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Tenants

 

At the start of your tenancy

  • Read your Tenancy agreement setting out your rights and responsibilities and those of your Landlord. It is a legal document so make sure all is in order before you sign it.

  • Once your Landlord agrees to your tenancy you will be expected to make an administration deposit, usually equivalent to one or two weeks rent as a sign of good intent. This is held by us initially and deducted from the initial money payable on signing the agreement.

  • References: Marcus Associates Ltd use a professional tenant referencing service to check on your ability to pay the rent so you will need to complete a reference form which will be checked against other information sources.

  • Initial payments: This will be the first instalment of rent, the deposit, 50% of the cost of the Tenancy Agreement and referencing charges minus the administrative deposit.

  • Inventory check-in: This is a complete report of the furniture, contents and the condition of the property on the day you move in. At the check in, make sure you take gas and electricity readings. This is a good time to take photos for evidence of the condition on moving in should there be any disagreement on moving out. 

  • Marcus Associates Ltd will inform you who to contact for day to day management of the property. 

Your responsibility as a tenant

  • Services: You need to contact suppliers of gas, electricity, water and telephone to transfer the account to your name unless Marcus Associates Ltd are managing the property. TV license and council tax accounts need to be transferred to your name.

  • Payments: You should arrange with your bank to pay rent monthly (in advance) to Marcus Associates Ltd. Do not stop your rent payment even if you are in dispute with your landlord because this could lead to eviction.

  • Keep copies of your lease, inventory report, rent receipts, letters and emails relating to the property in a designated file.

  • Do not make any alteration to the property, have any more tenants move in or keep a pet without checking with us first.

  • Take out household contents insurance to cover your own household effects and property as the landlord’s insurance just covers theirs.

Information and Terms & Conditions for Tenants

 

ADMINISTRATION DEPOSIT

Once your offer has been accepted by the Landlord, usually subject to contract and satisfactory references you are expected to place a small deposit roughly equivalent to one or two weeks rent with Marcus Associates Ltd as a sign of good intent. If you subsequently decide not to proceed or if credit checks are not satisfactory this is forfeit. If the Landlord decides for any reason not to proceed the deposit is refunded. Assuming the agreement goes ahead this administrative deposit is deducted from the initial payment.

 

REFERENCES

Marcus Associates Ltd use a professional tenant referencing service to assess potential tenants and this is payable by the tenant at a cost of £50 + VAT  (£60) for individuals and £50 + VAT (£60)  for companies. Each tenant named on the agreement has to complete an application form with details of employer, bank, previous Landlord and a character referee. Your bank will charge for providing a reference as well and usually deduct this from your account. References will be shown to the Landlord or their agent. You will also need to provide proof of identity such as a copy of your passport, driving licence or ID card with photograph.

If a tenant wants Marcus Associates Ltd to provide a reference for their next rental property we charge an administration fee of £175 + VAT (£210)
.

 

PAYMENT

The first payment you will make consist s of the first month’s rent, the deposit, 50% of the cost of the Tenancy Agreement and any referencing/credit analysis charges. Payment may be made by any of the following methods:

  • By calling us to use a credit/debit card. There may be additional charges, please check with our office. There is a £20,000 limit for online transactions so for payments greater than this please use an alternative method of payment

  • Online payment via BACS or CHAPS please find details on your invoice

  • Bankers draft (payable to Marcus Associates Ltd Ltd)

  • We do not accept cash payments

Cleared funds need to be in place before the start of the tenancy.

 

Rent:    Monthly or quarterly or bi-annually in advance to Marcus Associates Ltd calculated as follows:

  • Weekly rent x 52 divided by 12.

  • Quarterly payments - divide the yearly rent by 4.

  • Six monthly payments - divide the yearly rent by 2.

For short lets you will have to pay in advance for the full term of the tenancy

Deposit: This is calculated as six weeks rental. It is held in the Deposit Protection Service of which Marcus Associates Ltd is a member and this safeguards your deposit and ensures its safe return at the end of the tenancy.

 

TENANCY AGREEMENT

The costs incurred in the preparation of the Tenancy Agreement are shared between the Landlord and the Tenant. The Tenant’s contribution is usually £150 + VAT   (£180), when the Landlord uses our services. The Agreement may be liable to Stamp Duty for which you are responsible. You can check this at HM Revenue and Customs website www.hmrc.gov.uk.

 

SUBSEQUENT PAYMENTS

Once initial payment is made you will need to set up a standing order for future payments allowing 3 working days before the due date. If the rent is being shared you will be expected to pay it from one account only..

 

TERM

This is usually 1 year or as negotiated at the time of offer.

 

INVENTORY CHECK-IN AND CHECK-OUT

On the day the tenancy starts an inventory will be taken by an independent inventory clerk booked by Marcus Associates Ltd. Please be there at check in and check out to avoid any disputes. You are paying for this so let us know if you need to change the appointment otherwise there could be an additional cancellation charge.

 

SERVICES

You are responsible for gas, electricity, water, telephone, TV licence and council tax bills for the duration of the tenancy so contact the utility companies and instruct them to transfer the accounts into your name at the start of the tenancy. You may need to check that they have done this. Please do not transfer any of the utilities to another supplier without letting us know.

 

INSURANCE

You need to take out contents insurance to cover your own belongings as the Landlord’s insurance just covers fixtures and fittings and their own furniture in the case of furnished lettings. We can recommend insurance brokers should you need one.

 

EXTENSION OF TENANCY/CHANGE OF TENANT

If there is a change in the Tenancy term a charge will be made of £150 + VAT  (£180)  to cover the additional administration costs. If there is a change of tenant during the tenancy term a charge of £150 + VAT  (£180) will be made to cover the administration costs of drawing up a new tenancy agreement.

 

MANAGEMENT

At the start of the tenancy you will be advised who to contact at Marcus Associates Ltd for day to day management of the property. For properties managed by us, we may have to obtain the landlord’s permission before organising any repairs. When we are not managing the property we are unable to authorise any repairs on behalf of the Landlord.

Tenant Charges

Marcus Associates Ltd want to itemise the circumstances where fees or charges are made by us in relation to a tenancy arranged through us. They include VAT at 20% and are all invoiced by and payable to Marcus Associates Ltd. It does not include sums payable to a landlord under a tenancy agreement so you will need to refer to your tenancy agreement for this information. It also does not include details of other costs associated with renting a property which are your responsibility: gas, electricity, water, telephone, TV licence, Council Tax, and contents insurance.

These fees and charges will be subject to change so check the latest rates on our website: www.marcusanthonyestates.com

Where you have signed an Holding Deposit Receipt form fees and charges in any amended tariff will not affect you unless the amendments are expressly permitted by that form and you have been informed.

 

 

Fee

Description

Amount

Individual Tenant / Guarantor / Company Reference Fee

Professional referencing charge

£50 + VAT (£60) per tenant / company named on Tenancy agreement and any guarantor(s)

Marcus Associates Ltd Reference Fee

Payment to Marcus Associates Ltd for supplying a reference required by another estate agent or landlord.

£50 + VAT(£60) per tenant

Tenancy Agreement Fee

The Tenant’s contribution towards the cost of drawing up the tenancy agreement.

£150 + VAT (£180)

Inventory Check-Out Fee

A professional report of the condition of the property. Please note your deposit will not be released until the invoice for this service is paid in full.

Varies dependant on the size of property

Extension of Tenancy Fee

The tenants contribution towards the cost of drawing up paperwork in the event of an extension of the tenancy term.

 

£150 + VAT (£180)

Change of Tenant Fee

This fee covers the drawing up of a new tenancy agreement in the event of one tenant in a shared property replacing another (with the landlord’s agreement).

£150 + VAT (£180)

VAT currently charged at 20%