1) Let Only Service 50% of First Month’s Rent or £300 (plus VAT) whichever is the greater
2) Full Management Service 10% (plus VAT) of the rent received, deducted by the Agent on a monthly basis
3) HMO Management 2% (plus VAT) of the rent received, deducted by the Agent on a monthly basis (In addition to the normal management fee)
The fees under the above services are payable when any individual or organisation enters into an agreement to rent the Property as a result of our promotion, introduction, or viewing by the Agent.
Admin Set Up Fee (Managed Only) 50% of First Month’s Rent (plus VAT)
This includes, all referencing, Inventory, Checkout Fee, all paperwork, right to rent etc, this does not include gas safety, EPC or any agreed works to the property.
Duplicate Statements £18
Professional hourly rate £120.00 Charged by the Agent when required to carry out any additional services
Periodic Property Inspections £18 (per visit)
Void Property Inspections £18 (per visit)
12 Month Tenancy Renewal Fee £90 per student tenant
6 Month Tenancy Renewal Fee £60
Periodic Tenancy Renewal fee £90
Major works fee £POA
Where the Landlord cancels the Agent’s instruction to provide a management service the Agent will charge, and the Landlord will pay, a fee based upon 12% (plus VAT) of the agreed rent for the period, not exceeding six months from the commencement date of the tenancy.
VAT is payable at the prevailing rate on all our fees.
(All fees are per property and inclusive of VAT unless otherwise stated)
1. Service of Section 21 £60
2. Service of Section 8 Notice £90
3. Court Proceedings Accelerated £965
4. Court Proceedings Rent Arrears* £1,035
5. Service of Section 13 £60
6. Service of Section 48
including prescribed information £90
7. HMO Application £300
8. Annual HMRC Tax Statements £30
9. Overseas Landlord Tax Summary £60
10. Deposit Disputes £180
11. Professional Hourly Rate £120
12. Rent Guarantee Insurance (6 Months) £134.40 (12 month policy applies)
13. Inventory And Checkout Fees various – see attached
14. Prescribed Information and Deposit Registration Fee £60
15. Boiler Services £55
16. Gas Safety Certificate £75
17. Electrical Safety Certificates From £190 property dependant
18. EPC £75
19. Fire Door Inspections £72
(* These charges only apply to properties not covered by Rent Guarantee insurance)
We may also receive commissions from Contractors, Insurance companies, Referencing companies, Utility providers and others. These commissions will be included in the contractor invoice (including VAT)
(*Prices are per property & include VAT)
REGULATIONS FOR LANDLORDS.
As you are aware the tenants fee ban comes into effect from 1st June 2019. This will affect the whole industry greatly. In simple terms Landlords and Letting Agents will not be able to charge tenants for any of the costs associated with letting a property.
Over the years, tenants have subsidised the costs of renting your property. Fees they have paid have covered all the administration charges, referencing costs and part of the checkout procedure to allow us to offer you a cheaper solution with lower charges to you.
At the outset of a new tenancy the costs that tenants have covered have included:
• Credit checks
• Tenancy Agreement
• Prescribed Information in registering Deposits
• Legionella Information
• Deposit Scheme Guide
• Right to Rent checks
• How to Rent booklet
• HMO management information to tenants (where necessary)
• Tenancy Renewals
• Rent increase negotiation
• Noise complaints and general complaint handling
• Tenancy Extensions
• Information to Tenants Leaflet (Management Details)
Despite the Government imposing the ban on charges, the Landlords requirements in the Private Rented Sector have recently become more onerous. We carry out a detailed amount of work to try to ensure that the tenants are not only well referenced and credit worthy but also that they are legally able to move into your property. In order to protect Landlords from acting illegally some examples of what we are required to do include
• Protecting Deposits/Issuing Prescribed Information
It is important that this is done to the letter of the Law and costly if it is done incorrectly. Not dealing with this properly will not only leave you susceptible to hefty fines but may prevent you from issuing Notices to Quit.
• Section 21 Notices
The Deregulation Act 2015 has imposed new rules on the Section 21 Notices. For example, were you aware that it is now not possible to issue a Section 21 Notice to Quit when there are unaddressed maintenance issues and you will not be able to for another 6 months thereafter?
• Right to Rent.
Are your tenants free to live in UK? What documentation do you require? You will be liable for fines of up to £3000 per tenant found to be living in the UK illegally.
These are just a few of examples of the areas we cover in order to keep our Landlords compliant and protected by ensuring we meet all your legal requirements. Failure to do these correctly would be a costly mistake and you need to be sure that if you use other Agents, that they are on top of these issues. As a Landlord it is your legal responsibility to provide this information, failure to do so means that you are unable to serve notice on your tenant and could potentially be open to prosecution.
Having researched the local market, we have found our fees to be considerably lower than the industry norm despite consistently preventing costly void periods for our Landlords and keeping abreast of legislative regulation protecting Landlords from vulnerability.