Term of Business

Services we provide and fee's we charge

1. MANAGEMENT FEE’S

 

1.1 FULLY MANAGED

Upon the signing of a Tenancy Agreement with a tenant, I agree to pay Modo Homes Ltd an arrangement fee equivalent to two weeks rent (plus VAT).  Thereafter, Modo Homes Ltd will take a management fee equal to 10% plus VAT of the monthly rental amount.  Our management fee is payable as the rent is paid and will be deducted from the rent paid.

 

The Fully Managed service incorporates the following services:

 

  • Extensive Marketing of the property through Modo Homes website, web search portals, magazine advertising, flyer drops, ‘to let’ boards, Bluetooth marketing etc
  • Conduct viewings with all potential tenants
  • Obtain references once a suitable tenant is found
  • Obtain a holding deposit from the tenant and arrange to keep it under the terms of the government’s Tenancy Deposit Scheme
  • Arrange and prepare the Tenancy Agreement
  • Transfer of all utility accounts into the tenants name
  • Management of all maintenance issues arising, and liaising with the tenant and relevant contractors to rectify. Any costs involved will be corresponded to the landlord before works are carried out and are usually deducted from the rental income
  • Collection of rent with payment made by BACS transfer (monthly account statement will be sent out to the landlord detailing income and expenditure). The first month’s rent will be collected upon the commencement of the tenancy.
  • Check the tenant out at the end of the tenancy and carry out an inventory to assess whether the property is in a reasonable state of repair, subject to fair wear and tear. If necessary, we will make deductions from the deposit to cover the tenant’s share of the cost of repairs, replacement or as compensation for the diminution in value of any furniture or contents.
  • Return the deposit to the tenant at the end of the tenancy provided they have, in our opinion, complied with the terms of the tenancy, the condition of the property is satisfactory and that the items listed in the inventory are satisfactory.  If you wish to inspect the property after the tenant has left and before we return the deposit, you must do so within 7 days from the tenancy end date.
  • During void periods Modo Homes will continue to manage the property. It is advisable to make regular visits though as Modo Homes cannot be held responsible for loss and/or damage arising from fire, flood, theft or any other causes.
  • The Landlord is responsible for payment of ground rent, service charges and maintenance charges if any throughout the period of the tenancy.

 

1.1.1 ADDITIONAL SERVICES

Please tick the boxes for the services you DO NOT require:

 

  • Sparkle Clean prior to check in  |  1 bed:  £69 + VAT.   2 bed:  £79 + VAT.   £10 + VAT for each additional room)
  • Full detailed photographic inventory from a specialist company |  Unfurnished from £60 + VAT.  Furnished from £75 + VAT.
  • Quarterly inspection of the property  | £80 + VAT (to be paid in month 3)

 

1.1.2 RENEWAL FEE’S

An arrangement fee equivalent to one week’s rent plus VAT (minimum of £150) is payable in the event that the resident tenant undertakes to renew the tenancy for a further period.

 

1.2 LET ONLY

Upon the signing of a Tenancy Agreement with a tenant, I agree to pay Modo Homes Ltd an arrangement fee equivalent to one months rent including VAT. Our management fee is payable as the rent is paid and will be deducted from the rent paid.

The Let Only service incorporates the following services:

 

  • Extensive Marketing of the property through Modo Homes website, web portals, magazine advertising, flyer drops, to let boards, Bluetooth marketing etc
  • Conduct viewings with potential tenants
  • Obtain references once a suitable tenant is found
  • Arrange and prepare the Tenancy Agreement
  • Check the tenant into the property
  • Collect the first month’s rent from the tenant and pay this by BACS transfer
  • Modo Homes will send an itemised initial statement of income and our costs as soon as possible after the tenancy starts.
  • Transfer of the deposit into the Tenancy Deposit Scheme
  • The Landlord is responsible for payment of ground rent, service charges and maintenance charges if any throughout the period of the tenancy.

 

1.2.1 ADDITIONAL SERVICES

The following fee’s are applicable to add-on services available and payment is required in advance.

Full detailed inventory- Unfurnished from £60 + VAT. 
Furnished from £75 + VAT.

Sparkle clean - 1 bed:  £69 + VAT.   2 bed:  £79 + VAT.   £10 + VAT for each additional room)

Property Visit - £80 plus VAT

Duplication of keys - Cost + £10 plus VAT

Gas safety certificate - £75 plus VAT

Check out - £80 plus VAT

 

2. PAYMENT AND STATEMENTS

Payments will be made by BACS transfer monthly into the account given on page 2.  You will be provided with a monthly account statement detailing the monthly income and management fee’s taken.

 

3. INVENTORY AND CLEANING OF THE PROPERTY

A full inventory of the condition of the property and it’s contents is strongly advised as it is essential to ensure that there are no disputes over the condition of the property at the end of the tenancy that will affect the return of the deposit under the terms of the Tenancy Deposit Scheme.

Modo Homes recommend a full clean of each property prior to checking in a tenant for the above reason.

 

4. REFERENCE CHECKS

Reference checks will be carried out on all prospective tenants. Where reference checks cannot be carried out on either a private tenant or guarantor, a deposit of 2 months rent will be taken and the rent will be paid in advance in a lump sum (for example 6 months upfront).

 

5. KEYS

Modo Homes will require that the Landlord provide one full set of keys for each tenant named on the Tenancy Agreement for handing over at the commencement of the first Tenancy. Modo Homes will also require a full set of keys to retain at their premises for the management of the property.  Where necessary, Modo Homes will arrange for additional sets to be cut at the Landlords expense.

 

6. DEPOSITS

Upon the signing of the agreement, Modo Homes will take a deposit from the tenant(s). The purpose of the deposit is to protect the landlord against loss of rent or damage to the property during the tenancy. Modo Homes will take the equivalent of 1 months rent plus £100 as a deposit, which is held by Modo Homes as stakeholder and will be kept in a separate secure client account ready until the end of the tenancy.

 

7. THE GAS SAFETY REGULATIONS 1998

The Landlord is fully responsible for making sure that all gas installations and appliances are maintained in good order and are checked for safety every year by a CORGI registered engineer. The Landlord must provide Modo Homes with a copy of a current certificate before the commencement of any tenancy. If Modo Homes are not provided with such a current valid certificate prior to the commencement of the Tenancy and annually thereafter, then we reserve the right to call in a suitable qualified CORGI engineer to carry out an inspection of all gas installations and appliances and carry out any remedial works where necessary. The cost of any such inspection and works will, together with an administration charge of £40, be debited to the Landlords account.  Please note that it is a criminal offence to allow a Tenant into a property on which a current CORGI Gas Certificate is not available.

 

8. REFURBISHMENT AND FURNISHING SERVICE

Modo Homes are happy to assist you in both the furnishing and refurbishment of your property(s). We understand from experience the importance of making sure the properties we manage are in their best possible condition to make sure they are attractive to prospective tenants. We have found that properties that are well presented usually let faster and at higher rents than those in poor condition.

We offer a furnishing service of 3 levels (basic, standard and executive) as well as a “Refresh” service that has 4 levels; bronze, silver, gold and platinum. The bronze package involves a full clean and re-paint of the property, while the platinum package offers a full clean, re-paint, re-carpet and new furniture installed.

Full details of both the refresh and furnishing services can be sent by post or email if you would like to take advantage of them.

 

9. THE FIRE AND FURNISHINGS (FIRE) (SAFETY) REGULATIONS 1998  AND THE ELECTRICAL EQUIPMENT (SAFETY) REGULATIONS 1994

The Landlord hereby warrants that he is fully aware of the terms and conditions of these Regulations and in signing this Agreement declares that all the Furnishings presently in the property or to be included in the property together with the Electrical installations and the Electrical Equipment in the property or to be included in the property now or at any time in the future fully comply with these Regulations.

The Landlord undertakes to keep Modo Homes fully and effectively indemnified against any claim, liability, demand, cost expense or prosecution which may arise by failure of the Landlord to comply fully with the Terms of these regulations.

 

10. SALE OF THE PROPERTY

In the event of a party introduced by Modo Homes subsequently purchasing the property, whether before or after entering into a Tenancy Agreement, commission shall be payable by the Landlord to Modo Homes on completion of the sale at the rate of 1.5% of the sale price.

11. INSURANCE

It is your responsibility to make certain that the Property and its fixtures, fittings and contents are at all times properly and adequately insured. The terms of the Tenancy Agreement require this.

 

12. TENANCY DEPOSIT SCHEME

As part of the Housing Act 2004, all deposits taken on Assured Shorthold Tenancies must be protected by a Government-authorised deposit protection scheme. Modo Homes are fully compliant with this scheme and all deposits are registered with:

 

The Deposit Protection Service
The Pavillions
Bridgwater Road
Bristol
BS99 6AA

 

Details on this scheme can be found at www.depositprotection.com


>Back

"We have a thorough and extensive marketing system that ensures all properties receive maximum exposure to guarantee a quick and successful let"