Letting Agent fees for landlords and tenants
Tenancy fees:
For properties in England, the Tenant Fees Act 2019 means that from 1 June 2019, in addition to rent, lettings agents can only charge tenants entering into an Assured Shorthold Tenancy or anyone acting on the tenant’s behalf:
• a refundable tenancy deposit capped at no more than 5 weeks’ rent where the total annual rent is less than £50,000, or 6 weeks’ rent where the total annual rent is £50,000 or above
• a refundable pre-payment (to reserve a property) capped at no more than 1 week’s rent
• payments associated with early termination of the tenancy, when requested by the tenant
• £50.00inc VAT administration fee for completing any tenancy name change’s during the tenancy
• payments in respect of utilities, communication services, TV licence and Council Tax
• payments arising from a default by the tenant where they have had to replace keys or a respective security device
• charge for late rent payment (not exceeding 3% above the bank of England base rate)
• any other permitted payments under the Tenant Fees Act 2019.
Tenant protection
In addition to publishing relevant fees, lettings agents are also required to publish details of the redress scheme and Client Money Protection scheme of which they are a member:
• The redress scheme is The Property Ombudsman.
• The Client Money Protection scheme is Propertymark.
Click here to download our Client Money Protection Certificate.
For any Assured Shorthold Tenancies that commenced prior to 1 June 2019, the charges in line with the existing Tenancy Agreement will continue to apply until 31 May 2020.
The Fee Ban legislation does not apply to Company lets.
Landlord fees:
Setup Fee: |
£210.00 (inc VAT) |
• Agree the market rent |
|
New Inventory & Check: |
£270.00 (inc VAT) |
An inventory and schedule of condition is essential prior to the re-let or management of your premises, in order to reduce the risk of a dispute arising in respect of the security deposit, whether they are let on a furnished or unfurnished basis. |
Deposit Registration Fee: |
£18.00 (inc VAT) |
• Register landlord and tenant details |
|
Renewal Fee: |
£120.00 (inc VAT) |
• Contract negotiation |
Check Out Fee: |
£150.00 (inc VAT) |
• Agree with tenant the check out date and time |
Sales fee:
Vendor's Sales Fee: |
2% + VAT (2.4% inc VAT) |