Terms & Conditions
Draft for review by a solicitor before use. Items in [brackets] are to be completed.
1. About us
1.1 These terms apply to the services of Nestful Services, a trading name of Exidia Ltd, company number [ ], registered office 61 Bridge Street, Kington, HR5 3DJ, tel 0207 112 8232, email Exidia.ltd@gmail.com ("we", "us"). We are members of the Property Redress Scheme, membership no. [ ], and supervised by HMRC for anti-money laundering, registration no. [ ].
1.2 "You" means the person or company using our services. "Deal" means any property we introduce to you.
2. Our services
2.1 We search for, view, analyse and introduce investment property, and may provide refurbishment management and lettings services if agreed in writing.
2.2 We are a property sourcing company. We do not give financial, investment, mortgage, legal, tax or surveying advice. Any figures in a deal pack are estimates to help you decide, not advice.
2.3 Introductions to brokers, solicitors, surveyors or builders are for convenience. Those professionals are independent and responsible for their own work. We may receive a referral fee, which we will tell you about.
3. Your responsibilities
3.1 You must carry out your own due diligence, including an independent survey, legal searches through your solicitor, and your own finance advice, before exchanging contracts.
3.2 You confirm the information you give us (budget, funds, identity) is true. You must provide identity and proof-of-funds documents when asked, so we can meet anti-money-laundering law.
3.3 You decide whether to buy. We are not responsible for your decision to proceed.
4. Fees
4.1 We charge no fee for the discovery call or for presenting deals, except the initial fee in clause 4.2.
4.2 A one-off initial fee of £1,000 (plus VAT where it applies) is payable when you sign up if you are (a) a new client buying property outside Greater London, or (b) a new client based outside the UK, wherever the property is. It covers onboarding and identity checks, is payable once per client, is not deducted from the sourcing fee, and is not refundable once those checks have started, subject to your cancellation rights in clause 8.
4.3 Our sourcing fee is a percentage of the agreed purchase price of each Deal you buy, and applies equally to UK and overseas clients: (a) for properties in Greater London (the 32 London boroughs and the City of London), 1% plus VAT; (b) for properties elsewhere in the UK, 2% plus VAT, with a minimum fee of £3,950 plus VAT.
4.4 When you choose to proceed with a Deal, you sign a Deal Reservation form and pay a commitment fee of £1,000. The commitment fee is deducted from the sourcing fee, and the balance is due on exchange of contracts.
4.5 The commitment fee is refunded in full if the purchase fails because: the vendor withdraws or sells elsewhere; your independent survey or your solicitor's searches reveal a material defect we did not disclose; or the property is down-valued by more than [ ]% by your lender. It is not refundable if you withdraw for any other reason, including a change of mind or failure to obtain finance you said was in place.
4.6 Refurbishment project management is quoted separately in writing before work starts. Our fee is normally 12% to 15% of the cost of works, and up to 20% for complex projects such as extensions, conversions or HMOs.
4.7 Lettings and management services are provided on Exidia Ltd's standard lettings terms.
4.8 Late payments carry interest at the rate allowed under the Late Payment of Commercial Debts (Interest) Act 1998 for business clients, or [ ]% a year above the Bank of England base rate for consumers.
5. Non-circumvention and confidentiality
5.1 Deal information we send you, including the address, vendor details and figures, is confidential and for your use only.
5.2 If you, or anyone connected to you, buy a property we introduced within [12] months of our introduction, without going through us, the full sourcing fee is payable.
5.3 You must not pass our deals to other investors or sourcers without our written agreement.
6. No guarantees
6.1 Property values and rents can fall as well as rise. Estimates of value, rent, refurbishment cost, yield and return are based on information available at the time and may be wrong.
6.2 We do not guarantee any return, rental income, refinance value, sale price or timescale.
7. Our liability
7.1 Our total liability to you for any Deal is limited to the fees you have paid us for that Deal.
7.2 We are not liable for loss of profit, loss of opportunity, or for the acts of vendors, agents, lenders, solicitors, contractors or tenants.
7.3 Nothing in these terms limits liability for death or personal injury caused by negligence, for fraud, or any liability that cannot be limited by law. If you are a consumer, your statutory rights are not affected.
8. Cancellation (consumers)
8.1 If you are a consumer and agree these terms online or by phone, you may cancel within 14 days of agreeing them without giving a reason, under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013.
8.2 If you ask us to start work during the 14 days and then cancel, you pay for work already done. If the service is fully performed in that time, you lose the right to cancel.
9. Ending the agreement
9.1 Either of us may end this agreement by written notice. Fees already due, and clause 5, still apply after it ends.
10. Complaints
10.1 Our Complaints Procedure explains how to complain. If we cannot resolve your complaint, you may refer it to the Property Redress Scheme.
11. General
11.1 These terms, with any Deal Reservation form and written quotes, are the whole agreement between us.
11.2 We may update these terms; changes do not affect a Deal already reserved.
11.3 These terms are governed by the law of England and Wales, and the courts of England and Wales have jurisdiction.