TPI members must deal with any handover in a professional, competent and efficient manner with agreed timescales whether they are the outgoing or incoming managing agent.
All agreed documents and uncommitted funds must be passed on at the agreed date of handover.
Synopsis
- The balance of funds and a statement of accounts must be passed over as soon as possible after handover but no later than 3 months after handover.
- The TPI model management agreement contains optional clauses that can be used by managing agents to govern procedures at handover.
- Managing agents should make clear in their management agreements what information and documents they expect to receive in order to be able to manage the property professionally and what documents they will hand to the client if their management agreement is terminated.
- Managing agents may wish to retain copies of information passed on to the client at handover in order to deal more easily with any matters arising after handover.
- Handovers to RTM Companies are dealt with elsewhere – see Guidance Note Right to Manage - Handovers.
Covering Topics
- Overview
- Termination and Notice
- Resignation by the Managing Agent
- Termination by the Client
- Termination if no Written Contract
- Timescale for Handovers
- Deficits
- Disputes Over Unpaid Fees
- Handover of Funds
- Management During the Notice Period and Handover
- Handover of Documentation
- Right of Lien
- Checklist for Handover
- Appendix 1 - Suggested Professional Letter
- Appendix 2 - Form of Mandate
- Appendix 3 - Checklist of Records and Documents that Might be Required on a Transfer
- Appendix 4 - Checklist of Records and Documents
that Might be Required on a Transfer
