Non-Rent Monies

blog yellow circle pmgHere are various blog resources related to non-rent monies and payments, with sub-categories of service charges, fees, and other monies and costs/charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.

 

The Tenant Fees Act 2019 Changes

tenant fees act 2019 property management guideThis piece of legislation has caused ripples through the residential property lettings sector in terms of trying to deal with the fair way that landlords and managing agents can pass on various types of payments to residential tenants.

Here’s a quick broad-brush summary of the three main types of changes that this has made:

1. Removed Fees

This is the hot topic, with landlords and agents no longer being allowed to pass on letting and administration fees to tenants.
It isn’t retrospective, but does apply to all tenancies both existing and new from 1st June 2020.

Even if a lease says a landlord can charge say a renewal fee, this legislation overrides this and prevents.

It also applies to wider licences to occupy within the residential...

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Make Sure Missing Service Charge Details Don’t Screw-Up a Property Deal

service charge deal property management guideWhen you’re progressing an important property deal, whether a sale of a flat or a letting of commercial property, all can be ticking along nicely until the world of service charges are discovered.

This is usually through solicitors as they weed through legal information on the property, but it could be another party like a managing agent or even an on-the-ball purchaser or tenant.

They’re the sort of charges that appear straightforward at face value. So much is paid every year towards communal running costs, maybe a shared entrance way in a block of flats or a rear yard at a parade of retail shops.

However, problems can appear when you talk about actual hard-fast accounts in detail. Suddenly these can be lagging, which means that...

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The Nuts & Bolts of Property Service Charge Structures

service charge structure property management guideService charges can unfortunately get very confusing, even for the experienced property-management expert. There can be endless lists, costs, and accounts that seem difficult to understand within the context of the property.

Often the best way to begin unravelling the service charge mystery is to go back to the real basic principles of them, in order to see how the detail then reflects, or rather should, reflect this.

After all, they are supposed to be summarising the running costs of an actual property, which are then fairly shared out between relevant occupiers and owners.

Therefore here are 10 foundational principles of how service charges should be structured. These are for the more involved landlords, investors, and property managers...

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