New Space

New Space

Terms of Business

Let Only · Rent Collection · Full Management

New Space

Terms of Business

This Agreement sets out the services New Space provides to you and your responsibilities as Landlord. The letting or management of your property cannot proceed until these Terms have been accepted. Please read it carefully — if any part isn't clear, speak to us before accepting. You will be bound by this Agreement as soon as you accept it, whether online or in writing.

The easiest way to accept is online — tell us which service you'd like and a little about the property and yourself, and sign electronically below. It takes about ten minutes and reaches us instantly. If you'd rather not complete this online, call us on 020 7275 2040 or email website@newspaceuk.com and we'll send a paper copy to sign and return.

Registered Details

Managed Exit Ltd t/a New Space
266 Kingsland Road, London E8 4DG
Reg. No. 06631310 · VAT 975741674

Regulatory Membership

Redress: The Property Ombudsman
Client Money Protection: UKALA, membership no. 18882

Overview

What's in this Agreement

1

Schedule 1

Our commission and fees.

2

Schedule 2

General terms that apply to every instruction.

3

Schedule 3

Additional terms for Rent Collection and Full Management.

4

Schedule 4

How we collect your property, contact and payment details.

At a glance

Services & Fees

A quick comparison of our three service levels. All fees are shown exclusive of VAT unless otherwise stated.

Full Management

12% + VAT

Arrangement fee included

Rent Collection

8% + VAT

£180 arrangement fee

Let Only

7% + VAT

£180 arrangement fee

Standard on every instruction

What's Included with Every Service

Regardless of the service level you choose, every instruction includes the following as standard — from the moment we begin marketing through to the tenancy commencing.

Professional Photography

High-quality images to showcase your property at its best and attract the strongest applicants.

Accompanied Viewings

We accompany every applicant and provide you with marketing feedback and regular updates.

Comprehensive Marketing

Full marketing campaign across all major portals and our own channels to maximise exposure.

Referencing & Right to Rent

Comprehensive tenant referencing, credit checks and statutory Right to Rent verification.

Tenancy Agreement

Paperless legal process — tenancy agreement prepared and executed electronically.

Cleaning & Compliance

Professional cleaning arranged on request; certification and compliance checks coordinated.

Service comparison

Once There's a Tenant

ServiceFull ManagementRent CollectionLet Only
Section 13 rent-increase notice£150 + VAT
Managing a rent review dispute£500 + VAT
Deposit registration
Rent arrears advice—
Tenancy protection service—
Monthly & yearly financial statements—
Collection of rent—
Arrangement of other outgoings—

Full Management

Exclusive Benefits

Our Full Management service goes far beyond finding a tenant. Once the tenancy is in place, we take responsibility for the day-to-day running of your property so you don't have to.

Repairs & Maintenance

  • Instruction of repairs
  • Recommended contractors
  • 24-hour emergency service
  • Key-holding service

Property Oversight

  • Periodic property check-ups
  • Legal notices
  • Utility management service
  • Management fees paid monthly

End of Tenancy

  • Management of the check-out
  • Deposit deduction advice
  • Financial statements
  • Smooth re-letting process

Prices exclude VAT unless stated. Full terms for every service and fee are set out in Schedules 1–3.

Schedule 1

Commissions & Additional Fees

1.Commissions

You are responsible for paying our commission when any person, company or other organisation enters into a binding contract for the occupation of the Premises as a result of: (a) a viewing conducted by New Space; (b) sight of any marketing or advertising material produced by New Space; or (c) an introduction from an existing occupier for whom we have previously charged a commission. Our commission is payable whether or not we are the effective cause of the transaction.

VAT is chargeable on all commission at the prevailing rate (currently 20%); all fees are shown exclusive of VAT unless stated otherwise. If our fees are not paid on commencement of the tenancy, interest accrues daily at 4% above the Bank of England base rate.

Let Only — 7% + VAT

Sole agency basis. 7% + VAT of the gross rent payable for the initial letting period, plus a £180 arrangement fee. Normally deducted from the first rent payment; any balance is payable in cleared funds before the tenancy commences.

Rent Collection — 8% + VAT

Sole agency basis. 8% + VAT of the gross rent, premium or other money payable throughout the tenancy, taken monthly direct from the rent, plus a £180 arrangement fee.

Full Management — 12% + VAT

12% + VAT of the gross rent payable throughout the tenancy, taken monthly direct from the rent. The arrangement fee is included at no extra charge.

In line with the Tenant Fees Act 2019, the only sums we charge a tenant are a holding deposit (capped at one week's rent), the security deposit, and the limited default charges the Act permits. We do not charge tenants a letting, renewal or administration fee.

2.Commission Refunds

If the tenancy is terminated before the end of its full term, we refund commission you have paid on a pro-rata basis. This refund is only payable if we re-let the property, and is applied as a credit against the fee for the new letting.

3.Additional Fees

Referrals to a rent assessment committee, court or tribunal proceedings, or protracted correspondence on your behalf, are charged at £75 + VAT per hour. If specialist solicitors are instructed, you are also responsible for their fees and expenses.

Keys: one set per tenant plus an additional set retained at the branch; duplicates cut at your expense if not provided. Property attendance (other than scheduled visits) is £40 for up to one hour and £20 per hour or part thereafter.

4.Sales Commission

We do not charge a sales commission if a tenant purchases the Premises from you, or if you sell to a third party.

5.Sub-Agency

Where it would help let the Premises promptly, we will share details with our local panel of authorised agents on a commission-sharing basis, at no additional expense to you.

6.Reimbursement of Fees and Costs

By accepting this Agreement you consent to all outstanding fees, costs and other charges being deducted from funds we hold for any property you own, including any deposit deductions the tenant has agreed to pay you.

Schedule 2

General Terms

7.Initial Visit

We will visit the Premises to view them and give you an indication of the likely market rent achievable.

8.Prior to Letting

You must ensure the Premises are fit to let. All machines, gas appliances and electrical goods should be in full working order, recently serviced, checked for safety, and have clear instructions for use.

9.Cleaning

Properties should be thoroughly cleaned and gardens (if applicable) in good seasonal condition. On request, we can arrange cleaning of the Premises.

10.Marketing

We will market your Premises to inform suitable applicants of its availability.

11.Viewings

As and when we have interested applicants, we will accompany them to the Premises using keys you provide.

12.References

We reference applicants for you: a draft sample tenancy agreement, references, a credit report checking financial standing and income, contacting the previous landlord where possible, and a personal referee — without responsibility for the accuracy of those references unless due to our negligence or breach of contract.

13.Inventories

An inventory and schedule of condition is essential for proper management, whether let furnished or unfurnished, and reduces the risk of a deposit dispute. Without one, you may be unable to prove the condition of the Premises at the start of the tenancy or obtain compensation, and we have no liability for any resulting loss.

Property sizeInspectionCheck-in/outInventory & Check-in
0–1 bed£65£125£168
2 bed£80£150£202
3 bed£95£165£232
4 bed£110£175£258
5 bed£125£215£283
6 bed+£140£230£307

Prices exclude VAT. We recommend an inventory and check-in for every new tenancy to protect your position at the end of the term.

14.Service of Notice

Unless the tenant voluntarily surrenders possession, a valid statutory notice is required. The Renters' Rights Act 2025 abolished Section 21 "no-fault" notices from 1 May 2026, so tenancies we arrange or manage are assured tenancies and possession may only be sought on the statutory Section 8 grounds (Housing Act 1988). We will advise on the grounds available and, where instructed, prepare and serve the relevant notice. If the tenant does not vacate, County Court proceedings may be necessary; we can introduce specialist solicitors.

15.Utilities and Council Tax

Where we manage the property, we notify the local authority when the tenant occupies. You are responsible for charges up to and including the occupation date, and for any void period. Many utility suppliers will not take instructions from us, so it remains your responsibility to contact them directly.

16.Rent Review & Rent Increases

Following the Renters' Rights Act 2025, tenancies continue on a periodic basis and fixed terms are no longer offered for new lettings. For managed / rent-collection tenancies we contact you to discuss a rent review — included in your fee. For Let Only we can issue a statutory Section 13 notice for £150 + VAT, and manage a rent review dispute for £500 + VAT. The tenant may challenge a proposed increase at the First-tier Tribunal; our fees remain payable for as long as the tenant occupies.

17.Consent for Letting

On request you must provide documentary evidence that you are legally entitled to grant a tenancy. By accepting these Terms you warrant that you are the owner or otherwise lawfully entitled. If registered with the Land Registry, we reserve the right to obtain office copy entries at your cost.

18.Mortgages

Where mortgaged, you need your mortgagee's written consent before the tenancy starts, and any special conditions must be given to us beforehand — they cannot be imposed on a tenant later. By accepting these Terms you warrant you have obtained the necessary consent.

19.Sub-Letting

If you are a leaseholder, you will normally need consent from your superior landlord, freeholder or managing agent before sub-letting. We will need a copy of the head lease and any schedules referred to in it.

20.Insurance

The Premises and contents listed in the inventory must be adequately insured, and your insurers must know the Premises are let — failing to tell them may invalidate cover. Check third-party liability cover is included. We recommend a policy covering loss of rent, contents and legal expenses.

Schedule 2 · Clauses 21–24

Safety & Compliance Obligations

As a landlord you have statutory safety obligations — failure to comply is a criminal offence in several areas. New Space arranges the checks as part of our service; you only pay the engineer's or assessor's own fee.

Clause 21

Furniture & Fire Safety

It is a criminal offence to let with furniture or soft furnishings that cannot be proven to comply with the Furniture and Furnishings (Fire)(Safety) Regulations 1988 (as amended). You authorise us to remove any non-compliant item. The Regulations apply to upholstered furniture, beds, mattresses, cushions, pillows, cots and garden furniture that may be used indoors.

Clause 22

Electrical Safety

Electrical installations must be inspected and tested by a qualified person at least every 5 years under the Electrical Safety Standards (Private Rented Sector)(England) Regulations 2020. A copy of the EICR must be provided to the tenant and to us; remedial work completed within 28 days. We arrange this — you only pay the electrician's fee.

Clause 23

Gas Safety

It is a criminal offence to let with gas appliances not checked by a Gas Safe registered engineer within the previous 12 months. You must provide a valid Gas Safety Certificate or authorise us to arrange one (you only pay the engineer's fee). The GSC is renewed every 12 months. A tenancy cannot commence until we hold a valid GSC.

Clause 24

Energy Performance

You must provide a valid EPC before an applicant views or receives written details — failing to do so is a criminal offence. We can instruct an assessor (you only pay their fee). Under MEES, the property must not be let with an EPC rating below E unless a valid exemption is registered.

Schedule 2 · Clauses 25–31

Deposits, Rent & Accounts

25.Advance Rental Payment

We collect one calendar month's rent in advance from the proposed tenant on signature of the tenancy agreement, paid to you under the Payment of Landlord Accounts clause.

26.Rent Arrears / Breaches

It is your responsibility to take all necessary steps to protect your interests, including instructing solicitors and commencing proceedings to recover arrears and defend actions brought against you.

27.Security Deposits

We collect a 5-week security deposit where annual rent is under £50,000, or a 6-week deposit where it is £50,000 or more, in line with the Tenant Fees Act 2019. The deposit is held by us as stakeholder in an interest-bearing account; any interest is retained to cover banking and administration costs. As stakeholder we cannot release the deposit without the written consent of both parties.

After the tenancy ends, with the tenant's written consent, you may ask us to deduct: damage caused by the tenant; damage or cleaning due to pets; housing benefit repayable to the local authority; unpaid rent; and unpaid utility or similar accounts. We are members of The Deposit Protection Scheme (depositprotection.com). Registering your deposit is included, whichever service you use.

Since April 2007, no landlord may hold a deposit for a tenancy of this kind unless they, or their agent, belong to a government-approved scheme. If New Space does not manage the Premises, it is your responsibility to protect the deposit and serve the Prescribed Information — failing to do so could make you liable to a penalty of up to three times the deposit, plus legal costs.

28.Taxation

You are liable for tax on your rental income and must inform HMRC that you are letting. Keep invoices for six years. Non-Resident Landlords: until an HMRC approval number is received, we must deduct tax at the prevailing rate (currently 20%) and forward it quarterly — a £250 + VAT p.a. admin charge applies. Making Tax Digital: from 6 April 2026, landlords with gross rental income over £50,000 must keep digital records and send quarterly updates to HMRC.

29.Payment of Landlord Accounts

Accounts are paid within 10 working days of the tenancy commencing, transferred electronically to the bank details you provide. Rent received is processed and paid out within 5 working days of receipt and clearance.

30.Statements & Correspondence

To reduce our environmental impact, statements and correspondence are emailed rather than posted — please ensure your email address is correct. You also receive a login to our online landlord portal to see all your documents in one place, any time.

31.Houses in Multiple Occupation

Mandatory licensing applies where a property is occupied by five or more people forming two or more households sharing kitchen, bathroom or toilet facilities. Additional and selective licensing may also apply locally, and planning consent may be required. It is your responsibility to investigate, obtain and comply with any licensing or planning permission required.

Schedule 3

Rent Collection & Full Management

32.Rent Collection

We use our best efforts to arrange a standing order so the tenant pays rent direct to us. We send a monthly statement within 10 working days of receiving cleared funds, less agreed fees and expenses. We cannot be held responsible if the tenant fails to pay, unless due to our negligence or breach of contract — but we will act in your name to recover arrears and, if needed, advise you to instruct specialist solicitors (you remain responsible for legal costs).

Rent Guarantee Policy (optional)

  • One policy per property regardless of the number of tenants
  • Protects the monthly rent
  • Includes legal expenses for serving notices and gaining vacant possession
  • Cover continues until vacant possession is obtained
  • Tenants can be changed during the tenancy subject to successful referencing

Subject to all tenants and any guarantors passing a reference. Please ask us for a quote.

33.Maintenance of the Premises

You authorise us to organise minor repairs up to £250 including VAT. We retain £200 from your first rental payment as a repair fund. Where repairs are likely to exceed £250 + VAT we seek your written authority; if we don't hear from you within 3 days we proceed using our judgement. A supervision charge of 10% (minimum £250 + VAT) applies on protracted refurbishment or building works. We cannot arrange works without first holding sufficient cleared funds.

34.Payment of Other Outgoings

Where instructed and provided we hold sufficient funds, we can pay other outgoings from your rental income — for example ground rent and service charges where you hold a leasehold interest. Please instruct those providers to contact us directly.

35.Income & Expenditure Summary

Within three months of the tax year ending, we send a summary of the income and expenditure associated with letting your property, to help with your Self-Assessment. This is not intended as tax advice.

36.Termination

Either party may terminate this Agreement in writing on the tenant vacating, or on 3 months' written notice. We may terminate immediately for major breach.

Early termination in the first year: if you end our Rent Collection or Full Management service so that it finishes within the first 12 months of a tenancy we arranged, a fee equivalent to 8% + VAT of the gross rent for the remainder of that first 12-month period becomes payable on termination, in place of the monthly management commission for those months.

Questions?

Get in Touch with New Space

Whether you're ready to instruct us, have questions about which service is right for you, or simply want to talk through the Terms before accepting, our team is on hand to help.

Visit Us

266 Kingsland Road, London E8 4DG

Managed Exit Ltd t/a New Space · Reg. No. 06631310 · VAT 975741674 · Member of The Property Ombudsman · Client Money Protection through UKALA no. 18882

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Section 1

Your details

Section 2

The property

Section 3

Where to pay your rent

The UK bank account your rent should be paid into. We need this for every service — for Let Only it's where we send the balance of the first month's rent after our fee.

Sent securely and used only to set up and manage your tenancy payments.

Section 4

Declarations & signature

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By submitting you accept the Terms electronically, with the same effect as a written signature.

New Space

We’re an established independent lettings and management specialist based in Haggerston. From here, we cover London Fields, Dalston, De Beauvoir, Hoxton, Stoke Newington, Hackney Central, Hackney Wick and Clapton.

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Property to Rent

Managed Exit Ltd T/A New Space UK | 266 Kingsland Road, London E8 4DG | Company Number: 06631310 | VAT Number: 975741674 | Property Redress Scheme: Property Ombudsman | Client Money Protection Provided by UKALA Membership No: 18882

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