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 letting only fee – 9% (+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 – 15% (+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 and Check-in fee:

£99 (inc VAT) – £239 (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 and 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

8% (+VAT) Letting only or fully managed

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

Checkout Fee (landlords share):

£99 (inc VAT) – £139 (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
  • Instruct contractors; obtain quotes; organise repairs /replacement/cost of any broken or missing items

Housing Act Tenancy (AST)

All fees include VAT.

Holding Deposit

  • Equivalent of one week’s rent, which will be put towards the first rental payment due prior to the commencement of the tenancy

Any changes to tenancy agreement requested and agreed after the tenancy agreement has been signed

  • Up to £50, or for any reasonable costs incurred if these are higher than £50

Security deposit at rent less than £50,000pa

  • Equivalent to five weeks’ rent

Security deposit at rent £50,000pa or more

  • Equivalent to six week’s rent

Change of sharer (tenancy swap)

  • Up to £50 for one new reference and providing a new tenancy agreement, or for any reasonable costs incurred if these are higher than £50

Early termination – at Landlord’s discretion

  • All costs, fees and charges incurred by the Landlord on acceptance of the surrender, including but not limited to the Agent’s existing or re-letting fees, remaining rent for the term, re-advertising costs, utility supply costs, council tax and costs of any legal services retained

Late, unpaid, returned rent payments

  • 3% above the base rate of Bank of England per annum above Bank of England base rate from the day of the default. The interest will be charged in the event that the rent default continues for a minimum of 14 days after the rent default occurs

Keys/security devices

  • Reasonable cost of providing replacement keys, fobs or security devices for the property up to a maximum of £50 inclusive, or greater where the Landlord/Agent has receipt or evidence to show such costs have been incurred

Stamp Duty Land Tax

  • Payable on tenancies where the rent (for the whole time a tenant stays in the property) exceeds £125,000

These charges are in line with the Tenant Fees Act 2019

Non-Housing Act Tenancies (NHA)

All fees include VAT.

Administration charge, including reference checks and lease

  • Private tenant – £250 per person
  • Company tenant – £400

Deed of guarantee

  • £100 per deed

Deposit

  • Standard deposit: equivalent to six weeks’ rent
  • Pet deposit: equivalent to eight weeks’ rent
  • Level of deposit will be subject to satisfactory references

Withdrawing from the tenancy

  • Private tenant – £250 per person
  • Company tenant – £400

Call out services (Inc out of hours)

  • £60 per hour and/or the contractor’s invoice, where Tenant’s actions or lack of actions result in the Landlord/Agent or a contractor attending the property to remedy the situation

Last minute cancellation or no attending pre-arrange visits

  • £60 per visit and contractor’s invoice. If the Tenant cancels an appointment less than 24 hours before, or the Landlord/Agent can’t gain access to the property when an appointment has been arranged

Check-in charge

  • £120 – £145, depending on the size of the property

Any overseas payment charges

  • £20 per payment

Late/unpaid/returned rent payments

  • £60 late payment charge, and 3% above the base rate of Bank of England per annum, calculated daily

Change of sharer (tenancy swap)

  • £350

Renewal negotiation

  • £150 for each renewal, plus £30 per reference if additional referencing is required

Any changes to tenancy agreement requested and agreed after the tenancy agreement has been signed

  • £100 each time a change is requested by the Tenant and agreed by the Landlord

Early termination – at Landlords discretion

  • All costs, fees and charges incurred by the Landlord on acceptance of the surrender. including but not limited to the Agent’s existing or re-letting fees, remaining rent for the term, re-advertising costs, utility supply costs, council tax and costs of any legal services retained.

Stamp Duty Land Tax

  • This tax is payable on tenancies where the rent exceeds £125,000

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