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How does On Time Rent work |
The agent signs up to be an approved agent of On Time Rent Limited. They must have an approved Client Account covered by a Client Money Protection scheme and a separate Office Account and will usually be a member of either the RICS, ARLA. The agent will advise the Landlord of the charge when the Landlord signs the Terms and Conditions. When a tenant is found they sign a Direct Debit mandate to pay their rent, from their UK bank account.. On Time Rent will collect the scheme’s initial fee in month one from the agent then commence rent collection in month two and send the whole rent to the agent by BACS to the agents Clients Account seven days before the rent day .[ This should arrive within two or three days]. This gives time for the agent to deduct their full fees from the whole of the rent, and other disbursements, and then send the net rent to the Landlord on the rent day set out in the tenancy agreement; usually once a month the On Time Rent fees are advised to the agent and fourteen days later are collected by Direct Debit from the agents account.
How much does it cost? On Time Rent fee will be notified to the client before they agree to adopt the scheme. It is for the On Time Rent agent to set the fee at a level they think is appropriate. Thereafter no matter how long the tenancy the fee remains the same.
What happens if the tenant goes into arrears? This is the moment the On Time Rent scheme really comes into its own. You need to do nothing, On Time Rent take all the hassle out of the situation. On Time Rent will need all the information the agent collected at the time of the letting as well as the tenancy agreement tenant references and any guarantors references if appropriate.. On Time Rent will try and collect the arrears but if necessary instruct solicitors to take the appropriate action to obtain vacant possession. On Time Rent continues to pay the rent to the agent, and hence the Landlord, until Vacant Possession is obtained or six months have elapsed from the rent day the tenant first went into arrears. The rent is paid On Time for up to six months after the tenant first went into arrears, so long as the On Time Rent fee is paid. This is usually more than sufficient time to regain possession.
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