Cuffley Banks Ltd Standard Agency Fees


Cuffley Banks shall mean Cuffley Banks Ltd.

Services:

Straight Let: 8% + VAT

Rent Collection: 10% +VAT

Managed Let: 12% +VAT

For information on the above services, please contact Cuffley Banks Ltd on: info@cuffleybanks.com or 020 8900 0044.

Standard Fees & Terms (Tenants/Landlords)

Administration fees

£250 + VAT will be charged to draw up a tenancy agreement for signature by all parties.

Payment of rent

The first instalment of rent must be paid in cleared funds when you sign the tenancy agreement. Thereafter, rent is payable by standing order (unless agreed otherwise) to arrive on the due date as stated in the tenancy agreement. The whole monthly rent payment must be paid in full. Part payments are not accepted (Unless mutually agreed by the landlord, in which case the tenant is required to give notice to advise of the part payment)

Deposit

A deposit equivalent to One month’s rent must be paid in cleared funds when you sign the tenancy agreement.

Cuffley Banks will register the deposit monies with a deposit protection scheme on the landlord's behalf or the landlord can go to the link below for guidance on taking all necessary steps in protecting the deposit.

https://www.gov.uk/deposit-protection-schemes-and-landlords/overview

Upon the termination of the tenancy agreement, all deposit deductions must be agreed in writing by both landlord and tenant. Cuffley Banks cannot be held liable for any disputes caused by deduction made from the deposit.

Cuffley Banks will not be held liable in relation to loss caused by the insolvency of a financial institution which holds deposits in its contracts with landlords and tenants.

References/identification

You are required to provide Cuffley Banks with:

  • Valid Passport
  • Recent three months bank statements
  • Work reference or valid contract
  • Recent Three months pay slips
  • Household utility bills

References will be collected based upon the details given to Cuffley Banks. All references will be forwarded to the Landlord for approval. The tenancy agreement will only be drawn up once the Landlord has confirmed and accepted the references.

Cuffley Banks is not responsible for any administration costs charged by your own bank in obtaining a reference.

Inventory (Check in & out)

The Landlord will instruct Cuffley Banks as to what arrangements are to be made for the inventory. The landlord will be responsible for the cost of the inventory. The Landlord will be offered two options when conducting the inventory.

1. Cuffley Banks Ltd in house inventory (Check in & out) = £50 + VAT

2. Landlord instructs an External agency to conduct the inventory (Check in & out) = Charges may vary

Cuffley Banks Ltd will notify all parties of the time & date for the Inventory (Check in & out)

Management of the property

At the start of the tenancy agreement Cuffley Banks will advise you who is responsible for managing the property. If Cuffley Banks is not managing the property then the Landlord will be in direct contact with the tenant to handle any repair works.

Where Cuffley Banks are managing the property, we will require the Landlords consent and approval before any repair works are carried out.

Insurance

It is your responsibility to insure your own belongings throughout the tenancy agreement.

Utilities

You will be responsible for payments for all utility accounts including gas, water and electricity at the property during your tenancy, as well as the telephone lines & council tax. It is your responsibility to notify the relevant companies and the local authority that you are moving into/out of the property.

EPC

The cost of an EPC will be £75.00 plus VAT. Alternatively the Landlord may source an EPC themselves. The Landlord should note that we are unable to market the property until Cuffley Banks has a valid EPC.

Gas Safety Certification

A charge of £90.00 plus VAT will be debited from the Landlord’s account by Cuffley Banks to arrange a gas safety certificate. Alternatively the Landlord may source a gas safety certificate themselves. If Cuffley Banks is not managing the property, arrangements for the renewal of the gas safety certificate must be made by the Landlord on an annual basis with a qualified gas engineer. It is a criminal offence not to hold a current gas safety certificate. Cuffley Banks has no liability if the Landlord is in breach of the Regulations.

Marketing Boards

Only authorised personnel may erect or take down the Cuffley Banks marketing boards. A charge of £20.00 + VAT may be charged in the event the board is taken down, removed or damaged by the tenant or landlord.

Cuffley Banks cannot be held responsible for any damage the erection of a board might have on the property.

Taxation

If the Landlord receives rent directly from the tenant and is resident overseas, the Landlord will be responsible for applying the provisions of the HM Revenue and Customs Non-Resident Landlords scheme for taxing UK rental income. If required Cuffley Banks are happy to give guidance on the above.

Anti-Money Laundering Regulations

Cuffley Banks is subject to the Money Laundering Regulations 2007. As a result we will need to ask you for suitable identification, and will be unable to proceed with any work on your behalf if we are unable to obtain this from you.

VAT

All charges levied by Cuffley Banks are subject to VAT at the prevailing rate.

Complaints procedure

Should you have any problems with Cuffley Banks service which you are unable to resolve with the Negotiator involved or the branch/department Manager, you should write to the Director for the area/department in question. This complaint will be acknowledged within three working days of receipt and an investigation undertaken. A formal written response will be sent to you within 15 working days.

Amendments

Cuffley Banks reserves the right to change the schedule of fees and these terms of business upon providing reasonable notice in writing.