy) There may well be items at the property which are of particular sentimental value or attachment and, if so, you should consider removing them. It is advisable to effect loss of rent insurance.
5.3 By separate agreement we are able to advise upon and make all insurance arrangements.
5.4 Your attention is drawn to the notes provided by us relating to gas and fire safety regulations and you should ensure that the electrical installations and appliances are in safe condition.

 
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Contact Information
Waterbridge Estates Ltd.
Suite 3, 12 Portman Close
London W1H 6BR
 
Tel: +44(0) 207 487 1355
Fax: +44(0) 207 487 1356
Email: property@waterb.com
 
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