LANDLORD & TENANT FEES
TENANT FEES SCHEDULE
- Holding Deposit (per tenancy): One week’s rent. This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraws from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
- Security Deposit (per tenancy. Rent under £50,000 per year): Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
- Security Deposit (per tenancy. Rent of £50,000 or over per year): Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
- Unpaid Rent: Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
- Lost Key(s) or other Security Device(s): Tenants are liable for the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (Inc. VAT) for the time taken replacing lost key(s) or other security device(s).
- Variation of Contract (Tenant’s Request): £50 (Inc. VAT) per agreed variation.
To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
- Change of Sharer (Tenant’s Request): £50 (Inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
- Early Termination (Tenant’s Request): Should the tenant wish to leave their contract early; they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
LANDLORD FEES SCHEDULE
Introduction Only Service: 10% + vat (12% Inc. vat) of the rent upfront for the term of the tenancy
- Agree the rental value
- Provide guidance on compliance with statutory provisions and letting consents
- Advice on refurbishment requirements
- Erect to Let board outside property in accordance with Town and Country Planning Act 1990 (where possible)
- Market the property and advertise on relevant portals
- Carry out accompanied viewings (as appropriate)
- Find suitable tenants
- Advice on non-resident tax status and HMRC (if relevant)
- Collect and remit initial months’
- Provide tenants with the method of payment
- Deduct any pre-tenancy invoices
- Make any HMRC deduction and provide the tenant with the NRL8 (if relevant)
- Agree collection of any shortfall and payment method
Rent Collection Service: 12.5% + vat (15% including vat) of the rent charged monthly
- Let Only service as listed above
- Demand, collect and remit the monthly rent
- Arrange payments for statutory requirements
- Oversee non-payment of rent and provide advice on rent arrears actions
Full Management Service: 15% + vat (18% including vat) of the rent charged monthly
- Let only and Rent Collection service as listed above
- Advise all relevant utility suppliers of any changes and readings
- Undertake routine property visits; initial visit at 3 months, then every 6 months thereafter
- Arrange routine repairs and instruct approved contractors (providing up to 3 quotes)
- Hold keys throughout the term of the tenancy
- Register the Deposit with TDS
- Security Deposit dilapidation negotiations at the end of tenancy
LANDLORD FEES SCHEDULE
ADDITIONAL NON-OPTIONAL FEES AND CHARGES
PRE-TENANCY FEES (ALL SERVICE LEVELS)
Arranging and facilitating statutory compliance (this is in addition to the costs of the item itself) if not provided on instruction or undertaken by the landlord:
- Energy Performance Certificate (EPC) £50 (Inc. VAT) per tenancy
- Gas Safety Certificate (GSR) £90 (Inc. VAT) per tenancy
- Electrical Installation Condition Report (EICR) from £180 (Inc. VAT) per tenancy. Dependant on the number of bedrooms and/or size of the property and any outbuildings.
- Portable Appliance Testing (PAT): From £2 per item (Cost dependent on the number of items to be tested)
- Legionella Risk Assessment £150 (Inc. VAT) per tenancy
- Installing Smoke alarms and Carbon Monoxide £15 (Inc. VAT) per tenancy
- Handling local authority licensing application £200 (Inc. VAT) per tenancy
START OF TENANCY FEES
- Set-up Fees: £250 (Inc. VAT) per tenancy. Referencing for up to two tenants (ID checks, Right-to-Rent check, financial credit checks, obtaining references from current or previous employers/landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the signing of the tenancy agreement.
- Additional Tenant Referencing Fees: £50 (Inc. VAT) per tenant. As Set-up Fees above for additional tenants
- Guarantor Fees: £90 (Inc. VAT) per guarantor. Covering credit referencing and preparing a Deed of Guarantee (or as part of the Tenancy Agreement).
- Permitted Occupier Fees: £25 (Inc. VAT) per permitted occupier. Explaining to any permitted occupier their rights and responsibilities towards the named tenant(s)and landlord.
- Deposit Registration Fees on Let Only Service (where collected): £50 (Inc. VAT) per tenancy. Register landlord and tenant details and protect the security deposit with a Government-authorised Scheme. Provide the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of the tenancy start date.
- Inventory Fees and Attended Check-In: See Schedule. Dependant on the number of bedrooms and/or size of the property and any outbuildings. Attending the property to welcome the tenant(s), confirm the Inventory and Schedule of Condition, explain the operation of appliances, highlight the location of utility meters, stop-cocks etc. and test that all smoke alarms and carbon monoxide detectors are present and in working order. This is subject to an approved Inventory as above.
- Interest on Unpaid Commission: 4% above the Bank of England Base Rate from Due Date until paid.
- Contractor Commission: 0% of contractors invoice (Inc. VAT). To cover the costs associated with arranging and facilitating the visit of a vetted professional tradesperson.
- Submission of Non-Resident Landlords receipts to HMRC: £50 (Inc. VAT) quarterly. To remit and balance the financial Return to HMRC on both a quarterly and annual basis.
- Additional HMRC Reporting Fees: £12 (Inc. VAT) per request. Responding to any specific queries relating to either the quarterly or annual Return from either the landlord or HMRC.
- Fees for providing an Annual Income and Expenditure Schedule: £12 (Inc. VAT) annually.
- Same-Day Payment Fees: £25 (Inc. VAT) per payment. Should the landlord request a payment faster than the agreed timescales within their existing Terms of Business, this covers the costs of providing a same day payment service.
- Foreign Currency Payment Fees: Should the landlord request a payment to be made in a currency other than that which is agreed within their existing Terms of Business, the landlord will pay the additional cost assigned by the bank for providing a payment in another currency.
OTHER FEES AND CHARGES
- Arrangement Fees for refurbishments over £5000 (excluding VAT): 10% of net cost (Inc. VAT). Arranging access and assessing the costs with any contractors, ensuring work has been carried out in accordance with the Specification of Works and retaining any resulting warranty or guarantee.
- Obtaining more than three contractor quotes: £36 (Inc. VAT) per quote. Fully Managed service only.
- Vacant Property Management Fees: £50 (Inc. VAT) per visit. To cover the costs associated with visiting the property to undertake visuals checks on the inside and outside at a frequency mutually agreed with the landlord.
- Management Take-over Fees: £180 (Inc. VAT) per tenancy. To cover the costs associated with taking over the management of an ongoing tenancy, ensuring all statutory compliance has been undertaken, confirming everything under “Set-up Fees” above, receiving and protecting the security deposit and providing all necessary legal documentation to the tenant.
- Deposit Transfer Fees: £50 (Inc. VAT) per deposit. Should the landlord request any changes to a protected deposit during a tenancy, this covers the costs associated with legal compliance for said request.