LL seeks advice on new MA Contract

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    LL seeks advice on new MA Contract

    I am in the process of appointing full management LA for non-local LL.
    MA Contracts are compiled by MAs for LL signature, take it or leave it. Just wondering what Contract Terms in general the LL can modify, with MA agreement, before signing?
    I know I can modify Contract, with MA agreement, before signing, - take ir or leave it.
    My main concerns are:-
    1 MA resp for protecting deposit & provision of PI
    2 Min repair costs without ref to LL, what constitutes an emergency repair?
    3 Frequency of expected rent payments & statements
    Current LL remote UK location requies MA involvement
    Any suggestions?

    #2
    If 1,2 & 3 are not discussed in the MA agreement then walk away, simples.

    They are basics.
    I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.

    That also means I cannot share in any profits from any decisions made!

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      #3
      All 3 questions are addressed in MA Contract but wondered what terms are acceptable for most LLs?
      I am prepared to pay full management commission, but want to be kept in the decision loop, yet keep MA as T contact.
      eg MA takes T deposit and supplies PI but would prefer deposit transferred/placed in my rel DPS account. Too many horror stories of LAs closing down etc leaving LL liable for deposit return.
      MA contract suggests MA can spend £200 on each reported defect (emergency repairs excepted)without ref to LL for approval, This has the potential for MA abuse. I would prefer to limit all non-emergency notified repairs to £200/month/property, with T resp for initial call-out assessment cost, re-imbursed if LL repair responsibility.
      Rent statements only supplied to LL every 3 months. No indication when rent is credited to LL account, other than no interest is payable. I would prefer transfer within 7 days, max 30 days of receipt.
      I accept I can offer MA an amended Contract for signature, but what are 'reasonable' terms?
      Comments from MAs & LLs welcome. please specify allegiance.

      Comment


        #4
        No particular allegiance.

        It is not so much a question of what is reasonable, but how much authority you want to delegate. Up to a point, if you are paying someone to manage let them get on and manage.

        I have said in relation to tenancy agreements that whilst a well-drafted agreement has to be desirable, equally, if not more important, is getting a good tenant (or from the tenant's perspective, a good landlord). The same principle applies to a management agreement, or indeed any sort of agreement. By all means negotiate terms acceptable to you, but try to make sure that you are employing a reliable competent agent who is going to manage for your benefit and not his.

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