LL seeks advice on new MA Contract

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    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!

    Comment


      #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.

        Comment

        Latest Activity

        Collapse

        • New agent not paying landlord
          by Cpark
          Folks I wonder if anyone can help me here, I have had the worst few years with my properties, the previous agents filled my properties up with delinquents and refused to pay the full sum, we lost 8 months of declining rents. Then was introduced to a new set of agents who really were impressive and opted...
          24-01-2022, 00:27 AM
        • Reply to New agent not paying landlord
          by DoricPixie
          I'm not sure I understand. Why would the letting agency want 4 months rent free? Is this one of these arrangements where you let the properties to the letting agency and the letting agency then sub-lets the properties to other people?
          24-01-2022, 20:43 PM
        • removal of letting agent
          by yeahremy
          Hi,

          another topic on this but apologies as i cant find my answer on the other ones.
          My letting agent messed up the check in and check out report. Basically they keep telling me to pay the deposit back without really checking the reports.
          2y ago I had new tenants who moved in...
          24-01-2022, 16:12 PM
        • Reply to removal of letting agent
          by Landyman
          Is this the same agent that you were complaining about in October 2018?

          https://forums.landlordzone.co.uk/fo...managing-agent

          I think the replies you received then are still applicable
          24-01-2022, 18:45 PM
        • Reply to No Rent received from Agent
          by Cpark
          Hi can you tell me how you’re proceeding I’m in a very similar situation thank you...
          24-01-2022, 00:32 AM
        • No Rent received from Agent
          by racer69
          Hi, all, my tenant left the property and handed the keys in on Dec 6th, that is when I normally get my rent from the agent or a few days after. As no such payment was forthcoming I went to the office after approx a week to see and was told they had been in and taken pictures of the poor condition of...
          21-12-2021, 20:47 PM
        • Reply to on resident landlord regisitration.
          by SandPit
          Wanted to post a quick update in case this is useful for anybody else.

          There is no fee for the letting agent to register with HMRC to handle NRLs, all they need to complete the inline form.
          As soon as a letting has registered they need to start collecting tax on behalf of the HMRC....
          22-01-2022, 07:42 AM
        • on resident landlord regisitration.
          by SandPit
          Hi,

          I am a non resident landlord. My letting agent has stated they are required to have 5 or more NRLs to register with the HMRC. Is this correct? Is there a fee to the letting agent?
          09-01-2022, 08:30 AM
        • Reply to Forwarding address enabled in CFP Winman
          by ethanlee
          Hi jpkeates,

          Many thanks for your reply. What you have suggested make sense to me. I will contact the software supplier for more information then.

          -- Ethan
          21-01-2022, 10:17 AM
        • Forwarding address enabled in CFP Winman
          by ethanlee
          I recently has some dispute with a property management agent about changing my correspondence address. I own a flat A and after a couple of years, I moved out to a house, but I still own that flat. After I moved out, I asked property management agent to change my correspondence address in their system,...
          20-01-2022, 14:38 PM
        Working...
        X