DESCRIPTION OF COMMERCIAL LETTING SERVICES
- A comprehensive marketing campaign will be undertaken that will include detailed display advertising on the Interspace Brokers comprehensive Website until the introduction of a prospective Tenant to the property has been found. Applicant viewings arranged will be accompanied by a member of our staff where possible.
- The introduction of a prospective Tenant to the property to the point of Solicitors being instructed to deal with the assignment or sub lease.
- Obtaining financial and personal references as required but not including any charges for company investigations and without taking responsibility for the credit worthiness of tenants and forwarding these replies to you for approval. Landlords must satisfy themselves as to the suitability of Tenants.
- Ongoing assistance in negotiating the terms of the tenancy between yourself and the proposed Tenant unless otherwise instructed and thereafter to supervise and coordinate the documentation until such time as the appropriate Lease has been signed and an exchange has taken place.
- Collecting and holding the deposit as stakeholder payable by the Tenant against rent and dilapidation as stipulated in the Lease. This deposit is to be held in our separate Client Account Subject to Contract.
COMMERCIAL LETTING COMMISSIONS
(Interspace Brokers Ltd reserve the right to review our fees structure within a minimum period of three months, such notice to be given in writing)
INTRODUCTION OF TENANT
On our finding a Tenant, directly or indirectly who is acceptable to you or whom you have given us the authority to accept on your behalf and who completes a transaction on terms acceptable to you, our commission will be charged at a rate of 10% of the annual rent agreed for the entire agreed term reserved under the terms of the Lease or Sub Lease or aggregate rent for the period up to the first rent review in the Lease or Sub Lease plus VAT at the prevailing rate payable wholly in advance falling due at the commencement of the Leasehold Term agreed and is payable within 14 days of invoice to Interspace Brokers Limited. Any fee which is overdue for more than 14 days shall be liable to interest calculated at 4% above Barclays Bank base rate.
With regard to an assignment of a Leasehold Interest where a price (Premium) has been agreed for the benefit of the Leasehold Interest and/or Furniture, Fixtures and Fittings and goodwill our commission will be charged at a rate of 10% of the annual rent agreed for the entire agreed term reserved under the terms of the Lease or Sub Lease or aggregate rent for the period up to the first rent review in the Lease or Sub Lease plus 5% of the final price agreed for the benefit of the Leasehold Interest and/or Furniture, Fixtures and Fittings and goodwill.
These fees are subject to VAT at the prevailing rate and are payable wholly in advance falling due at the commencement of the Leasehold Term agreed and are payable within 14 days of invoice to Interspace Brokers Limited. Any fee which is overdue for more than 14 days shall be liable to interest calculated at 4% above Barclays Bank base rate.
The above fees will also apply to any subsequent Leasehold/ Licence extension, renewal or continuation and will be charged at the same rate. In the event of a third party, being a person or corporate body associated with the Tenant or occupant entering into a subsequent Leasehold/ Licence Agreement without there being existing any intervening Tenancy, then a fee of 10% of the annual rental due for the entire agreed term reserved under the terms of the Lease plus VAT at the prevailing rate shall also be payable.
COMMERCIAL LETTING PLUS RENT COLLECTION:
12.50% of total rent payable + VAT
Letting plus rent collection is charged at 12.50% of the total rent payable under the terms of the Lease, plus VAT, for the receipt of rents and accounting to you. The total amount of commission is payable wholly in advance falling due at the commencement of each Leasehold Term and/or Extension and will be deducted from the initial fund (and subsequent rent payment(s) received) and is payable within 14 days of invoice.
DESCRIPTION OF COMMERCIAL LETTING PLUS RENT COLLECTION SERVICE
(The services included within our commission of 12.50%)
- To include letting services as above.
- The receipt of rent on your behalf.
- The demand of rent in the absence of payment which will take the form of a series of letters to the Tenant requiring payment.
- The forwarding of net rents to yourself or your bank if rent is received in cheque form. If rent is received in cheque form it can take up to 10 days for cheques to clear through the U.K. banking system.
- Any monies disputed will be without prejudice to final clearance.
- The preparation and submission of regular rent statements to yourself and/or your accountant.
COMMERCIAL SALES COMMISSIONS
(Interspace Brokers Ltd reserve the right to review our fees structure within a minimum period of three months, such notice to be given in writing)
SOLE AGENCY (Including Joint Sole Agency)
Interspace Brokers Ltd are pleased to accept your instructions to offer your Commercial property for Sale as your Sole Agents on the following terms:
We will be Sole Agents for a period of weeks or months to be agreed from the date of your agreement to instruct us. The agreement will continue after the end of the agreed period unless this is terminated by either party giving 14 days' written notice.
Please note that you will be liable to pay remuneration/commission to us, in addition to any other costs agreed, if at any time after our Sole Agency has expired unconditional contracts for the sale of your property are exchanged with a purchaser introduced by us during the period of our Sole Agency or with whom we had negotiations about the property during that period or with a Purchaser that has been introduced to us by another Agent during that period.
The above terms and conditions will apply in the event of our being appointed to offer your property for sale along with another agent as Joint Sole Agents in the sale.
MULTIPLE AGENCY
Interspace Brokers Ltd are pleased to accept your instructions to offer your Commercial Property for sale as multiple agents and will be so appointed until such time that the property is sold or this agreement is terminated by either party giving 14 days' written notice.
THE SALE FEE
Your Sale instructions to us are only accepted upon the understanding that we will be entitled to a Sale Fee should we introduce an Applicant to you who subsequently purchases your property on terms that are acceptable to you, Subject to Contract and/or Surveyor’s Report.
Our Sole agency fee will be a minimum of 2 % plus VAT based on the price at which contracts are exchanged.
Our Joint Sole agency fee will be a minimum of 2.5 % plus VAT based on the price at which contracts are exchanged.
Our Multiple agency fees will be a minimum of 3 % plus VAT based on the price at which contracts are exchanged.
All fees agreed are subject to VAT at the prevailing rate and will become due to us upon exchange of contracts. The Vendor must agree to instruct their Solicitor to pay the appropriate Sale Fee that is due to us immediately upon completion directly from the sale proceeds.
ADVERTISING AND FOR SALE BOARDS
A Comprehensive marketing campaign will be undertaken that will include detailed display advertising on the Interspace Brokers comprehensive Website until the introduction of a prospective purchaser to the property has been found. All Applicant viewings arranged will be accompanied by a member of our staff.
Unless instructed to the contrary, Interspace Property Brokers will be authorised to erect a board at property. As the Vendor you agree not to allow the display of any other board whilst an Interspace Property Brokers board is displayed as this would be in contravention of the Town and Country Planning Control of Advertising regulation of 1988, and would authorise us to arrange for the removal of any other Agent’s board that is present or subsequently displayed on your premises without prior consent.
The above is confirmation of Residential Sales commission arrangements of SOLE/JOINT or MULTIPLE AGENCY AGREEMENT (CONDITIONS) (In compliance with the requirements of section 18 of the Estate Agents Act 1979) The ESTATE AGENTS' ACT 1979 requires Interspace Property Brokers, when taking instructions to establish whether or not Vendors have any relatives, close friends or business associates who are employed by us. If there is any such relationship or association this must be declared by providing the name of the employee and nature of the relationship or association they have with the company.
MISDESCRIPTIONS ACT 1993
This Act requires Interspace Property Brokers to ensure that any representation or descriptions made in respect of a property for sale are factually correct if they are to be included in particulars of sale or any advertising that may be undertaken. Extreme care should be taken by Vendors to ensure that the information given to us with particular emphasis and regard to Leasehold/Freehold details to ensure that these are correct.
