Fees and Terms for Tenants

 

Fees and Terms for Tenants

We take pride in operating with transparency at all times.

Please see below for our terms & conditions and fees for tenants

Standard tariff of tenant charges

Estates.ng want you to be aware of the circumstances where you may incur a fee or charge in relation to a tenancy arranged through us, including during the application process. This Tariff details the current fees and charges, which include VAT at 20%. The fees and charges shown are payable to, and will be invoiced by, us.

This document does not contain details of sums which may be payable to a landlord under a tenancy agreement. You must refer to the terms of the tenancy agreement for this information. It also does not contain details of other costs associated with renting a property, such as gas, electricity, water, telephone, TV licence, Council Tax, and contents insurance. These will all be your responsibility, however, not your landlord’s.

We reserve the right to amend the fees and charges in this Tariff to reflect changes in our operating costs. A copy of the up to date Tariff at any time can be obtained from www.estates.ng  Where you have signed an Information and Terms & Conditions for Tenants Form no fees and charges in any amended Tariff will affect you unless the amendments are expressly permitted by that Form and have been notified to you.

1. Estates.ng The Online Estate Agent FEES

Fees for the initial 12 months tenancy

Lettings Service:
Monthly rental achieved Letting fee + VAT:

Tier 1 £500 - £1000 £350
Tier 2 £1000 - £1,750 £500
Tier 3 £1,750 – £2,500 £750
Tier 4 £2,500 - Over £1,000

The above fees do not apply to Landlord’s letting with Estates.ng The Online Estate Agent for the first time. 

Management Service:

The usual fees as outlined above plus an annual fixed rate of £500 + VAT

Fees Explained:

1. Initial fees

1.1
In the event that the Agent introduces a tenant who subsequently enters into an agreement to rent the landlord’s property, the initial fee becomes payable to the Agent. In the event that the proposed let is the first time The Landlord has used the services of Estates.com.ng The Online Estate Agent fees for the lettings service do not apply. For future lettings, after the initial first letting, the appropriate letting service fee will apply.

1.2
The initial fee is payable at the commencement of the Tenancy and will be deducted from monies received by the Agent on the Landlord’s behalf.

1.3
The initial fee is charged as a fixed fee dependant on the total rental value of the agreed term as specified in the tenancy agreement, subject to clause 1.4 below. The initial commission is set out above.

1.4
In the event that the Landlord wishes to terminate the tenancy early, the initial commission will be non-refundable. In the event that the tenant wishes to terminate the tenancy early, providing you instruct us to re-let the property we will do so at a pro-rata discount on our listed letting fee.

1.5
The initial fee is payable for any tenant introduced to the property by the Agent, whether or not the tenancy is finalised by the Agent.

2.
No renewal fees will be charged to the landlord. The tenants will be charged the fixed price of £100 for the redrafting of the contract.

2.1
If a new tenant wishes to join the tenancy to replace another tenant at any time during the tenancy, they will be charged at a rate of £150 to cover the necessary reference checks and the redrafting of the contract to incorporate them into the new tenancy. Any new tenant joining the tenancy the landlord must be notified and permission obtained before taking over the tenancy.

2.2
Prior to the end of the tenancy, the Agent will endeavour to contact both the landlord and the tenant to negotiate a renewal or extension of the tenancy, if so required.

2.3
The Agent will produce, if required, new tenancy contracts or other necessary paperwork.  This will be forwarded to the landlord and tenant/s for signature. If the landlord is providing their own contract this clause does not apply unless expressly requested by the landlord.

2. Deposits
If you do not wish The Agent to hold the tenant’s deposit, which Tenancy Deposit Scheme have you joined:

The Deposit Protection Service (DPS) □
Tenancy Deposit Solutions Ltd (TDLS) □
The Tenancy Deposit Scheme (TDS) □
My Deposits □

Please note that the landlord will have 30 days to safeguard a deposit from the day he or she receives it from the tenant. The landlord will have to provide the tenant prescribed information about the scheme safeguarding the deposit within these 30 days.

3. Estates.ng The Online Estate Agents Letting Services

3.1. The Letting Only Service Includes:

- Advising as to the likely rental income.
- Advertising and generally marketing the Property.
- Interviewing prospective tenants and carrying out a credit reference check and taking up references through external referencing agency Maras. Where necessary, additional security would be requested by means of a guarantor. In the case of a company, Maras provides full company reference checks.
- Preparing the Tenancy Agreement and any relevant paperwork as well as renewing the Agreement where necessary at the end of the Term.
- Taking a deposit from the tenant which will either be held by The Agent and protected in our Tenancy Deposit Scheme or paid to the Landlord if so requested (The Landlord is responsible to register the deposit with a tenancy deposit scheme approved by the government).

3. 2. Management Service

3.2.1 The Standard Management Service Includes:

- All the points at 3.1.
- Rental statements will be provided to the Landlord or his representative on a monthly basis.
- Regular inspections of the Property are carried out quarterly. Responsibility for and management of empty property is not included, and will only be carried out by special arrangement.
- Co-ordination of repair or maintenance including arranging for tradesmen to attend the Property and obtaining estimates where necessary, agreeing works and settling accounts from rents received.
- Carrying out a property inspection and inventory check at the end of the tenancy and dealing with matters relating to unfair wear and tear before the stakeholder releases the Tenant’s deposit. Additional items and other expenses will be charged accordingly.

3.3.2 Repairs and Maintenance

- The Landlord warrants that the Property is made available in good condition and that the Property, beds, sofas and all other soft furnishings conform to the current fire safety regulations.
- It is agreed that in an emergency or for reasons of contractual necessity where reasonable endeavours have been made to contact the Landlord, the Agent may have the emergency works carried out at the expense of the Landlord.
- The Agent endeavours to select competent tradesmen at a reasonable price but is unable to personally guarantee the standard of workmanship, although the Landlord retains the right to pursue any claim for substandard work.
- By law, it is necessary to carry out an annual inspection and service for the central heating and any gas appliances as well as an electrical test. The Agent will cause these to be carried out on the Landlord's behalf and expense and administer the necessary inspection and maintenance records.

3.3.3 Inspections

Under the Standard Management Service, the Agent will normally carry out regular inspections.
It is not the intention to check every item of the inventory at this stage; the inspection is concerned with verifying the good order of the tenancy (i.e. house being used in a 'tenant-like' manner) and the general condition of the Property. This would normally include inspecting the main items (carpets, wall s, cooker, main living areas and gardens.) Where these were felt to be unsatisfactory, a more detailed inspection would generally be made.

Following the departure of tenants, a final inspection of the Property is carried out by the Agent. Testing of all the
Electrical appliances, heating system and plumbing is not feasible during this inspection; a qualified contractor should be appointed for this purpose should it be required by the Landlord. Any deficiencies or dilapidations would normally be submitted to the Landlord together with any recommended deductions or replacement values. Subject to agreement, any claim of £3,000 or less may be referred to arbitration with the Royal Institution of Chartered Surveyors, any costs being shared by Landlord and tenant, or as directed by the arbitrators.

Although the aim is to take every care in managing the Property, The Agent cannot accept responsibility for non-payment of rent, damage or other default by tenants, or any associated legal costs incurred in their collection. It is the Landlord’s responsibility to arrange insurance cover for this eventuality.

4. The Tenancy Agreement

The Standard Lettings Service includes the preparation of a tenancy agreement in the Agent's standard form. Although if the Landlord should choose to use their own contract, they may. It is agreed that the Agent may sign the tenancy agreement(s) on behalf of the Landlord once permission in writing has been obtained.

5. Inventory

We are able to arrange for the preparation of an Inventory. Inventory clerks are not employed by The Agent. Although Landlords may be able to compile inventories, we would recommend that the services of an independent professional are utilised to avoid possible future disputes. The cost of the Inventory clerk is included in our fees. Whilst care will be taken in giving instructions to independent Inventory clerks, we cannot accept liability for any error or omission on their part.

6. Energy Performance Certificate (EPC)

All buildings in the private rented sector require an EPC. This certificate will remain valid for 10 years. Landlords are required by law to obtain and make available a copy of the EPC, free of charge, to prospective tenants at the earliest opportunity and must provide the person who takes up the tenancy with a copy. The Agent will organise an EPC from one of our team of engineers at a no extra cost to the landlord if required.

7. Holding Fees & Deposits

A holding fee is generally taken from a tenant applying to rent a property. The Holding Deposit consists of two weeks rent and also £150 per person on the contract subject to a minimum of £300. The purpose of this fee is to verify the tenant's serious intent to proceed, and to protect the Agent against any administrative expenses that may be incurred should the tenant decide to withdraw the application.

The Holding Deposit does not protect the Landlord against loss of rent due to the tenant deciding to withdraw, or references proving unsuitable although early acceptance of rent from the applicant would not be advisable until satisfactory references have been received. Upon signing the tenancy agreement, the Agent will take a dilapidations deposit from the tenant (s) in addition to any rents due. The purpose of the dilapidations deposit is to protect the Landlord against loss of rent or damage to the Property during the tenancy itself.

7.2. Agent Holding the Deposit on Behalf of the Landlord

Estates.ng The contact details for this scheme are as follows:

No 13, Oshitelu street, Computer village, Ikeja, Lagos State.
Telephone: 08031334343
Email: info@estates.ng

We provide the service of holding the deposits into our Tenants Deposits Account for managed properties. We also inform the tenants about how their deposit is protected and where they can find more information about the scheme.