Our management fees for the duration of the upfront payment will be deducted from the 1st statement. For example the tenant pays 6 months rent up front we will deduct 6x months worth of management fees.
You will not receive a monthly rental statement for the 2nd month onwards for the duration of the upfront payment however your year end statement will tally this up for you and appear as if you were paid monthly.
At the end of the upfront payment the tenant may revert to monthly payments, if this is the case any balance of your float will be credited to you with the next statement and payments & monthly rental statements will occur monthly thereafter. The tenant may opt to pay an upfront payment again, if this is the case the chosen option on this form will apply unless you notify SPM otherwise.
Should the tenant give notice at any point and they would be due a refund of rent it is a legal requirement for the rent to be refunded within a reasonable timescale (3-5 working days) - SPM will notify you of what refund is due (we will credit any management fees against this amount) and you can transfer to SPM so we can refund the tenant.