Home Lettings Our Fees to Landlords and Tenants

Our Fees to Landlords and Tenants

For your peace of mind we are members of the following Organisations and subscribe to the Code of Practice for Lettings Agents.

CLIENT MONEY PROTECTION PROVIDED BY:

Royal Institution of Chartered Surveyors
An independent organisation acting in the public interest, setting and regulating highest standards of competence among its members.
Rics
The National Approved Lettings Scheme
An accreditation scheme for lettings and management agents offering peace of mind to landlords and tenants.
Approved Lettings Scheme

INDEPENDENT REDRESS PROVIDED BY:

Ombudsman Services: Property
A Government approved redress mechanism. We have in place a Complaints Handling Procedure approved by the RICS.
Ombudsman

We believe in total transparency and want all clients to have a clear understanding of our fees and charging structure. Please therefore take time to read this document and please do not hesitate to ask if you would like any points clarified.

FEES TO: LANDLORDS

Letting Service:

FEES: - 9.6% SOLE Agency inclusive of VAT* and 12% MULTIPLE Agency inclusive of VAT of the total rent to the end of the rental period, subject to a minimum fee of £480.00 inclusive of VAT. *If the Tenancy is for one year and the rent is £1,050.00 per calendar month, the letting only SOLE Agency fee is £1,209.60 and £1,512.00 for MULTIPLE Agency.

SERVICE INCLUDES:
Marketing: - extensive marketing of the Property on our own interactive website, property portals (www.rightmove.co.uk, www.onthemarket.com) and in our prominent window displays.

Referencing (paid for by tenants): - We undertake our referencing through MARAS with option for Rent Guarantee (see price guide below).

Tenancy Agreement: - includes the preparation of an Assured Shorthold Tenancy Agreement. Assured Shorthold Tenancy Agreements give the Landlord greater protection as a result of the Housing Act 1988, 1996, 2004 and the Localism Act 2011.

Rent: - Collect and remit initial month’s rent less any pre-tenancy invoices and fees due to Jeremy Leaf & Co.

Deposit: - Collection and remit of deposit (usually 6 weeks rent).

Full Management Service (includes Rent Collection):

Fees: - 7.2% inclusive of VAT charged on a monthly basis, this fee to be deducted from the monthly rental.

SERVICE INCLUDES:
Collecting Monthly Rent: - Undertake to collect rent and make every effort to obtain outstanding monies. Account to the Landlord with monthly statements of income and expenditure in relation to the Property. Pay outgoings on the Property. Provide an annual statement of Income and Expenditure for tax purposes if requested.

Deposit: - Protection of the Deposit free of charge in The Tenancy Deposit Scheme for the duration of the Tenancy.

Non-Resident Landlord Scheme: - If applicable, we will deduct tax from the Landlord’s rental income and submit the retained tax to HMRC on a quarterly basis. Quarterly and Annual Statements will be supplied by us to the Landlord.

Inventory: - Arrange an inventory (costs to be advised) for the Property.

Council Tax & Utilities: - Give written notification of the identity of the responsible Tenant to the local Council Tax office at the start of the Tenancy. Take meter readings whenever possible at each change of occupation in the Property and inform the service companies (electricity, gas and water) of these readings and change of occupation.

Property Management: - Monitor and arrange for repair work to the Property or furniture and fittings. We will administer any miscellaneous maintenance work that needs to be carried out on the Property. Investigate defects that are brought to our attention via the Tenant or a third party. 24 hour emergency ‘out of hours’ contact number.

Rent Collection Service (included in Management Service):

FEES: 3.6% inclusive of VAT charged on a monthly basis, this fee to be deducted from the monthly rental.

SERVICE INCLUDES:
Collecting Monthly Rent: - Undertake to collect rent and make every effort to obtain outstanding monies.

Deposit: - Protection of the Deposit free of charge in The Tenancy Deposit Scheme for the duration of the Tenancy.

Non-Resident Landlord Scheme: - If applicable, we will deduct tax from the Landlord’s rental income and submit the retained tax to HMRC on a quarterly basis. Quarterly and Annual Statements will be supplied by us to the Landlord.

Non-Optional Fees and Charges (Irrespective of Level of Service):

Inventory Fees:
Dependent on the number of bedrooms and/or size of the Property and outbuildings. Additional rooms may be charged at £10 per room i.e. extra bathroom or reception. Prices can fluctuate subject to varying independent Inventory providers and may be subject to VAT.

Table 1: Total Property Command Prices May 2015 (incl. VAT)

Deposit Registration Fee: £36 inclusive of VAT
Protection of Deposit under Tenancy Deposit Scheme (included in management service).

Arrangement Fee for works over £1,000: 12% of net cost (inclusive of VAT)
- Arranging access and assessing costs with contractors;
- Ensuring work has been carried out in accordance with the specification of works;
- Retaining any warranty or guarantee as a result of any works.

Arrangement Fee for Refurbishments over £1,500: 12% of net cost (inclusive of VAT)
- Arranging access and assessing costs with contractors;
- Ensuring work has been carried out in accordance with the specification of works;
- Retaining any warranty or guarantee as a result of any works.

Renewal/Extension (Periodic or Otherwise): 7.2% inclusive of VAT
Commission due of the total rent for the period after the initial contract will be charged if the Tenant(s) or anyone associated with them continue to reside in the Property.

Energy Performance Certificate: £66 inclusive of VAT
Gas Safety Certificate: £66 inclusive of VAT
Excluding costs for any additional work required, if applicable, to deem as safe.

Maras Rent Guarantee:

Table 2: Maras Rent Guarantee Policies May 2015

FEES TO: TENANTS

Referencing Fees (before the tenancy commences): £100 inclusive of VAT per person
We undertake our referencing through MARAS. The referencing process involves credit check, landlord reference and employment reference. Referencing fee includes additional reference checks for guarantors (if applicable).

Pet Deposit (before the tenancy commences):
Additional deposit of 2 – 4 weeks rent may be secured to cover the added risk of property damage. This will be protected with your security deposit in a Government-authorized scheme and may be returned at the end of the tenancy. This deposit may vary according to quantity and type of pet.

Administration Fee (during the tenancy): £100 inclusive of VAT per person
Change of tenants in a current tenancy. This fee is chargeable to both the outgoing and incoming tenant.

Unpaid Rent (during the tenancy):4% p.a. over the BOE base rate
We reserve the right to charge interest (calculated from day to day) at 4% per annum over the Bank of England base rate on late payments.

Check-Out Fee (at the end of the tenancy):
Attending the property to undertake a Check-out based on the original Inventory.
Additional rooms may be charged at £10 per room i.e. extra bathroom or reception. Prices can fluctuate subject to varying independent Inventory providers and may be subject to VAT.

Table 3: Total Property Command Prices May 2015 (incl. VAT)

Charge for ceasing a Tenancy earlier (at the end of the tenancy):
If tenants terminate a tenancy at any time prior to the previously agreed date of termination (i.e. the current Tenancy expiry date) and prior to the terms of the break clause, then the tenants shall repay any fees to the landlord in respect of this period on a pro-rata basis. The agreed fee (i.e. rate of commission charged to landlord) can be confirmed to the tenants at the outset of the Tenancy. An example of the calculation is as follows (based on a one year fixed Tenancy and the tenants are moving out one month earlier before the end of the Tenancy): £1,050.00 (rent for one calendar month) x 9.6% (sole agency letting commission inclusive of VAT) = £100.80 inclusive of VAT per tenancy.

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