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Rent Collection
ARIM ensures that rent is collected on the due date. ARIM will remit rent received monthly in arrear to clients’ accounts net of fees, third party charges, expenditure and any agreed overheads.
Arrears Management
When rents are not paid on the due date, reminders of increasing strength are delivered via telephone or letter. Where necessary, legal notices will be served. ARIM will also liaise with litigation solicitors as appropriate. Where a lessee defaults in payment and our reminders have not resulted in collection, a letter before action would be issued followed by instructions to the preferred litigation Solicitor to seek recovery.
Tenant Deposits
For tenancies in England and Wales, ARIM is registered under the Tenancy Deposit Scheme run by the Dispute Service, one of three approved deposit protection schemes. ARIM holds tenant deposits in accordance with statutory requirements for the duration of a tenancy and will only release these net of any agreed dilapidations, damages or arrears.
Client Accounting & Reporting
It is important to agree the required accounting procedures and reporting requirements at the outset. ARIM holds separate client bank accounts and will provide net rental statements that typically include gross rents received, property related expenditure, sundry cash receipts and payments. Records can be available for inspection by clients, their advisers and auditors.
