Michael Naik

Fees to Landlords

by: Jana on 18th Jul, 2017

Michael Naik & Co Management Limited is a part of the National Federation of Property Professionals Client Money Protection Scheme


TENANT FIND (LETTING SERVICE)
One off payment of 10% of an annual rent (inc VAT) subject to a minimum fee of £600 (inc VAT)
(If the annual rent was £18,000, the fee would be £1800 inc VAT).
Collect and remit initial months£ rent received
Agree collection of any shortfall and payment method
Provide tenant(s) with method of payment
Deduct any pre-tenancy invoices

FULLY MANAGED (MANAGEMENT SERVICE)
10% (inc VAT) of monthly rent paid monthly
(If the monthly rent was £1500, the fee would be £150 inc VAT per month)
Collect and remit the monthly rent received
Pursue non-payment of rent and provide evidence on rent arrears action
Deduct commission and other works
Advise all relevant utility providers of changes
Undertake two inspection visits per annum and notify landlord of the outcome
Arrange routine repairs and instruct approved contractors (providing two quotes)
Hold keys throughout the tenancy term

ADDITIONAL NON-OPTIONAL FEES AND CHARGES (Irrespective of level of service)
* Deposit Registration Fee: £26 (inc VAT)
Register landlord and tenant details and protect the security deposit with a Government-authorised Scheme and provide the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of start of tenancy
* Inventory Fee: £90-£200 inc VAT
depending on the number and/or size of the property and outbuildings
* Additional Property Visits / Inspection £180 (inc VAT)
To attend for specific requests such as neighbour disputes
* Rent Review Fee £300 inc VAT
Review rent in accordance with current prevailing market condition and advise the landlord; negotiate with the tenant; direct tenant to make payment change as appropriate; update the tenancy agreement; serve Section 13 Notice is tenancy is on a rolling monthly basis
* Renewal Fee: £300 inc VAT
Contract negotiation, amending and updating terms and arranging a further tenancy agreement
* Checkout Fee: £60 inc VAT
Agree with tenant check out date and time appointment; instruct inventory provider to attend where necessary; negotiate with landlord and tenant any disbursement of the security deposit; return deposit (as agreed with landlord and tenant) to relevant parties; remit any disputed amount to Scheme for final adjudication; unprotect security deposit; instruct contractors, obtain quotes, organize repairs/replacement/cost of any broken/damaged or missing items

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