Fully Managed – Terms & Conditions

(1) Terms & Conditions: ‘Fully Managed’ Service

(2) The Managing Agent agrees with the Owner(s);
2.1 To collect all rents from time to time payable to the Owner(s) in respect of the Property or any part of it.

2.2 To collect all charges, fees or other sums (other than rent) from time to time payable to the Owners in respect of the Property or any part of it which the Owners shall specify to the Managing Agent in writing from time to time.

2.3 To notify the Owners of every occasion when any sum by way of rent or other charge, fee or sum within clause 2.1 and 2.2 which has been outstanding for 21 days.

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Student Housing

Lincoln Property Co.

2.4 To inspect the state of repair and condition of the Property as often as may be reasonably necessary to identify necessary works of repair and maintenance of the Property at least once every three (3) months.

2.5 In respect of all reasonably necessary works of repair and maintenance of the Property to instruct competent contractors to carry out the works and to supervise the works of such contracted provided always that the Managing Agent will be liable under this clause only to the extent that they are able to pay for such works out of these sums collected and retained by the Managing Agent pursuant to clauses 2.1 and 2.2 above. For any works or damages costing over £200.00 permission will be requested first from the Owner unless the maintenance is deemed an emergency situation or to meet a statutory requirement and the owner in unable to be contacted within 12 hours.

2.6 To prepare statements of account at the end of each month which will show all receipts and expenditure by the Managing Agent in respect of the Property.

2.7 To serve all statements of accounts pursuant to clause 2.6 above on the Owners as soon as available and to advise the Owners on what sums should be retained by the Managing Agent in order to enable them to meet their obligations under clauses 2.6 above and to remit to the Owners such part of the sums collected to clauses 2.1 and 2.2 above.

(3) Landlords Obligations
3.1 The Landlord agrees to let the Managing Agent be the sole agent and to manage the property on the landlord’s behalf and in consideration thereof the landlord shall pay to the Managing Agent [ % ] of the gross rent collected for as long as any tenant or other occupier introduced to the landlord and/or the property by the Managing Agent at any earlier date has a legal obligation to pay rent under a tenancy agreement whether concluded by the Managing Agent or any other party.

3.1.1 If at any time during such occupancy by such tenants the landlord wishes to transfer the management of the property to themselves or any other party this shall be on the basis of a 12 month notice period or a fee being payable to the Managing Agent of 12 months management fees which shall not be less than £3,500.00.

3.1.2 Should the Managing Agent be unsuccessful in the search for new tenants for any given academic year by August 31st of that year (for a following September intake), 3.1.1 will not be applicable and if no suitable tenant is found by the Managing Agent the Landlord will not be required to serve notice in order to end this agreement. Should the agent be instructed to find non-student tenants 3.1.2 will not apply.

3.3 The Landlord(s) having the legal right to let the property, appoint the Managing Agent to let and manage the properties listed in this agreement.

3.4 The Landlord is responsible for the buildings insurance to the full rebuild cost. You should inform us of any restrictions that the insurer imposes. The policy should provide for a minimum of £5,000,000 Property Owners Liability and £10,000,000 Employers Liability Cover.

3.5 If the property is leasehold the landlord shall obtain consent of any superior landlord or freeholder for the letting of the property prior to the commencement of a tenancy. If there are clauses in any such superior lease which place obligations on any sub-tenant then the landlord undertakes to advise the Managing Agent so these may be drawn to the attention of any tenant. The landlord agrees to do this by drawing to the Managing Agents attention any such provisions contained in any superior lease.

3.6 If the property is subject to mortgage the Landlord shall obtain the consent of all mortgagees to let the property.

3.7 The Landlord agrees that the property specification will be agreed with the Managing Agent to ensure all statutory and codes of practice are agreed to.

3.8 The Landlord agrees that any major works required at the property will be paid for directly by the Landlord, completed in a timely manner and a schedule of works is to be agreed upon with the Managing Agent.

3.9 The Landlord hereby certifies that the property, furniture, fixtures and effects to be included within the property during the tenancy comply with all of the following regulations and shall produce such documentation as might be necessary to prove same as and when requested to do so by the Managing Agent.

3.10 The Landlord is under statuary obligations to maintain the fabric and structure of the building including the provision for the supply of all services, space and water heating throughout the period of this agreement and the landlord hereby authorises and requests the Managing Agent to take all the necessary steps to fulfil the landlord’s statutory obligations (including any amendment or addition thereto) and the landlord hereby agrees to protect and hold harmless the Managing Agent in respect of all expenses and charges incurred as a result of action taken in accordance with this clause.

3.11 The Landlord agrees to supply the Managing Agent with proof that he / she holds title to the property relating to this management agreement.

(4) Tenant Breaches
4.1 In the event of the Tenants falling into arrears with the rent or causing dilapidation or a nuisance of any kind, or being in breaches of any other covenants contained in the tenancy agreement, there is no liability on the part of the Managing Agent to meet the cost of any damage, arrears or expenses that may occur including loss of rent for any period when the property may be empty for whatever reason.

(5) Exclusions
5.1 Whilst every effort is made to ensue that the landlord does not suffer any loss arising from the letting of the property the Managing Agent cannot accept any liability for losses the landlord may sustain as a result of any act, omission or default on the part of the tenant or any contractor or third party introduced to the Landlord by the Managing Agent.

5.2 Any inspections carried out by the Managing Agent out on the property will by definition be of a brief and visual nature and only readily apparent or obvious defects will be reported on. In effect our inspections of your property cannot in any way be regarded as a structural or any other form of survey requiring the expertise necessary to undertake such a survey.

5.3 Whilst we the Managing Agent will endeavour to ensure the accuracy of any written report they would be prepared for the sole benefit of the Landlord and will be restricted to observations arising from a visual inspection only. They will not amount to a warranty as to the state or condition of the property, and no liability can be accepted by the Managing Agent for failing to identify any matters or to anticipate their consequences.

(6) Governing Law
6.1 This agreement shall be governed by the prevailing laws for England and Wales and any legal proceedings arising from the terms set out herein shall be conducted within that jurisdiction. The landlord is also advised and acknowledges that from time to time under various statues and regulations the Managing Agent may be obliged to advise certain parties of their forwarding address.

(7) The Consumer Protection (Distance Selling) Regulations 2000
7.1 The parties hereby declare that pursuant to regulation 8 (3) of the Consumer Protection (Distance Selling) Regulations 2000 the right to cancel this landlord contract afforded to the landlord by the above regulations does not apply and accordingly there is no right on the part of the landlord to cancel this Property Management contract once this document has been exchanged and completed between the parties.