Residential letting fees

Daniel Watney is an RICS Member: rics.org Client money protection (CMP) provided by: RICS Client’s Monies Protection Scheme

Independent redress provided by: OS:P

Fees for Landlords

Tenant fee – 12% inc VAT includes

  • Collect and remit initial months’ rent received
  • Agree collection of any shortfall and payment method
  • Provide tenant with method of payment
  • Deduct any pre-tenancy invoices
  • Make any HMRC deduction and provide tenant with the NRL8 (if relevant)

Letting and full management fee – 21% inc VAT includes

  • Collect and remit the monthly rent received
  • Pursue non-payment of rent and provide advice on rent arrears actions
  • Deduct commission and other works
  • Advise all relevant utility providers of changes
  • Undertake two inspection visits per annum and notify landlord of the outcome
  • Arrange routine repairs and instruct approved contractors (providing two quotes)
  • Hold keys throughout the tenancy term
  • Make any HMRC deduction and provide tenant with the NRL8 (if relevant)

* Or as revised by individual agreement in writing

Additional non-optional fees and charges irrespective of level of service:

Additional non-optional fees and charges irrespective of level of service:

Inventory Fee (landlords share)

£90 (inc VAT) – £246 (inc VAT)

Dependent on the number of bedrooms and/or size of the property and outbuildings and whether it is unfurnished or furnished

Deposit Registration Fee:

£18 (inc VAT)

  • 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 start of tenancy

Additional property visits:

£175 (inc VAT)

  • To attend for specific requests such as neighbour disputes; more visits are required to monitor the tenancy; or any maintenance-linked visit.

Arrangement Fee for works over £1,000:

12% of net cost

  • Arranging access and assessing costs with contractor;
  • Ensuring work has been carried out in accordance with the specification of works
  • Retaining any warranty or guarantee as a result of any works

Arrangement fee for refurbishments over £1,000:

12% of net cost

  • Arranging access and assessing costs with contractor;
  • Ensuring work has been carried out in accordance with the specification of works
  • Retaining any warranty or guarantee as a result of any works

Renewal Fee

12% (inc VAT) Letting only or 21% (inc VAT) fully managed

  • Contract negotiation, amending and updating terms and arranging a further tenancy and agreement

Checkout Fee (landlords share):

£90 (inc VAT) – £168 (inc VAT)

Dependent on the number of bedrooms and/or size of the property and outbuildings and whether it is unfurnished or furnished

  • Agree with tenant check out date and time appointment
  • Instruct inventory provider to attend
  • Negotiate with landlord and tenant any disbursement of the security deposit
  • Return deposit as agreed with landlord and tenant to relevant parties
  • Remit any disputed amount to Scheme for final adjudication
  • Unprotect security deposit
  • Instruct contractors; obtain quotes; organise repairs /replacement/cost of any broken or missing items

Fees for Tenants

Before you move in

Set up fee
£175 (inc VAT) per tenant (this figure will not be exceeded), and includes:
  • £90 which covers collecting and verifying references from the Tenants’ bank, employer or accountant, and their existing landlord
  • £75 to cover tenancy agreement preparation
  • £10 to cover the Right to Rent check
  • Or £350 (inc VAT) per company Tenant
Guarantor Fee
  • £120 (inc VAT) per guarantor
  • £90 (per tenant) which covers collecting and verifying references fro the guarantor’s bank, employer or accountant
  • £30 (per tenant) to cover guarantor agreement preparation
Inventory and Check-in Fee
£119 – £215 (inc VAT)

Dependent on the number of bedrooms and/or size of the property and outbuildings, and whether it is unfurnished or furnished.

An extra fee may be charged if the check in or check out is to be conducted on a Sunday or Bank Holiday.  An Inventory Clerk will prepare an Inventory and Schedule of Condition of the property and take meter readings for utilities.

Pet Deposit
An additional security deposit of the equivalent of two months’ rent, subject to Landlords approval, will be required to cover the added risk of the property damage.  This will be protected, together with the security deposit, in a government authorised scheme, and will be returned at the end of the tenancy, subject to the condition of the property, less any agreed deductions (if applicable).

During your Tenancy

Tenancy change (swap) Fee
£350 (inc VAT)

Fee includes: contract negotiation and amending terms if necessary, reference checks, Right to Rent checks, deposit administration and registration and preparing a new tenancy agreement.

New tenancy agreement (for the existing Tenant)
£100 (inc VAT) when a new lease is required for whatever reason, so be considered on a case by case basis. 

Only charged where professional cleaning is necessary to return the property to the same condition as at the start of the tenancy.

Other Fees & Charges

Lost Security Items (e.g. keys, electronic fobs) 

£30 (inc VAT) administration charge will be incurred, plus the cost of the item (cost will vary depending on item)

Out of Hours Services

Contractor attendance costs may be recharged to tenants if the issue is deemed Tenant responsibility, or if no fault is found.  The cost will also be incurred for aborted contractor visits (costs will vary depending on contractor).

Professional Cleaning (if required)

Cleaning costs will be recharged at the end of the tenancy, where cleaning is necessary to return the property to the same condition as at the start of the tenancy.  The cost is dependent on the size of the property and will be deducted from the Deposit.