For full transparency to comply with the legal requirements of the Consumer Rights Bill please find listed below the fees/charges/penalties which are payable to us in respect to letting and management work carried out by us in respect to an assured tenancy.
ONLY Fee/s payable by the TENANT:
Application Fee £175.00 including VAT – this charge is to the tenant for reference checking etc to be carried out for a tenant to take an Assured Shorthold Tenancy on a property. This is the total charge for the dwelling and NOT per applicant, so regardless of how many tenants will be on the tenancy, this is the sole fee.
Guarantor Application Fee: £45.00 including VAT – this charge is for the reference checking if it is necessary to take a guarantor for the tenancy.
NO fees payable by the tenant to set up the Tenancy.
NO fees payable by the tenant to prepare and carry out the Check-in Inventory.
NO fees payable by the tenant to register the tenant’s deposit in one of the Statutory Tenancy Deposit Schemes.
NO fees payable by the tenant to renew the Tenancy.
NO fees payable by the tenant for the Check-out Inventory.
Penalties ONLY applicable if the tenancy terms are broken:
During the tenancy if we are required to send a letter to the tenant because the tenant has broken the terms of the tenancy agreement the fee is £24.00 including VAT.
During the tenancy if the bank returns a cheque, standing order or direct debit unpaid the charge is £24.00 including VAT to cover our bank charges.
During the tenancy if we send the tenant a Section 8 Housing Act notice because the tenant has broken the agreement the charge is £42.00 including VAT. If the tenant does not respond to the notice the charge is £72.00 including VAT.
During the Fixed Term of the tenancy if you should wish to end the tenancy early (within the Fixed Term) we will endeavour to replace the tenant with another suitable tenant thereby releasing the original tenant from the commitment to the tenancy. The charge is £354.00 including VAT for advertising, conducting viewings, drawing up the tenancy agreement, carrying out check-out/check-in inventories etc. We must stress the tenancy is still the responsibility of the existing tenant until a new tenant signs.
At the end of the tenancy there are NO fees payable by the tenant for the check-out inventory. However if we have to re inspect the property, thereby revisiting the property, after the check-out has been completed, the charge is £42.00 including VAT.
Fee charges to Landlords:
NO charge to visit the property and provide advice on any actions a landlord may need to take prior to a let, advising on repairs, refurbishments, mortgage, insurance etc; provide the landlord with the level rent to expect.
If a landlord should place a property with us for rent the charge for initially placing the tenant in the property is £354.00 including VAT and this is to cover advertising the property on Rightmove, Zoopla, Prime Location, Lancashire Life etc arranging the safety checks on gas and electrical services, carrying out accompanied viewings, drawing up the tenancy agreement, preparing the check-in inventory complete with colour photos, gradings and written condition of the property, notifying the utility companies, registering the deposit etc and much more. The full management fee is 10% plus VAT, this equates to 12% inclusive of VAT of the monthly rent e.g. on a property at a rent of £700.00 pcm = £70.00 plus VAT = £84.00 commission will be deducted per month. There is a commission minimum £45.00 + VAT per month = £54.00 including VAT will be deducted each month.
This fee covers the collection of rent, dealing with and arranging all repairs/maintenance issues, arranging annual gas safety checks and periodic/PAT electrical checks; inspection of the property, all legal aspects of the tenancy and keeping the landlord informed of changes to the legislation, serving notices on the tenant, note rent received is kept in a separate Client Account (protected), providing monthly statements and invoices; we simply deal with all aspects of responsible letting and work to a strict code of conduct belonging to: Safe Agent, NALS, TPO and RLA. We provide peace of mind to our landlords.
If an existing tenant and landlord wish to renew the tenancy after the fixed term has expired the charge to the landlord is £36.00 including VAT.
We are operators of a Client Money Protection Scheme recognised by SAFE/NALS – Safe Agent, P O Box 1174, Cheltenham, GL50 9TQ, Registration No S2127; website: www.safeagents.co.uk.
We are members of The Property Ombudsman, Milford House, 43-55 Milford Street, Salisbury, Wiltshire, SP1 2BP, Membership No L00363; website: www.tpos.co.uk
We are members of The National Approved Letting Scheme, Eagle Tower, Montpelier Drive, Cheltenham, GL50 1TA, Licence No A2202; website: www.nalscheme.co.uk
We are members of The Residential Landlords Association, 1 Roebuck Lane, Sale, Manchester, M33 7SY