Nigel Owen
Property Management and Maintenanc
e

STATION CHAMBERS, Alexandra Road, Aberystwyth, SY23 1LH.
(Station Chambers is next to the Railway Station, Aberystwyth)

 

 

Information about the "H.M.O Rent Schedule" and "Bank Standing Order"

Student Tenants living in a large house - ( A H.M.O Property )

Students jointly sharing a House of Multiple Occupation ( H.M.O ) will pay their rent by the means of a Rent Schedule.

Every Student Tenant living in a H.M.O Property will have been E. mailed or given a separate document, known as the Rent Schedule. This ensures that they fully received the rent payment dates, the amount and terms, as set out. This Information will be fully explained at the meeting prior to signing the Contract and is set out in black on white and is for your future reference. A master, paper copy of the Rent Schedule will be attached to the Contract of Tenancy Agreement.

The Rent Schedule that you will receive with your Contract to Tenancy Agreement informs you as a Tenant of the Collection dates, well in advance. The Rent Schedule is not planned or worked out around your Student Loans - You should make financial provisions and speak to your Financial Guarantor and plan accordingly.

Tenants that live in a H.M.O Property will  pay an amount of rent as agreed for the Property as a whole of which is normally shared equally between all Tenants - If any Tenant leaves the Property then the rent to the remaining tenants will increase, individually as the total amount as stated on your rent schedule is expected for the property, regardless.

The 1st rent payment is paid by Cash, on moving into the Property on the Agreement, start date.

2nd, 3rd and 4th payments are paid by cheque on the "Rent Collection Dates", (approximately every 13 weeks)

Cheque payments could be post dated!

The Payment and Collection Dates:
1st Payment -
02nd of June 2012 - 01st of June 2013
2nd Payment - 03rd of Oct 2012 - 02nd of Oct 2013
3rd Payment - 16th of Jan 2013 - 15th of Jan 2014
4th Payment - 17th of April 2013 - 23rd of April 2014

Your House Leader normally collects the cheques or cash, ensuring they have the total payment. If a Tenant is away and not at the property then your cheque could be left with the House Leader or sent in the post, well in advance, to me at the Office, Station Chambers whereupon it will be banked the following day after the collection date. If any cheque payment is late then that payment will have to be paid in cash.

STUDENT LOANS
If your Student loan is going to be late, then you should contact your Financial Guarantor and seek their financially aid and assistance, paying them back once your Student loan has been received. You could also contact the University Welfare ( Hardship ) Office and seek their advice and help. Your Financial Guarantor has agreed and signed a document stating basically, that they will pay your rent if you cant!! - You should financially plan accordingly.

If a cheque payment fails (bounces) then an administration charge of 50.00 will apply and you could also expect an additional Interest charge if the payment is up to 7 days late. 

Rent that falls seven days late will receive an Interest Charge of 8% - This intrest charge will be repeated every seven days that pass against the rent and interest, in total as owed to the Landlord. Full legal action through the County Court will be taken to recover any loss in payment of rent and any Interest.

Bedrooms within some of the properties may vary in size; it is up to the tenants, to negotiate between themselves a fair and separate charge levy and not to involve the Property Manager or Landlord. 

Tenants living in a H.M.O Property will have signed a Contract, serving an "Assured Shorthold Tenancy Agreement", living jointly together as a whole.

If the full rent is not received due to a house mate leaving, regardless of situation, the remaining tenants to the Property will need to find and pay the full amount of rent as expected. The tenant that has left the Property and their Financial Guarantor will be contacted by the Property Manager. If the Financial Guarantor does not agree to the terms as stated and signed to, on the form of Guarantee,It will then be the responsibility of the Tenants themselves, at that HMO Property, to take the appropriate, necessary or legal action against their house mate and their Financial Guarantor to recover monies as owed to the Tenants.

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Tenants living in a Flat - ( Not a H.M.O Property )

Tenants not living in a H.M.O Property will pay their rent monthly by the means of a Bank Standing Order. The rent is always paid in advance - On moving into the Property you will be required to pay your first months rent as a cash only payment - no cheques.
The information supplied to me from your application form will enable me to construct a Bank Standing Order and over that

1st month in tenancy, I will require your signature and then we will deliver the BSO to your Bank. For Example:

On your start date of tenancy, the date you move in, you will pay your first payment of rent in cash - The rent is always paid in advance.

The next Rent payment will be taken electronically from your Bank as the Managing Agent will set up and give you a Bank Standing Order ensuring that future rent payments are paid directly and automatically into the Landlords account.

This payment should take place on or before the 01st day of each month and thereafter, so on up until your Tenancy Agreement ends.

Your last payment will be on the month prior to your tenancy ending, covering that last month in tenancy, taking you up to the end day and date of departure. It is you, the Tenant that must cancel your Bank Standing Order - A surcharge of £25 by the Landlord will apply to recover and return any rouge payments made by in error by your Bank to the Landlord.

Word of warning - Always check with your Bank to see whether they have received the Bank Standing Order!!

If the rent payment is late or not received on time then that payment must be a cash payment as a late presentation by your bank could take you up to the 7 day threshold resulting in an Interest charge. This Interest charge is inline with current inflation.

Rent that falls seven days late will receive an Interest Charge of 10% - This 10% charge will be repeated every seven days that pass against the rent and interest, in total as owed to the Landlord. Full legal action through the County Court will be taken to recover any loss in payment of rent and any Interest.

All Tenants must be reminded that they will be subject to the legal terms of the Contract of Tenancy Agreement whereupon, full financial commitment and payment of any outstanding rent, up to the agreement end date of Contract, as signed to.

If a Tenant can no longer finance their situation at the Property then their Financial Guarantor will be required to provide financial aid and assistance and fulfil this necessary need as it is their responsibility to you, the tenant of which they are guaranteeing as stated and signed to on the form of Guarantee, of which forms part of the Contract to Tenancy Agreement.

If any Tenant requires additional advice or is unclear about where they stand prior or within the Tenancy Term then they should visit this 3rd party site: www.tenancyagreementservice.co.uk whereupon good information is given by the "Tenancy Agreement Service" for Landlords and Tenants on Assured Short hold Tenancy Agreements. This site covers and explains the Landlord and Tenant Act 1985.

 

Call and make an appointment to view: 07712 88 3927

© 2007 Nigel Owen Properties for Rent