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Tenant Fees
Payment of Intent – 1 week rent payable on your offer being accepted by the Landlord
First installment of rent, subject to references (usually one month), less holding fee.
Please be aware with card payments there will be a 3.5 % additional fee.
References
We will need to obtain references from all Tenants moving in to the property. These references will be presented to the Landlord for their final decision to accept the Tenancy.
Please be aware we cannot request a bank reference on your behalf due to data protection. If a bank reference is required it will be your responsibility to obtain this from your bank and incur any costs for this.
Identification
We will require photographic ID in the form of a passport and the document must be seen in physical copy. This must be current and valid and if a VISA is required this must also be in date for the tenancy start date.
Change of Tenant/Occupant
Any changes to the Tenancy once signed requires written consent from the Landlord. If there is a change of Tenant/Occupant once we have consent we will draw up a new Tenancy agreement and will require all occupants to sign the new agreement. The cost of this will be £50 + VAT per change of tenancy.
Rental Payments
Please ensure the first instalment of rent is paid pre-tenancy to ourselves at Quintessentially Estates Limited. From there on a standing order must be arranged by you for your rent money to leave your account three days before the rental due date. This is your responsibility.
Deposit
The deposit is equivalent to five or six weeks agreed rent. This amount is required in full at the point of signing the Tenancy Agreement.
Quintessentially Estates Limited holds the money in a ring-fenced account and will be registered with the Tenancy deposit services (TDS).
When we register a deposit, a certificate will be issued and we will submit this confirmation to both yourself and the Landlord.
Inventory Check In and Check Out
The Landlord will be responsible for the cost of the inventory and check in and check out. It is important for you to be available for both the check-in and the check-out however if unavailable other arrangements can be made. We will instruct an independent inventory company to carry this out.
Utilities
During the term of the Tenancy the payment of utilities will be your responsibility unless otherwise agreed. We can assist you in who the relevant companies are, but you must contact them and ensure all the bills are in your name and are paid on time. For more information on which bills you will be responsible for, please do contact us.
Tenancy Renewal
Please ensure you inform us in advance if you are intending on renewing your Tenancy. We will need to gain confirmation from the Landlord.
Insurance
We advise all Tenants that anything that is a personal belonging must be sufficiently insured by yourself. You are also advised to take proper precautions to safe guard not only the property but anything within the property including your personal belongings. For any guidance on this please do contact us.
Property Management
We will not always manage a property ourselves, but we will provide full details of who is and your point of contact.
If we manage the property, we will always obtain a Landlord’s consent before carrying out any work. We will also contact you with regards to accessing the property as we will be required to coordinate the work and will also need to carry out inspections during the Tenancy.
It is your responsibility as the occupant of the property, to allow access for work, or inspections.
Amendments
At Quintessentially Estates Limited we reserve the right to change our terms and fees.
Value Added Tax (VAT)
VAT is currently charged by Quintessentially Estates Limited at 20%. If you have any questions regarding any of the above please do not hesitate to contact us.
Redress
We are members of The Property Ombudsman Scheme. For more information on codes of practice and for the consumer’s guide please go to https://www.tpos.co.uk/consumers/documents-links.
Landlords
Why use Quintessentially Estates?
Our network is not only within London, we have a coverage of over 64 dedicated offices globally from the UK, to Europe, the Americas, APAC region and the Middle East.
We specialise in prime central London locations, carving out a niche in highly sought-after areas.
We are experts at long and short-term rentals, as well as buy-to-let investments and portfolios.
Our team operates on a consultative basis using knowledge and research to advise and guide our clients.
We have the experience and aptitude to advise experienced investors through to the first-time landlords. Our service is comprehensive covering every aspect of the rental process.
We also offer the following services to assist in your rental:
* Property and Home Management (property maintenance, refurbishment etc)
* Long and short-term rentals
* Renewals
* Rent collection
* Other bespoke services tailored to your needs
One of our property specialists can conduct a comprehensive valuation of your property.
We are great believers of researching market trends, assessing forecasts for the coming months and year ahead as well as gaining an understanding of a location and its own trends.
We have combined traditional and current marketing techniques to ensure a property is viewed by the right audience.
Our main audience is the incredible network within the Quintessentially Group where we can reach corporate accounts and high net worth individuals, all looking for that extra special place to stay in the heart of London.
LANDLORD FEES
Services:
Lettings introduction and Rent Collection (LRC)
10 % plus VAT (full fee payable in advance; monies taken from first month’s rent) of the initial term and on all renewals.
Full Management (FM)
16% plus VAT (made up of 10% LRC and 6% FM; full LRC fee payable in advance taken from the first month’s rent; FM fee payable monthly or in line with the rent payment instalments).
Short Term Lets
26% plus VAT (made up of 20% LRC and 6% FM; full fee payable in advance taken from the rent).
Value Added Tax (VAT)
This is currently charged at 20%. If the rent is £1,000pw and you opt for a LRC service the fee payable including VAT is £6,240.00. If the rent is £1,000pw and you opt for a FM service the total fee payable including VAT is £9,984.00.
Cleaning
It is advisable to have the property professionally cleaned at the start of a Tenancy. This puts a contractual obligation on the Tenant to have the property cleaned to a professional standard upon vacation. The cost of this varies depending on size of property and ultimately which company you decide to instruct. If you would like a recommendation on a local and reliable professional cleaning firm then please ask us.
Inventory and Check-in/Check-out
The cost of the check-in/check-put and inventory is borne by the Landlord. Similar to the cleaning of the property, the cost for the check-in and inventory will depend on the size of the property. The prices can vary depending on this as well as your chosen inventory clerk. If you would like to be recommended a local and reliable inventory clerk then please ask us.
Tenancy Administration
£300.00 (incl. VAT) to be paid at the start of the Tenancy. This service includes negotiating the offer made by any prospective Tenant, administrating any office documentation and the drafting and executing of the relevant AST Agreement or NHA Agreement to secure the Tenancy.
International Landlords Tax
If you reside abroad for more than 6 months out of the year and you do not have a CRN/NRL1/FIICO number given by HMRC then we are legally obligated to retain 20% of the rent or tax purposes. Further information on this can be provided upon request.
Tenancy Deposit Registration
A cost of £60 (incl. VAT) is payable at the start of the Tenancy for registering the deposit with the Tenancy Deposit Scheme – A legal obligation for all Landlords.
Cancellation
If a Tenancy has been agreed and the process has started and you subsequently decide to withdraw from the agreement then 50% of our total commission will be payable up to the guaranteed portion of the Tenancy (i.e. if the Tenancy was agreed for 1 year with a 6-month break clause then the guaranteed portion is 6 months). The fee will become payable within 7 days of your instruction to withdraw.
Redress
We are members of The Property Ombudsman Scheme. For more information on codes of practice and for the consumer’s guide please go to https://www.tpos.co.uk/consumers/documents-links
