Property Management Agreement

Property Management Agreement

This Agreement is made on 3 March 2025 between Daniel Okafor (the "Owner") and Brightside Lettings Ltd (the "Manager").

1. Appointment

The Owner appoints the Manager to manage Flat 4, 27 Marlow Road, Leicester LE2 3HB (the "Property") on the Owner's behalf, starting on 1 April 2025 and continuing until ended under clause 9.

2. Manager's duties and authority

The Manager will:

• advertise vacancies and show the Property to applicants;
• screen applicants by checking identity, references, income and, where lawful, credit history;
• sign leases on the Owner's behalf at a rent of not less than £950 per month and for a term of no more than 12 months;
• collect rent and deposits and chase late payments;
• deal with tenant requests and arrange repairs within clause 5;
• inspect the Property every six months and report any concerns to the Owner;
• serve notices on tenants, taking court action only with the Owner's written consent.

Any lease outside these limits needs the Owner's written approval.

3. Choosing tenants

Before signing a lease, the Manager will send the Owner a short summary of the chosen applicant. The Owner may object in writing within two working days, otherwise the Manager may proceed. The Manager will not refuse or choose applicants on any ground that is unlawful where the Property is located.

4. Rent and client money

Rent and deposits will be paid into an account kept separate from the Manager's own money: Brightside Lettings client account, Barclays, sort code 20-45-77, account 61839204. Deposits will be held there or in any deposit protection scheme the law requires. By the 10th of each month the Manager will pay the rent received, less fees and approved expenses, to D. Okafor, Monzo, sort code 04-00-04, account 31927755.

5. Repairs and spending limit

The Manager may spend up to £300 on any single repair without asking the Owner. Anything above that needs the Owner's written approval, except in an emergency where work is needed at once to protect people or the Property, in which case the Manager will tell the Owner as soon as possible. The Owner will keep a float of £500 with the Manager for repairs, topped up when used. The Manager will not add a markup to contractor invoices.

Owner initials: Initials · Owner

6. Fees

The Owner will pay the Manager a management fee of 10% plus VAT of rent actually collected, and a letting fee of £400 plus VAT for each new tenancy the Manager arranges. The Manager may deduct fees from rent collected. No other fees are payable unless the Owner agrees in writing.

7. Monthly statements and records

By the 12th of each month the Manager will send the Owner a statement showing rent received, any arrears, each expense with its invoice, fees deducted and the amount paid over. The Owner may inspect the Manager's records for the Property on reasonable notice.

8. Owner's responsibilities

The Owner will insure the building and hold landlord liability cover, keep any required safety certificates current, provide keys and information the Manager needs, and obtain any lender or insurer consent to letting. Tax on rental income remains the Owner's responsibility.

9. Ending this Agreement

Either party may end this Agreement by giving two months written notice. Either party may end it at once by written notice if the other seriously breaches it, including failing to pay over rent. Within 14 days of the end date, the Manager will hand over all keys, tenant files, deposits, any balance held and a final statement. Existing tenancies continue unaffected.

Owner initials: Initials · Owner

Manager initials: Initials · Property manager

10. Liability

The Manager will act with reasonable care and skill but is not responsible for tenants failing to pay or damaging the Property unless caused by the Manager's negligence. The Owner will cover the Manager's reasonable costs of acting within the authority this Agreement gives.

11. Governing law

This Agreement is governed by the laws of England and Wales.

Signatures

Owner: Daniel Okafor Signature: Signature · Owner Date: Date · Owner Name: Name · Owner

Manager: Brightside Lettings Ltd Signature: Signature · Property manager Date: Date · Property manager Name: Name · Property manager