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Fees

LANDLORD FEES

Residential letting services

  • Let only- 12% of the term rent payable at the start of the tenancy (inc VAT)
  • Rent collect- Initial set up fee £300 (inc VAT) and 14% of the term rent (inc VAT)
  • Managed- Initial set up fee £300 (inc VAT) and 16% of the term rent (inc VAT)

What is the set-up fee for

For those services that the set-up fee is applicable to it includes the following:

  • Advice and assistance in preparing the property to let
  • Advice and assistance on compliance such as lettings consents, insurance, tax
  • Photography and floor plans
  • Advertising and marketing to find a tenant in accordance with the terms of business including accompanied viewings
  • Erecting a board outside the property in accordance with Town and County Planning Act
  • Administration of setting up files, accounts for the property and client

Additional fees and charges (applies to all levels of service unless specified)

  • Tenancy referencing £30 (inc VAT) per tenant.

  • Deposit Registration fee - (applicable to Let Only service upon a tenancy becoming periodic) £60 (inc VAT). This fee is taken by West – The property Consultancy to continue holding the deposit in accordance with the tenancy deposit scheme requirements.

  • Renewal fee - £120 (inc VAT). This includes contract negotiation, amending and updating terms and preparing a new tenancy agreement.

  • Vacant property service - (applicable to Let Only service and Rent Collect service) £60 (inc VAT) per month. This is to visit the property during vacant periods to comply with the landlords insurance.

  • Duplicate documents - £24 (inc VAT) for printed copies. Email copies are free of charge.

  • Preparing and serving notices - (applicable to Let Only service and Rent Collect service) £90 (inc VAT)

  • Tenancy amendment fee - £90 Amending terms

  • Check out fee - This fee is for the inventory clerk to attend the property and undertake an updated schedule of condition based on the original inventory and producing a check out report. The fee scale as is follows;
    Monthly rent of between £100-£999 check out fee = £175 inc VAT
    Monthly rent of between £1000-£1999 check out fee = £250 inc VAT
    Monthly rent of between £2000-£2999 check out fee = £325 inc VAT
    Monthly rent over £3000 check out fee = £400 inc VAT

  • Any accounts not settled - within 30 days from the date of invoice will be subject to penalty interest. Interest will be charged (both before and after judgement) on any outstanding sums at 4.8% over the Handelsbanken base rate (accrued on a daily basis) until the outstanding sums are paid in full.

  • Arrangement fee for substantial works or refurbishment -18% (inc VAT) of the cost of works. This includes arranging access and assessing costs with a contractor, ensuring work has been carried out in accordance with the specification and retaining any guarantee or warranty as a result of the works.

  • In the event a client withdraws the property from the market within our sole agency period and prior to being let being an agreed the sum of £300 (inc VAT) will be levied a as contribution towards costs.

Inventories, gas safety certificates, electrical inspections, PAT testing, legionella risk assessments and any other requirements that may be applicable will be discussed at the market appraisal, our fully trained Lettings Managers will advise what your property requires and the cost of such works is quoted on an individual basis depending on the circumstances, such as the size of the property or amount of work required.

NEW ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019

Holding Deposit (per tenancy)

One week’s rent.This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).

Security Deposit (per tenancy. Rent under £50,000 per year)

Five weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

Security Deposit (per tenancy. Rent of £50,000 or over per year)

Six weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

Unpaid Rent

Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.

Lost Key(s) or other Security Device(s)

Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

Variation of Contract (Tenant’s Request)

£50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.

 

Change of Sharer (Tenant’s Request)

£50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher.

To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.

Early Termination (Tenant’s Request)

Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

Please ask a member of staff if you have any questions about our fees.


EXISTING ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED PRIOR TO 1 JUNE 2019

Fees can be charged up until 31 May 2020 under the transition period, where fees are written into an existing tenancy agreement.

Before you move in

Set up fee (tenants share) - An amount equivalent to 24%(inc VAT)of one month’s rent with a minimum fee of£360.00(inc VAT).The services we charge the set-up fee for include referencing tenants (identity, immigration and visa confirmation, financial credit checks, obtaining references from current employers/landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms)and arranging the tenancy and agreement and all associated administration.

Guarantor fee - £60.00 (inc VAT)per guarantor if required. This fee covers the credit referencing and all associated administration of an additional applicant as well as preparation of a deed of guarantee in addition to the tenancy agreement.

Pet deposit -Returnable additional security deposit is by negotiation dependant on the circumstances such as the number and type of pets and whether the property is furnished or unfurnished to cover the added risk of property damage.This will be protected with security deposit in a government-authorised scheme and may be returned at the end of the tenancy.

During your tenancy

Written rent reminder- £24.00 (inc VAT).This fee is taken if the rent is not paid within seven days of the due date and we then have to send a written reminder, charges apply to each and every reminder that is sent.

Tenancy amendment fee- £90.00 (inc VAT).Amending and updating terms.

Renewal fee (tenants share)- £120 (inc VAT).Contract negotiation, amending and updating terms and arranging a further tenancy and agreement.

Ending your tenancy

Check out fee- This fee is for the inventory clerk to attend the property and under-take an updated schedule of condition based on the original inventory and producing a check out report. The fee scale as is follows:

Monthly rent of between £100-£999 check out fee=£175 inc VAT

Monthly rent of between £1000-£1999 check out fee=£250 inc VAT

Monthly rent of between £2000-£2999 check out fee=£325 inc VAT

Monthly rent over £3000 check out fee =£400 inc VAT

Other fees and charges

Use of master key- £60.00 (inc VAT).This fee is charged if a tenant locks themselves out and we have to use the master key to regain entry for them.

Late return of keys- £60.00 (inc VAT).If the keys are not returned in time for the check-out appointment at the end of the tenancy but are returned late, prior to the locks being changed at the property this fee will apply. If the locks have to be changed the landlord will seek to have the cost deducted from the deposit.

 

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