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Property Management

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Victor Michael are a professional managing agent; our property management department provides sound technical advice and administrative support service regarding any residential lettings issues that arise regarding your property on a day to day basis 365 days a year.

Our Services

We offer residential lettings management service which offers a partialletting service right up to a full comprehensive property management service,all options of service can be tailored on a bespoke basis, specific terms may apply.

The following are services we offer, as bonded protected agents, to ourclients:

Tenant Introduction

8% vat = 9.6% of Annual rent one off up-front payment.

(This is required in addition to Rent Collection and Full Management) Tenant Introduction


Rent Collection

4% vat = 4.8% of the annual rent payable in monthly instalments ongoing.

(This is an add on to Tenant introduction) Rent Collection


Full Management

6% vat = 7.2% of the Annual rent payable in monthly instalments ongoing.

(This is an add on to Tenant introduction or for taking over existing tenancy on to managed) Full Management


Combined Management

12% vat = 14.4% of the Annual rent payable in monthly instalments ongoing. No up-front fee.

Combined Management Service (includes Tenant introduction)

Central Management Department

We recognised the importance of establishing a central property managementdepartment, with your own dedicated property manager that will deal with allaspects of the letting and management process from start to finish. Ourproperty management department is located at the head office in StratfordLondon.

Tenant Referencing

We use expert third party referencing companies to provide tenantreferences, these include financial and personal details, employment andprevious accommodation references. The companies we use are Homelet & LetRisks. We require the last three years report & Accounts and anAccountants reference for Company Lets.

Property Management Software

We use a computerised property management software system called'Gemini ' which is recognised within our industry as a leading softwaresystem to monitor and control all of our tenants, landlords andcontractors accounts.

Financial Rent Collection

Our accounts department control and monitor each tenant’s individualproperty accounts, to ensure payments are collected by standing order, onlinebanking, debit and credit cards and any cash payments. All accounts aremonitored closely to avoid any rental arrears. Landlord monthly accountsstatements are sent electronically by email or by post.

Maintenance Repair Issues

We have our own tenant repair reporting system that is available online 24hours and day 7 days a week. The system in certain circumstances can provide self-diagnosticinformation to assist the tenant in rectifying the problem. The websitereporting system translates into over 40 different languages at a press ofa button.  https://victor-michael.fixflo.com

Maintenance Contractors

Our maintenance contractors are closely vetted to ensure the quality ofworkmanship is of a professional standard and they are both reliable andtrustworthy.

Victor Michael insists that all contractors hold public liability insurancefor your protection and peace of mind, which we hold on file. All our gas andelectrical engineers are members of the accreditation schemes, Gas Safe andNICEIC which are periodically checked by us.

Inventories & Schedule of Condition Reports

We use a third-party inventory clerk company who are members of AIIC(Association of Independent Inventory Clerks) they produce comprehensiveand professional inventory reports with schedule of condition statements andprofessional photographs which are time and date stamped.

Management Inspections

Our Inventory clerks also undertake the managementinspections of properties, to ensure the property is being kept in good orderand the tenants are abiding by the tenancy agreement.

Landlord Insurances

We recommend that Landlords consider purchasing Rent Guarantee Insurancewhich protects you against tenants defaulting on their rentalpayments and also provides legal costs to legally evict the tenants.The policy will only be offered if the tenants passes the reference applicationprocess. Full Terms and conditions apply.

www.homelet.com    

Eviction Notices

We prepare and issue section 21s and section 8s in accordance with theHousing Act 1988 and also serve notice to quite notices in accordancewith the Protection of eviction act 1977.

Check Out Inspections

At the end of a tenancy we arrange for our clerk to attend the property andmeet the tenant, they compare items with the original inventory andmanagement inspection reports, We will at this point discuss with you if anydilapidations are to be deducted from the security deposit, please note generalwear and tear should always be considered and accounted for.

Landlords Statutory Legal Obligations

To Maintain and repair the property (Section 11 Landlord & Tenant Act1985).

To give their address (Sections 1 and 2 Landlord & Tenant Act 1985,Sections 47 & 48 Landlord and Tenant Act 1987).

Not to harass or unlawfully evict the tenant (Protection from Eviction Act1977).

To give the tenant the required notice when seeking procession (Housing Act1988 (as amended) and Protection from Eviction Act 1977).               

To ensure that the furniture and furnishings comply with the Furniture andFurnishings (Fire) (Safety) Regulations 1988 (as amended).

To ensure that the gas and electrical appliances and supply are safe (GasSafety (Installation and Use) Regulations 1998 and Electrical Equipment (safety)Regulations 1994).

To commission an EPC before marketing of the property begins, to use allefforts to obtain the EPC within seven days or 21-day extended period, and toprovide the EPC to the eventual tenant free of charge.

Client Money Protection Scheme statement

A Client Money Protection (CMP) Scheme is a compensation scheme providingcompensation to Landlords/Tenants and/or other if an agent was tomisappropriate their rent/deposit or other client monies.

As regulated members of Propertymark, we are also members of their CMP Scheme;you will be aware of this from their logo at the bottom of our webpage.

Please see their webpage

http://www.propertymark.co.uk/working-in-the-industry/member-requirements/client-money-protection/

Security Deposits

We register the Deposit when the tenancy first starts with the TenancyDeposit Scheme (TDS) and produce a certificate for the tenant within a maximumof 30 days from the start of the tenancy.

After the checkout inspection has taken place at the end of the tenancy andthe checkout report is filed with Victor Michael, we willthen evaluate if there are any damages or rent arrears to be deducted fromthe Security deposit taking into account any ' General Wear and Tear 'issues to your property.

We will then liaise with the landlord to ascertain if any costs are tobe deducted from the tenant’s security deposit. If there are deductions to be made,we will then liaise and negotiate with the tenant in writing. If we cannotarrive at a mutual agreement, both parties have the right to raise a disputewith the TDS which will then be sent for arbitration, however if there are nodeductions we will payback the deposit in full less our check out deductionfee.     www.tds.gb.com     Dispute casestudies

Additionalservices available

Should you request them if they are not included in your servicepackage

Rental review/Sale appraisal prior to endof tenancy                                 £30.00 VAT               £36.00 inc. VAT

Detailed maintenance log (required forPRPL)                                              £30.00 VAT                £36.00 inc. VAT

Detailed pest control log (required forPRPL)                                                 £30.00 VAT                 £36.00 inc. VAT

Preparation of eviction notices*                                                                       £95.00 VAT                £114.00 inc. VAT

Service of eviction notices – Section 21(6a) and Section 8*                   £65.00 VAT               £78.00inc. VAT

Court Appearances per hour from                                                                 £65.00 VAT                £78.00 inc. VAT

Prepare and apply for Property License*                                                     £175.00 VAT               £210.00 inc. VAT

Prepare and apply for HMO License*                                                             £500.00 VAT            £600.00 inc. VAT

FRA (Fire risk assessment)                                                                                 £65.00 VAT                £78.00 inc. VAT

LRA (Legionella risk assessment)                                                                    £65.00 VAT                £78.00 inc. VAT

Rent guarantee claim processing                                                                £175.00 VAT               £210.00 inc. VAT

Preparation of file and documents forDeposit Dispute                        £100.00 VAT               £120.00 inc. VAT

Accompanied Council visits                                                                           £95.00 VAT                £114.00 inc. VAT

Additional Management Inspections                                                          £65.00 VAT                £78.00 inc. VAT

Detailed PRPL Inspections with floor plans                                                 £140.00 VAT               £175.00 inc. VAT

Detailed PRPL Inspections           (pervisit)                                                   £90.00 VAT                £108.00 inc. VAT

Floor Plans                                                                                                             £50.00 VAT                £60.00 inc. VAT 

Gas safety inspection certificate (GSI)#                                                    £50.00 VAT                £60.00 inc. of VAT

Inventory                                                                                                               £95.00 VAT                £114.00 inc. of VAT

Electrical safety inspection certificate(ESI)#                                           £110.00 VAT                £137.50 inc. of VAT

Check out                                                                                                              £65.00 VAT               £78.00 inc. of VAT

Portable Appliance test certificate (PAT)                                                  £40.00 VAT                £48.00inc. of VAT

Rent Guarantee Insurance 1 month excess                                             £160.00 IPT                 £192.00 inc. of IPT

Rent Guarantee Insurance NIL Excess                                                       £185.00 IPT                 £222.00 inc. of IPT

Energy Performance Certificate (EPC)#                                                  £65.00 VAT                £78.00 inc. of VAT

Smoke Detectors (each additional detector£15.00 vat £18.75)       £65.00 VAT                £78.00 inc. of VAT

CO2 Detectors (each additional detector£15.00 vat £18.75)            £65.00 VAT                 £78.00 inc. of VAT

TDS Registration #                                                                                            £50.00 VAT                 £60.00 inc. of VAT

TDS Renewals #                                                                                                 £30.00 VAT                 £36.00 inc. of VAT

Renewal Fees payable:  (forTenant Introduction Only)                       £350.00 VAT              £420.00 inc. of VAT

Marketing Plus administration andenhanced marketing                 £95.00 VAT                £114.00 inc. of VAT

(includes superior professional photography and floor plans)

#Legally required          

VAT will be charged at the prevailing rate.

*Additional charges may apply