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Commercial Owner

Commercial Owner

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Frequently Asked Questions

Commercial Owner

Commercial Owner

How do I changeover to Time Conti Sheffield from my current agent?

Firstly, and most importantly check your current Management Authority to ensure you are not locked into a contract. Also check the number of days' notice you need to give to your current agent.

Then it's easy - sign up with us, give your current agent the required notice and we will handle everything from that point onwards.

When will I receive my rent?

Commercial tenants pay their rent monthly and usually it is payable on the 1st of each month. Given this usually we do owner payouts mid-month and end month. We can tailor this to suit your needs.

What happens if my tenant is late with their rent?

The way in which late rent is handled is set out in the Commercial Lease however initially we would contact them to find out if there is a problem and when payment could be expected.

If this doesn't yield a satisfactory answer, then we would issue a default notice giving them 7 days to pay.

During this time, we would be in contact with you to seek instructions and ensure you remain in the loop.

If the rent is still not paid after the default notice expires then the tenant faces the real possibility of being locked out of the premises.

What are Variable Outgoings (VO's)?

This is usually discussed with the owner at the commencement of the Management so that the VO's are collected in a way that is suitable to the owner. Generally speaking there are 2 ways - on demand, that is as each invoice comes in the tenant is invoiced in full. The other way is for a budget of the Outgoings to be done for a 12-month period and the tenant to be invoiced 1/12 monthly. The budgeted figure is then reconciled to the actuals once a year. This is done on financial year basis.

How do you collect the Variable Outgoings?

This is usually discussed with the owner at the commencement of the Management so that the VO's are collected in a way that is suitable to the owner. Generally speaking there are 2 ways - on demand, that is as each invoice comes in the tenant is invoiced in full. The other way is for a budget of the Outgoings to be done for a 12-month period and the tenant to be invoiced 1/12 monthly. The budgeted figure is then reconciled to the actuals once a year. This is usually done on financial year basis.

When will rent reviews be done on my property?

Rent reviews are conducted in accordance with your lease. Most Leases allow for a rent review to be completed on each anniversary of the lease commencement date. The method of review varies from lease to lease but the most common are CPI, fixed percentage and market. Once the review has been completed, we will contact you to confirm the new rental amount.

What happens if maintenance is required at the property?

Some maintenance is the responsibility of the tenant. They will usually contact us to arrange and we will add it to their Variable Outgoing reconciliation or invoice them on demand. If the maintenance is not the responsibility of the tenant, then we will contact you to seek instructions before going ahead.