The Letting Management Agreement serves as the foundational document for professional property management services in England and Wales. It is essential when a property owner wishes to delegate the management of their residential property to a professional letting agent. The agreement details all aspects of the management relationship, including property marketing, tenant screening, rent collection, maintenance coordination, and compliance with relevant legislation. This contract type ensures clear understanding of roles, responsibilities, and service levels while protecting both parties' interests under English law.
Letting Management Agreement for the United Kingdom
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Key Requirements PROMPT example:
Letting Management Agreement
"I need a Letting Management Agreement for a portfolio of 5 residential properties in London, where I want the agent to provide full management services including rent collection, maintenance, and tenant screening, starting from March 2025."
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1. Parties: Identification of the property owner and the letting agent
2. Background: Context of the agreement and brief description of the property management arrangement
3. Definitions: Key terms used throughout the agreement including relevant legislation references
4. Appointment and Duration: Terms of appointment and contract duration
5. Services: Detailed description of management services to be provided
6. Fees and Charges: Management fees, additional charges, and payment terms
7. Agent's Obligations: Responsibilities and duties of the letting agent including compliance with relevant legislation
8. Landlord's Obligations: Responsibilities and duties of the property owner including statutory compliance requirements
9. Compliance and Regulatory Requirements: Specific obligations regarding safety regulations, deposit protection, and other statutory requirements
10. Insurance and Liability: Insurance requirements and liability provisions
11. Data Protection: GDPR compliance and data handling procedures
12. Termination: Conditions and process for ending the agreement
13. Notices: Requirements for serving notices under the agreement
14. Governing Law: Confirmation of applicable law and jurisdiction
1. Additional Services: Extra services beyond standard management, used when offering premium or bespoke services
2. Multiple Property Provisions: Specific terms for managing multiple properties, used when managing a portfolio of properties
3. Overseas Landlord Provisions: Special requirements for non-resident landlords, including tax considerations and overseas payment arrangements
4. Short-Let Management: Specific provisions for managing short-term lettings, used when property will be let on a short-term basis
5. HMO Management: Additional requirements for Houses in Multiple Occupation, used when property is licensed as an HMO
1. Schedule 1: The Property: Detailed description of managed property/properties including address and specific features
2. Schedule 2: Services: Detailed breakdown of management services and frequency of delivery
3. Schedule 3: Fee Schedule: Comprehensive fee structure and charges including payment terms
4. Schedule 4: Maintenance Thresholds: Agreed spending limits and authorization requirements for maintenance works
5. Appendix A: Property Maintenance Contractors: List of approved contractors and their services
6. Appendix B: Compliance Checklist: List of required certificates and compliance documents
7. Appendix C: Inventory and Schedule of Condition: Detailed inventory and condition report of the property
Authors
Relevant legal definitions
Agreement
Agent
Applicable Laws
Business Day
Client Money
Commencement Date
Commission
Compliance Requirements
Deposit
Emergency Repairs
Fee Schedule
Initial Term
Landlord
Management Fees
Management Services
Permitted Fees
Property
Property Portfolio
Rent
Safety Regulations
Services
Tenant
Tenancy Agreement
Tenancy Deposit Scheme
Term
VAT
Working Hours
Agent
Applicable Laws
Business Day
Client Money
Commencement Date
Commission
Compliance Requirements
Deposit
Emergency Repairs
Fee Schedule
Initial Term
Landlord
Management Fees
Management Services
Permitted Fees
Property
Property Portfolio
Rent
Safety Regulations
Services
Tenant
Tenancy Agreement
Tenancy Deposit Scheme
Term
VAT
Working Hours
Clauses
Appointment and Authority
Scope of Services
Term and Termination
Fees and Commissions
Payment Terms
Agent's Obligations
Landlord's Obligations
Property Management
Financial Management
Maintenance and Repairs
Tenant Management
Compliance and Regulations
Insurance
Health and Safety
Data Protection
Confidentiality
Liability and Indemnity
Force Majeure
Assignment and Subcontracting
Notices
Dispute Resolution
Entire Agreement
Severability
Governing Law and Jurisdiction
Client Money Protection
Anti-Money Laundering
Variation
Third Party Rights
Scope of Services
Term and Termination
Fees and Commissions
Payment Terms
Agent's Obligations
Landlord's Obligations
Property Management
Financial Management
Maintenance and Repairs
Tenant Management
Compliance and Regulations
Insurance
Health and Safety
Data Protection
Confidentiality
Liability and Indemnity
Force Majeure
Assignment and Subcontracting
Notices
Dispute Resolution
Entire Agreement
Severability
Governing Law and Jurisdiction
Client Money Protection
Anti-Money Laundering
Variation
Third Party Rights
Relevant Industries
Relevant Teams
Relevant Roles
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