Fees

LANDLORD FEES

Residential letting services

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

For all managed properties we instruct an independent inventory clerk to create an inventory/schedule of condition and conduct a check in with the tenant, the cost of which depends on the size of the property and whether or not it is furnished. An up to date price list is available on request. 

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 Thomas Merrifield Lettings 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, preparing a new tenancy agreement, compliance with the Tenancy Deposit Scheme requirements and associated adminstration.

• Preparing and serving notices - £108 (inc VAT) Serving of section 8, 13 and 21 notices

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

• Key holder - (optional on Let Only service)£60 per annum (inc VAT). Let us look after your spare keys, secure in our office. With your permission we can sign your key out to your contractors saving you time. Perfect if you don't live near to your investment property.

• Arranging certificates - (applicable to Let Only service) £30 per certificate. We can arrnage you gas, PAT testing or EPC certificates on renewal of tenancy. This charge is in addition to the cost of the certificate from the engineer/surveyor.

• Check out fee - (applicable to Managed service) 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% 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 an agreed the sum of £300 (inc VAT) will be levied a as contribution towards costs.

• Where we are asked to carry out any other duties outside our normal remit or our terms of business our hourly rate if applicable wll be charged at £114 (inc VAT) per hour or part thereof. 

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.

TENANT FEES

ASSURED SHORTHOLD TENANCIES (ASTs)

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.