Fees and Charges Explained
RESIDENTIAL LETTINGS
INDEPENDENT REDRESS
We are a member of Property Redress Scheme
CLIENT MONEY PROTECTION
We are a member of Client Money Protect
OUR CHARGES and FEES to the LANDLORD for RESIDENTIAL LETTINGS / MANAGEMENT
Lettings Only Service, to include
- advice on the market and lettings process;
- advice on Landlord statutory duties;
- arrangement of property EPC (if not already done);
- arrangement of Gas Safe and EICR checks (if not already in place)
- undertaking marketing, advertising and viewings;
- negotiating offers;
- arranging check-in and check-out inspections;
Fees:- 10% plus VAT (12%) for the initial term, and any renewal or extension thereof
Letting and Collection of Rent Service Only, to include all of the above, plus
- dealing with collection and distribution of rent;
- payment of any property related invoices;
- statement of account to Landlord or their Accountant;
- dealing with annual submission to HMRC re ‘rents received’
Fees:- 12% plus VAT (14.4%) for the initial term, and any renewal or extension thereof.
Letting, Collection of Rent and Full Management Service, to include all of the above, plus
- arranging pre and post tenancy cleaning;
- arranging transfer of utilities;
- attending to day-to-day maintenance and repairs;
- property inspections;
- negotiating and arranging return of deposit;
Fees:- 15% plus VAT (18%) for the initial term, and any renewal or extension thereof.
Administration Charges
- references, Right to Rent checks, tenancy agreement, deposit registration
Fees:- £250.00 plus VAT (£300.00)
Other Services, to include
- Energy Performance Certificate – £78.00 including VAT
- Inventory Check In and /or Check Out – from £156.00 including VAT
- Gas Safe Certificate and Service – from £216.00 including VAT
- EICR (electrical installation inspection) – from £336.00 including VAT
- Deposit Protection Service (protection of deposit) – no charge
OUR CHARGES and FEES to the TENANT for renting under an Assured Shorthold Tenancy (AST)
Holding Deposit
One weeks rent to be paid as a good faith reservation fee which will be offset against the first month’s rent
Rent
The agreed amount of rent to be paid at regular, specified intervals in equal amounts. The amount payable may change under a ‘rent review’ clause that enables both rent increases and decreases if included in the Tenancy Agreement.
Deposit
Five weeks rent to be paid as tenancy deposit, or Six weeks rent to be paid as tenancy deposit (where the annual rent is greater than £50,000.00 per annum).
Utilities
Utility bills as set out in the Tenancy Agreement.
Change of Tenancy Fee
For preparation of any paperwork or new tenancy agreement associated with any change to the tenancy including change of occupier, at Tenant request – £50.00 including VAT
Tenancy Deposit
We are a member of the Deposit Protection Service and there is no charge to the Tenant for this service.
Default Fees
The Tenancy Agreement will set out the circumstances under which a Tenant is liable for a default fee, examples of which would be late rent payment which will incur interest in line with the Bank of England’s rate, or lost keys requiring replacement.
Early Termination
Should a Tenant need to surrender the tenancy early and the Landlord agrees to re-let the property, the liability for payment of rent will end once a new Tenant is secured. The Tenant will need to cover the Landlords costs in surrendering the tenancy and re-letting the property.
Damages Payments
The Tenancy Agreement will set out the circumstances under which a Tenant is liable for damages payments having been in breach of contract, for example returning the property in the same condition as which it was found excepting fair wear and tear, or repairs to fittings or furnishings where the Tenant is responsible for the damage having occurred. These costs are usually deducted from the Tenancy Deposit at the end of the tenancy, unless the work cannot reasonably wait until the end of the Tenancy.
INDEPENDENT REDRESS
We are a member of Property Redress Scheme (www.theprs.co.uk)
CLIENT MONEY PROTECTION
We are a member of Client Money Protect