The Landlord is responsible for paying our Commission at the rate of 10% (12% including VAT) when any person, company or other organisation enters into a binding contract for the occupation of the Property where they do so as a result of an introduction made by Palace Gate.
This Commission remains due and payable for the duration of the tenancy.
We also offer a RENT COLLECTION SERVICE additional commission being 2.4% including VAT of the gross Rent.
If we are instructed to manage the Property then further to our Commission for the Let Only Service you will have to pay us an additional Commission at the Full Management Commission percentage for management being 7.2% including VAT, subject to a minimum management fee of £3000 including VAT
Our Commission payment will become due at the agreed start date of the Tenancy Agreement and we will take payment from the monies paid by the tenant of the Property.
We will not make any refund of our Commission if the Tenancy terminates before the originally agreed date whether this occurs due to the use by you or by the Tenant of any contractual break clause in the Tenancy Agreement, an agreed surrender, repudiation, rescission, frustration or forfeiture of the lease, through any Court proceedings, or if your interest in the Property is assigned to another party.
If you instruct us to proceed with a proposed Tenancy and subsequently withdraw your instructions you agree to meet some of the costs and the expenses incurred up to the sum of £1200 including VAT.
Should a sale of the Property be agreed with the original Tenant (or any associated party) after the commencement of the Tenancy, we will be entitled to a commission which will be calculated at the rate of 1.5% including VAT of the sale price.
The following Services are in addition to the above and form the subject of an additional charge. i. Consultancy is offered on request and will be charged at the rate of £300 per hour including VAT and other reasonable expenses and costs.
A minimum fee of £1440inc VAT is payable for any service required by Palace Gate. Such fee gives the client 20 hours of service and is valid for 12 months. Additional information on request.