Station Street, Walsall
Monthly Rental Of £1,995

iLove homes® are offering for rent this this substantial series of buildings which was most recently used as a children's day nursery for the last 20 years. A similar use may be appropriate, however, interested parties are advised to make their own enquiries to Local Authority Planning Department.

The premises are available by way of a new flexible Lease for a term to be agreed.

Accommodation
The ground floor comprises entrance hall, two playrooms, reception rooms, dining room, kitchen and toilet facilities.

The upper floors provide a further series of playrooms/bedrooms, cloakroom/toilet areas, a shower room and box/storeroom.

Separate Office
Set over 2 floors and separate to the main building (accessed through the garden) and having ground floor office, kitchen area and 2 further offices on the first floor

Location
located close to Walsall Town Centre's main thoroughfare. Offering an ideal location for multiple use and being located opposite the train station in a pedestrianised zone.

Description
The property occupies a Town Centre location, comprising a series of two-storey buildings and a garden area. The property has been modified to provide a large nursery with 7/8 study/play areas and a further office accommodation over two floors. The property has been maintained in good repair, operating until recently as a day Nursery. There is a paved area with small garden to the rear.

Viewing
By appointment with the sole letting agents iLove homes


Holding Deposits
Holding deposits will be limited to a maximum of 1 week's rent and subject to statutory legislation on the repayment of this should the tenancy not go ahead. Briefly, this is proposed to be:
1. The landlord has 15 days to make a decision once a holding deposit is taken.
2. If the tenancy does not go ahead then the money must be repaid in full within 7 days of the deadline being reached or the landlord backing out.
3. Repayment does not need to be in full if the tenant backs out of the tenancy agreement themselves, fails right to rent checks, has provided false or misleading information, or where the landlord tries their best to get the information needed but the tenant fails to provide it within the 15 days.
4. If the tenancy does go ahead, the holding deposit must be returned within 7 days of agreement, unless it is converted into part payment of the actual deposit or used towards the initial rent payment.

Deposits
Deposits will be limited to 5 weeks rent as a maximum amount for tenancies where the annual rent is below £50,000.Landlords should bear in mind that deposits are considered to be taken at the start of every new tenancy. As such, if they renew the tenancy on or after June 1st 2019 then they should make sure that their deposit is not more than 5 weeks rent (6 where the annual rent is £50,000 or more). If it is, then any amount above the limit should be returned.

Breaches of the tenancy agreement (damages)
Where the tenant has breached their tenancy agreement and caused damage as a result, then landlords may still seek compensation via deductions from the deposit or court action. They should also be able to leave clauses in their contract stating that the landlord may seek their costs for damages.

Breaches of the tenancy agreement (default payments)
Landlords are allowed to charge for two types of default payments - loss of keys and late payment of rent. Both are subject to restrictions.
For the loss of keys, landlords are allowed to charge the reasonable cost that they can evidence in writing. Anything landlords cannot evidence in writing with receipts will likely be considered a prohibited payment.
For late payment of rent, landlords and agents may only charge 3% above the Bank of England base rate in interest on the late payment of rent from the date the payment is missed. At the time of writing this would be 3.75% interest. They may not charge for sending reminder letters.
How to calculate interest on the rent
The calculation is (rent amount in arrears) x 0.0375 / 365 x (the amount of days since the arrears began).

Changes to the tenancy
While most costs related to assignment or surrender of a tenancy are prohibited, landlords and agents are still allowed to charge certain small sums to tenants if the tenant requests a change in tenant or an early surrender.
Where the tenants have requested a change in the tenancy (such as swapping tenants), the landlord may charge a fee of £50 for the change or the costs incurred. Landlords and agents will be able to charge the equivalent of the rent lost due to the unforeseen void period. As the void period may not be clear at the point of charging many landlords and agents will likely start to regularly refuse tenants looking to surrender early as a result.