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Tenant fees

One tenant moving into a property = £312.00 (inc.VAT)

This covers referencing one tenant (identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers / landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the tenancy and agreement.

Each additional tenant moving into a property will be charged a further £132.00 (inc.VAT) per tenant

If a guarantor is required this will be charged at £72.00 (inc.VAT) per guarantor

The above fees cover all administration and reference charges.

Renewal Fee (per property) £72.00 (inc.VAT)

Rent must be made by a single standing order payment each month. Due to the extra processing time involved, individual rent payments by any other method will be subject to an administration charge of £36.00 (inc.VAT) for each payment. Rent payments made by cheque which fail to clear by the rent due date will be deemed to be late and an administration charge of £42.00 (inc.VAT) will be levied.

It is our policy to recommend legal action to landlords should your rent be more than fourteen days late.

CHARGES & PROCEDURES

If your rent remains unpaid for seven days a first reminder will be sent with a charge of £42.00 (inc.VAT).

If your rent remains unpaid for fourteen days a second reminder will be sent with a further charge of £42.00 (inc.VAT).

Further reminders may follow at the same seven day intervals thereafter and will be charged at the same rate.

REPLACEMENT KEYS

If during the term of your tenancy you lose or damage beyond use any key(s) &/or fob(s) the following charges will apply for replacements and locks if necessary:

Yale key - £5.00 (inc.VAT) per item. UPVC door key - £8.00 (inc.VAT) per item.

Mortise key - £10.00 (inc.VAT) per item. Security key - £15.00 - £60.00 (inc.VAT) per item dependant on type and manufacturers costs.

New lock £230.00 (inc.VAT) per item. Fob/electronic key - £15.00 - £60.00 (inc.VAT) per item.

An additional fee will be incurred if the work is undertaken outside of normal office hours.

If you require the use of keys held by DaBora Conway a deposit of £20.00 will be required. The deposit will be refunded upon return of the key(s). Failure to return the key(s) in the condition issued will default the deposit and result in the above charges for replacement being applied.

TO LET/LET BY BOARDS

These remain the property of DaBora Conway and are erected with the full agreement of the Landlord. You will be charged £42.00 (inc.VAT) in the event that they are removed by you without our authority. DaBora Conway reserves the right to erect a board on the renewal of the tenancy.

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WHAT'S HAPPENING

WHAT OUR EXPERTS THINK ARCHIVES

The Homebuyer and Investor Show - a must see!

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The Homebuyer and Investor Show - a must see!

Last month DABORACONWAY proudly exhibited at the Property Homebuyer and Investor Show held at the vibrant Excel London. The show offered a wealth of information and assistance for both first time investor’s and those with more experience looking for services to increase already established portfolios.

Our main focus at the event was the promotion of our Guaranteed Rent Scheme where the benefits of the scheme, such as no void periods and management fees, were well received.

We had a show offer which consisted of a night out on DABORACONWAY! The delighted winner of a trip to the Shard and dinner with cocktails in Marco Pierre White’s City restaurant was Ms Anthrobus. We wish her a wonderful evening!

We would thoroughly recommend a visit to the show which is featured twice a year and is free to attend. For more information please visit https://www.propertyinvestor.co.uk/page/home

If you would like more details on the benefits of our Guaranteed Rent Scheme or competitive rents available please do get in touch with either Olivia or Philippa on 020 8989 5678 ext. 227/242 or leasing@daboraconway.com

       

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First dibs on London homes: what it means in practice

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First dibs on London homes: what it means in practice

A scheme to offer first dibs on new homes in London has moved a step closer with some of the housing industry’s biggest players signing up.

Members of the Home Builders Federation (HBF) and the g15, which represents London’s largest housing associations, have offered to restrict sales of their lower-cost new build properties in London to UK buyers.

This will mean that properties up to £350,000 will be restricted to UK buyers only for three months before any overseas marketing can take place. The Mayor of London, Sadiq Khan, has also confirmed that those who live or work in the capital will be offered first dibs exclusively for up to a month within this time period.

The voluntary industry offer follows research commissioned by Khan last year which revealed that half of new properties bought by overseas buyers in London were homes under £500,000 – typically the price range for many first-time buyers and those looking to access support through schemes such as ‘Help to Buy’.

Changes to marketing plans

In practical terms, housing associations that have committed to this scheme will need to review – and potentially change – their marketing plans for upcoming developments.

Whilst adhering to the scheme it will be necessary to consider the position under applicable section 106 agreements (and potentially nomination agreements) as we have already experienced an increase in recent years for local authorities to look to impose marketing polices aimed at local residents.

Balancing the obligations under the first dibs scheme with section 106 obligations together with the volatility of the housing market will require a degree of advance thought and application which we have seen housing associations already adapting to. This requirement reinforces the need to bring the sales process into play at the very beginning of a site acquisition to ensure that acquisition contracts for developments have the necessary marketing and sales obligations/requirements in place to be able to comply with and adapt to the needs of purchasers.

When working with a development partner, it will become increasingly important to secure access to show homes. This may involve insisting on a contractual provision that requires the homebuilder to bring forward one unit for marketing purposes to help with off-plan sales and maximise the effect of the ‘first dibs’ policy.

Housing associations should also consider putting greater obligations in development agreements for homebuilders to provide Land Registry compliant plans (which is often more difficult than one would think) and spec information for marketing materials at least three to six months before practical completion.

Where possible, advertising signage and locations for such signage should be agreed with homebuilders with plans attached to the development agreement or as a backstop an obligation on the parties to agree such locations acting reasonably.

Next steps

Khan will now work with homebuilders to put their offer into action, including potentially making homes available through his new ‘Homes for Londoners’ portal, currently under development on the City Hall website.

However, it is not yet clear how some of the more practical elements will be rolled out. At this stage, we do not know when the clock will start ticking on the three-month sales period and this could affect how long housing associations will have to market properties to UK buyers and the initial exclusivity period for Londoners. Furthermore, there is no information as yet on whether there will be a formal notification process of compliance with the policy and if so, who will be responsible for notifying, the lawyers or the housing associations / homebuilders?

As acknowledged by Khan, there is also a need for supplementary measures to help tackle other barriers for first-time buyers in London. For example, the ‘first dibs’ scheme could have a much bigger impact if the proposal for lenders to guarantee mortgage offers for up to 24 months goes ahead. The combined effect of both of these initiatives could be significant and start to create a more level playing field between investors and first-time buyers especially in the off-plan market.

That said, the ‘first dibs’ policy is still a step forward and although there remain some unanswered questions, it is a viable platform to continue the debate as to how best provide affordable homes in the capital for Londoners and UK buyers.

 

With thanks to Lucy Woollard and Rachel Keenan - Real Estate & Projects Team, Devonshires Solicitors LLP

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