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.

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.

 

Landlords: 

Landlord Setup Fee:

£210.00 (inc VAT)

Agree the market rent and find a tenant in accordance with the landlord guidelines. Carry out accompanied viewings, advise on refurbishment, provide guidance on compliance with statutory provisions and letting consents. Market the property and advertise on relevant portals. Advise on non-resident tax status and HMRC (if relevant)

Landlord 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 ("Deposit"), whether they are let on a furnished or unfurnished basis.

Deposit Registration Fee:

£18.00 (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 the start of the tenancy.

Landlord Renewal Fee:

£120.00 (inc VAT) 

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

Landlord Check Out Fee:

£150.00 (inc VAT)

Agree with tenant the check out date and time and instruct inventory provider to attend. Negotiate with landlord and tenant any disbursement of the security deposit (Full Management Service ONLY). Return deposit as agreed to relevant parties. Remit any disputed amount to the Scheme for final adjudication and unprotect security deposit once agreed. Instruct contractors; obtain quotes and organise repairs/replacement/cost of any broken or missing items (Full Management Service ONLY).

Vendor's Sales Fee:

2% + VAT (2.4% inc VAT)

Sales fee:

Vendor's Sales Fee:

2% + VAT (2.4% inc VAT)