Payment structure

A summary of payment terms

Various periodic payments will need to be set up which relate to the building. These include, rent, service charges, buildings insurance, business rates and utilities.

Rent invoices

For most of our properties, the rent is invoiced quarterly in advance on the legal quarter days which are as follows:-

Q1  25th March – 23rd June
Q2  24th June – 28th September
Q3  29th September – 24th December
Q4  25th December – 24th March

We endeavour to send out the invoices 4-6 weeks in advance of the quarter date in order to give our tenants plenty of time to settle them and not incur interest charges due to late payment. The amount of interest charged on the arrears is defined in your lease but is typically 3-4% over the base rate.

Services charges

All our leases are unique to each individual tenant. Where MedicX provide services, either as part of an agreed annual plan or on a reactive ad-hoc basis, these will be included within the quarterly invoice.

VAT

VAT is charged on all rent, service charges, insurance and other charges invoiced by us.

Business rates

You are responsible for the payment of the business rates on the property. The Local Authority will be able to help you should you have any queries.

Utilities

The arrangement of gas, electricity and water supplies to your building can be your responsibility. However, MedicX management services extend to facilitating this on your behalf with a focus to reducing energy costs.