Residential property management is about ensuring the upkeep and maintenance
of the property to a decent standard. It is also about ensuring that the
mundane, but vital tasks such as building insurance and company accounts
are administered in a correct and timely manner.
LDG are West End letting agents with houses, penthouses, lofts, studios,
flats and apartments for rent in Fitzrovia, Soho, Covent Garden, Bloomsbury
and Marylebone. We can act on behalf of
the owner to lift away the worries and hassle of complex and time consuming
tasks.
Renting your West End property can be both time consuming and expensive. There are
a number of options and these are discussed in some detail below:
Letting
and property management agents provide a number of different types of services
to West End landlords. The level of service will very often determine the amount
they charge. Charges are usually commission, based on the annual rental
income of your property. You should therefore discuss and compare the charges
of different estate and lettings agents in the West End.
Introduction Only: The introduction service offered by West End letting agents
very often gives landlords the most basic of all services available. It
consists of finding suitable tenants for your property, applying for references,
preparing the tenancy the tenancy agreement and collection of the first
month's rent and deposit. The letting agents' charges are deducted from
the first month's rent and deposit. As landlord you will be responsible
for the deposit and for all future property management issues.
Rent Collection: The rent collection service includes all the services
offered under the introduction only service, together with a rent collection
service. Once rent is collected the letting agents' rent collection commission
is deducted and balance is paid to the landlord. The landlord is expected
to arrange to inspect the property and deal with any repairs under the terms
of the agreement. The issues of notices to quit are normally dealt with
by the letting agent but the landlord will need to make his or her own arrangements
to deal with all aspects of the tenant moving out.
Full Management: The fully managed service offered is the most comprehensive
and deals with almost all the issues of West End property management required on
a daily basis. Urgent repairs will be undertaken as needed by the letting
agent and quotes will be obtained for other non-essential matters. The payment
for any expenditure will be deducted from rents collected before any payments
are made to the landlord. For landlords who working or living abroad this
service is essential as all matters are left in the hands of the letting
agent
As your West End letting agent we aim to make sure that residential flat management
maximises benefits to all parties in a worry free manner. Our lettings agency
service can be tailored to fit your requirement. Amongst other things our
service can include:
- Arrange building insurance and negotiating premiums.
- Administering insurance claims and subsequent rectification work.
- Organise communal gardening.
- Administering the payment of ground rent (if applicable).
- Arrange regular cleaning of communal areas.
- Organise the collection of resident's contributions each month.
- Administer the accounts and deal with Companies House.
- Organise regular meetings with residents or their representatives.
LDG are property management experts providing solutions to any rental or
tenancy problem. Whether you are an experienced or novice landlord owning
1 or 100 properties, we can help you by solving your rental or tenancy problems.
Enjoy the benefits of ‘hands off’ property investment with our
management package
LDG offer a complete in-house West End letting and management package to landlords,
investing clients and property owners who require assistance leasing their
property, on a furnished or unfurnished basis. We look to secure the highest
rental returns on properties for our clients.Our efficient property management
team have extensive knowledge of the West End rental market and work with
a wide range of external contacts to find suitable tenants for landlords
properties.
Market Appraisal
A visit to the property and a discussion which will include a Market Appraisal,
advice on letting and information about West End Lettings and related services.
Marketing and Advertising
The publication of the availability of the property, from time to time,
through whichever means is available and appropriate in the opinion of the
company "LDG", hereinafter referred to as 'the Company'.
Erect a "To Let" board
Tenants
- Introducing a tenant.
- Negotiating an acceptable rent.
- Negotiating special terms in the tenancy agreement, as required.
- Referencing to include a bank reference and, as appropriate, references
from an employer, an accountant, a solicitor, a previous landlord or lender,
and a personal reference. Appropriate references are taken for company
lets, including reviewing the last set of filed accounts and, if required,
trade references.
Legal Formalities
- Drafting the tenancy agreement
- Executing the exchange of the tenancy agreement
Initial Accounts
- Receiving settlement of the initial account.
- Collecting and holding or transferring the deposit.
- Vacation arrangements.
- Serving the appropriate notices.
- Arranging the inventory check-out.
- Dispersing the deposit as agreed between the parties.
Renewals
Reviewing and negotiating on your behalf:
- Rent,
- deposit,
- special terms,
- length of the new tenancy.
Letting service commission and fees
Commission. Upon exchange of agreements, our commission of 10% of the gross
rental for the period of the Agreement becomes due. This includes AST Contract
charge of £50.00 plus VAT. If the Tenant vacates before the expiry
of the Agreement then a pro rata refund of the commission will be made.
If the tenancy is renewed or extended, or an option to renew is exercised,
whether or not negotiated by us, our commission and other charges will be
as for a new let.
If an associated party is introduced to you, either directly or indirectly,
by a tenant who we introduce to you, and that third party takes up occupancy
of a property that you own, our commission and fees will become payable
in respect of that letting, and extension thereto. If a tenant agrees to
purchase the property that he/she is currently renting then a residential
sales fee of 2% will become payable.
