LSC provides a platform that connects Landlords who have accommodation to let with individuals or groups who are seeking to rent such accommodation. These services are available through Our Club.
The LSC model is simple; if a Landlord’s property is deemed suitable after the initial valuation, LSC will provide the Landlord with an offer of a start price within 24 hours. Once the offer has been accepted the Landlord’s property will be made available for use immediately to one or more of the Club’s Members.
The LSC model is different and innovative compared to the usual letting agency, as is it a unique peer-to-peer asset-sharing platform. We give the opportunity for Landlords to invest in our club with their own property, meaning that the Landlord is not receiving monthly payments based on their own property, but rather income based on the performance of all the properties in our club’s portfolio. This diversification and growth in size will deliver better than market performance results.
1.3 CLUB (LSC)
1.6 PAYMENT START DATE
1.7 PAYMENT DATE
This Agreement is made on the date specified in section 1.1 of the Particulars
a The Landlord as defined in section 1.2 of the Particulars; and
b The Club as defined in section 1.3 of the Particulars
IN THIS AGREEMENT the expressions as set out in the Particulars on the first page of this Agreement shall have the meaning assigned to them and the following expressions shall, save where the context otherwise requires, have the following meanings:
Breach: an act done on the part of the Member, which contradicts the terms, conditions or rules of this Agreement or the Club in general. There are various levels of breaches with differing consequential results as determined by the Club.
Club: The organisation, person or persons named as Club in Section 3 of the Particulars
Club Management – Staff responsible for the organisation and management of the respective Premises, as appointed by the Club.
Daily Charge: calculated as follows – Monthly Contribution divided by 30 and multiplied by the number of outstanding days.
Eligibility Criteria: The basis upon which the Club will decide whether the Landlord’s property is deemed suitable for use by the Club. To qualify, a Landlord must be legally entitled to authorise the use of any relevant property by the Club, free from any mortgages or third party interests. The Landlord must own a property within London in Zones 1-4 and with at least 3 bedrooms.
Fee: Money or payment owed to the Club by the Member for services rendered.
Insured Risks: Fire, lightning, explosion, earthquake, landslip, subsidence, riot civil commotion, impact by aircraft or aerial devices or objects dropped from them, storm, flood, impact by vehicles and damage by malicious persons or vandals and property owner’s liability and any other risks against which the Landlord decides to insure from time to time.
Landlord: any person or persons legally entitled to sign up to make a property or properties available through the Club. For the purposes of this Agreement, this shall refer to the person or persons named as Landlord in section 2 of the Particulars and including the person or persons for the time being entitled to the reversion immediately expectant upon the determination of the Term hereby granted.
Maintenance Contractor/Team: does not refer to LSC in anyway. This is an independent subcontractor as determined by the Club and may change at any time without notice to Members.
Member: any person or persons who sign/s up for membership of the Club to gain access to the Club and make use of the Premises for the Permitted Use.
Membership Agreement: An agreement made between the Member and the Club on the Club’s standard form(s) which grants the Member access to the properties available in the Club in accordance with the agreed terms.
Monthly Contribution: The amount payable by Members each month as per the agreement terms and at the amount set on the Membership Agreement
Notice: A written document on LSC letterhead and signed by a LSC representative delivered to the recipient via either electronic communications, in person from a LSC representative, or via post.
Outstanding Balance: Any monies owed to the Club not yet settled or paid by the Member to the Club.
Payment: The amount of money determined by the Club, to be paid to the Landlord on a pro rate base. This is apportioned based on the about of properties that Landlord has within the Clubs, and the profit performance that will be equally split across all landlords and the club.
Permitted Use: The use of the Premises as residential accommodation by the Members.
Premises: Any property or properties in ownership of the Landlord and/or any person having a superior interest to the Landlord which will be made available to Members for the Permitted Use until the termination of the Membership Agreement.
Representation: The Club will not recognise notices or correspondence from any third party in relation to representation of a Member unless that Member has explicitly written to the Club notifying the Club of their intent to have another third party represent them in regards to any maters or disagreements.
Term: The period of time specified in section 5 of the Particulars subject to the provisions as to termination hereinafter contained.
Termination: after Notice has been served to the Member, the Club carries the write to end this Agreement, or any subsequent agreement, for Breach or any other reason at the discretion of the Club.
Top-Up: the mechanism affixed by the utility service provider for processing payments and additional payments.
Verbal Agreement: any other agreement or conversation other that those defined under Notice.
3.1 A Landlord with a property in London and the legal entitlement to authorise such a decision can be a part of the Club as long as they meet the provided Eligibility Criteria. Details of this will be provided to any interested party following initial contact with the Club via telephone, electronic mail or written enquiry to the address given at section 3 of the Particulars.
3.2 Any person or persons can apply to become a Landlord by submitting their details and those of the Premises for inclusion within the Club, in accordance with the Club’s procedures as noted in Clause 4.1 Acceptance as a Landlord shall be subject to the Premises meeting the Club’s Eligibility Criteria and it shall be subject to the Club’s sole discretion to refuse any application.
3.3 The Landlord is not expected to pay for any fees or commissions beyond those outlined within this Agreement. The fees and commission schedules may however be altered by the Club, at their sole discretion. Written notice will be issued to the Landlords notifying them of such amendment and updates.
NOTES AND GENERAL TERMS
4.1 The Club agrees to make a Payment to the Landlord each month that shall amount to an equal division of the allocated proceeds collected by the Club from the Monthly Contributions of the Members on all of the Club’s Premises. The Landlord acknowledges that the Payment received shall be pro rata dependent on the start price for the Premises as agreed by the Club and the Landlord. The Landlord also acknowledges that the Payment received will be dependent upon the occupancy or vacancy rates of all of the Club’s Premises prior to the Payment Date of each month, and will be apportioned post the Club’s management portion being assigned.
4.2 The Landlord authorizes the Club and its agents to provide a platform upon which to advertise, promote and organize the use of the Premises as necessary, including but not limited to: selecting Members, arranging/carrying out viewings, obtaining references and dealing with negotiations.
4.3 The Landlord shall be entitled to conduct an inspection of the Premises each month, following the provision of notice to the Club 24 hours prior to the inspection either by telephone or electronic mail.
4.4 The Landlord shall not be entitled to partial use of the Premises while in use by the Club.
4.5 If at the reasonable discretion of the Club it is felt that the Landlord is demonstrating unreasonable behaviour the Club reserves the right to hand back the Premises to the Landlord, and the Club will cease the advertisement and organization of the Premises. In the event of this the Landlord will be obligated to make a payment to the Club which will amount to the equivalent of one Monthly Contribution in order to cover the administration fees for de-listing and relocations of members.
4.6 If a repair or replacement is required as a matter of urgency or in an emergency (according to the Club acting reasonably) then the Club shall be entitled to effect the repairs or replacement without giving any notice to the Landlord and recover the full cost of the repair r replacement from the Landlord. The amount of this cost shall not exceed £100.
4.7 All parties, either the Landlord or the Club, have the right to terminate this Agreement at the end of a Term, or as the result of a material breach of the terms of this Agreement during a Term. All termination are to be advised in writing and to be subject to notice of at least 30 days during which period the breach may be rectified and the termination cancelled by agreement.
4.8 The Landlord is at all times responsible for taking any legal action against a Member where a Member is in breach of the Member’s obligations as set in the Membership Agreement, and for the costs and expenses involved in taking any legal or other action. The Club may only advise on such matters to either party, but will not be involved in any proceedings.
4.9 The Landlord subjects their premises into the pool of other Premises made available to all Members of the Club. The Club cannot provide any preferential services in order to fill one Landlords Premises over another, unless demand as shown by the Members for that Premise is high.
4.10 The Landlord acknowledges that by offering their Premise into the pool of available Premises available to Members of the Club, that does not give the Landlord any right or access to the other Premises.
RESPONSIBILITIES OF THE CLUB
THE CLUB AGREES and undertakes with the Landlord as follows:
5.1 To use its best endeavors to keep the Premises occupied in use by the Members at all times.
5.2 To ensure that Members keep the interior of the Premises in good decorative order (fair wear and tear excepted) PROVIDED THAT the Club shall have no obligation to deliver the Landlord’s furniture, fixtures, fittings and equipment including (but not by way of limitation) carpets or other floor coverings at the commencement of the Term (or which have since that date been brought onto the Premises) or to replace. The Club will carry out monthly inspections at the Premises to verify the conditions of the Premises and ensure compliance with this clause.
5.3 To ensure that the Premises are subjected to regular cleaning through professional services to be appointed by the Club.
5.4 To ensure that all payments are made promptly by the deadline agreed in section 1.7of the Particulars and that such payments will be bestowed in compliance with this Agreement.
5.5 Not to use or knowingly permit the use by Members of the Premises or any part thereof otherwise than for the Permitted Use, nor to use or knowingly permit the use of the Premises in any manner which is a nuisance to the Landlord or the owner or occupier of any neighbouring properties or which is for an illegal or immoral purpose.
5.6 Not to make or knowingly permit any Member to make any structural alterations or additions to the Premises without the Landlord’s prior written consent.
RESPONSIBILITIES OF THE LANDLORD
As per this Agreement between the Club and the Landlord
THE LANDLORD AGREES with the Club as follows:
6.1 All Landlords must cooperate with and assist the Club in good faith (including responding promptly to communications), and provide the Club with such information and take such actions as may be reasonably requested by the Club in connection with any complaints, claims, charges or notices relating to the Premises or with respect to any investigation undertaken by the Club or its representatives, its insurers or the police, regarding any insurance claims, use or abuse of the Club’s services or any other investigations.
6.2 That so long as the Club is not in breach of any of its obligations under this Agreement, it shall be entitled peaceful and quiet hold and enjoyment of the Premises without any lawful interruption by the Landlord or any person claiming through, under or in trust for the Landlord.
6.3 Where there is a mortgage on the Premises to obtain the permission of the lender to enter into this Agreement with the Club prior to signing this Agreement.
6.4 To ensure that adequate cover exists under buildings insurance, and must inform the insurers that the Premises is to be made available to Members by the Club.
6.5 Before any Membership Agreement is granted:
To bring the Premises to a suitable standard of condition for the purposes of letting in accordance with the requirements of the Local Authority Environmental Health Department, and other legislation.
To ensure the furniture and furnishings comply with current safety legislation
To provide smoke alarms as required by the Club.
6.6 The Landlord agrees to take responsibility for any maintenance arising from damage that may be required on the Premises, in the event that such damage does not occur as a result of any negligence or carelessness on the part of the Members.
6.7 On or before the start of the Agreement to deliver to the Club two full sets of keys to the Premises.
6.8 At the Landlord’s cost to put and keep in good repair and condition:
The interior structure of the Premises including the boundary walls thereof, any walls in the Premises, roof foundations and ceiling, walls (including plaster work) and all supporting structures and floors;
Whether inside or outside the Premises all installations for space heating, central heating, water heating and sanitation and the means of supply of water, gas, electricity and telephone and other services in and to the Premises including (but not by way of limitation) all means of ventilation and all cooking and washing facilities and any burglar or fire alarm or smoke alarm or entry-phone systems and carry out such work of repair and redecoration (including any necessary remedial work) necessitated by rising and/ or penetration damp or condensation and for the supply and use of water, gas and electricity to or in the Premises and to renew modernise and replace the same whenever necessary;
All parts of the building that do not form part of the Premises, inclusive of any common areas for the building occupants and guests.
6.9 To insure and keep the Premises insured against loss or damage by the Insured Risks under a comprehensive insurance policy for Premises of the same type as the Premises to the full cost of replacement and reinstatement subject to the availability of insurance cover against such risks and to the extent and subject to such conditions as insurance cover against risks is generally available in relation to the Premises. The Landlord will also produce to the Club on demand a certified copy of the insurance policy and receipt for the last premium.
6.10 Whenever any part of the Premises are damaged by any Insured Risks, after the insured loss or damage has come to the Landlord’s attention following notice by the Club, the Landlord agrees to submit a claim for payment under the insurance policy or policies effected pursuant to the terms of this Agreement. The Landlord agrees to make all reasonable efforts to obtain prompt payment of insurance monies from the insurers and to apply promptly the proceeds of every insurance policy covering the Premises and all additions or fixtures in their rebuilding, reinstatement or replacement.
6.11 To execute all works and provide and maintain all arrangements upon or in respect of the Premises or the Permitted Use to which the Premises are being put that are required in order to comply with the requirements of any statute (already or in the future to be passed) or any Government department, local authority under public or competent authority, or Court of competent jurisdiction, regardless of whether such requirements are imposed by law or by any bye-law applicable to the Premises or in regard to the use to which the Premises are being put.
The Landlord shall also ensure that:
6.12 Any work carried out by or at the request of the Landlord must be carried out by a person competent to do so and be carried out to the satisfaction of the Club.
6.13 Works of an electrical nature must be carried out by a person who is a member of the National Inspection Council for Electrical Installation and Contracting (NICEIC). On completion of the works a copy of the completion certificate is to be sent to the Club. This certificate must be signed by the contractor and include the contactor’s business name, address and membership number of the NICEIC.
6.14 Works involving gas installations must be carried out by a person who is a member of the Council for Registered Gas Installers (CORGI). On completion of the works a copy of the completion certificate is to be sent to the Club. This certificate must be signed by the contactor and include the contractor’s business name, address and membership number of CORGI.
6.15 Whenever any other Premises within the building (if any) are subject to a lease or leases, to observe and perform all covenants given by the Landlord therein and fully and promptly to enforce all covenants given by the Club and every other parts thereto (if any) in each and any such lease
7.1 Any notice required or authorised under this Agreement shall be in writing and shall be served upon the Landlord either personally or by leaving it for him/her at their last known address.
THE LANDLORD HEREBY acknowledges that the Club would not have made this
Agreement if it was not possible to use the Premises for the Permitted Use and WARRANTS that the Premises may lawfully be used and is in the required state of repair and condition for use for the Permitted Use.
The Landlord is not able to substitute other properties that he or she may own, into the Club’s pool, in replacement of the agreed Premises stipulated in clause 1.4. Any new properties introduced into the platform by the Landlord will be treated and assessed as a new Premise and be subject to a new agreement similar to this.