The Letting Company - Our Charges

 

Landlord Fees

Fully Managed Service

Fully managed letting fee - 10% + VAT per month

The monthly management fee includes:

  • Valuation of your property
  • Advertising of the property including video tour
  • Accompanied viewings
  • Referencing of all new tenants including Right to Rent checks
  • Check-in packs for new tenants (including tenancy agreements, photographic and written inventories, How to Rent Guidelines and much more)
  • Rent collection and monthly/annual statements
  • Tenancy agreement renewals throughout occupancy
  • Inspection visits and reports
  • Additional property visits
  • Organsing free quotes for repairs
  • A dedicated out of hours emergency line for both landlords and tenants
  • Administration involved in arranging property certificates such as gas safety, electrical inspections and energy performance certificates
  • Final inspection and check-out reports
  • Deposit dispute handling
  • Annual tax statements

Deposits must be protected as per Government legislation. Our deposits are typically registered at a charge of £60 + VAT however, you may opt to register this yourself of which there is no charge.

If after signing our management agreement, the owner decides to decline our services for whatsoever reason, at any stage without time limits, we will charge the owner £295 + VAT

Don’t forget! We’re excited to offer new landlords an incredible incentive of 6 months of free management services. Call us today on 01924 229100 to learn more about this exclusive offer.

Tenant Find Only Service

Tenant find only fee - £395 + VAT

The tenant find only management fee includes:

  • Valuation of your property

  • Advertising of the property including video tour

  • Accompanied viewings

  • Referencing of all new tenants including Right to Rent checks

  • Check-in packs for new tenants (including tenancy agreements, photographic and written inventories, How to Rent Guidelines and much more)

This is the same service as the fully managed option up to the point of the tenant moving in; as soon as they have the keys, it's over to you! After this point, the management of the property is the responsibility of the landlord including rent collection, property certificate renewal and all other aspects of letting your home out.

If this sounds a little too much to handle, why not call us on 01924 229100 to discuss our fully managed service.

Legal Fees and Evictions

We do not issue eviction notices directly to tenants; instead, we rely on our experienced solicitor to handle this complex process on your behalf. Our chosen legal firm is Shoosmiths Solicitors. Charges are set out by Shoosmiths and payments made directly to them. For complete transparency, their details are listed below:

  • Shoosmiths Solicitors - 03700 866 514 (Lauren Robinson, Evictions Department)

The Letting Company make a one off charge of £150 + VAT for their attendance in court where applicable. In most cases, it is not necessary for us to be present as well as a solicitor and the property owner; this cost is only if you wish for us to attend on your behalf.

In any instance, you may instruct your own solicitor to serve an eviction notice to your tenant.

Tenant Fees

On 1st June 2019, a new law came into effect banning most letting fees and capping tenant deposits, paid by tenants in the private rented sector in England. The ban on tenant fees applies to new or renewed tenancy agreements signed on or after 1st June 2019. More information on this can be found by clicking here.

In line with the Tenant Fees Act 2019, the only payments that we will ever charge to tenants for new/renewed contracts dated on or after 1st June 2019 are as below.

Holding Deposit

This is a refundable holding deposit (to reserve a property) capped at no more than 1 week’s rent. This will secure the property for the applicant for 15 days at which point the tenancy agreement must be signed (even if this starts at a later date); any extensions required by either part must be put to the other in writing as soon as possible. Upon moving into the property, the holding deposit will be refunded against the applicant's first rent.

There are four grounds on which a holding deposit can be witheld by the agency:

  1. If the tenant voluntarily pulls out of the tenancy before the contracts are signed
  2. If the tenant fails a Right To Rent check. Agents and landlord are not lawfully allowed to let a property to somebody that doesn't have the right to live in the United Kingdom.
  3. If the tenant provides false or misleading information. This does mean failing the referening. If a tenant provides completely accurate information, but still fails referencing, that will be classes as the landlord or agent pulling out, and the holding deposit will be refunded. However, if the applicant has actively lied and it can be proved, the holding deposit will not be returned.
  4. If the tenant doesn't enter the agreement by the deadline. If the applicant is considered to be 'dragging their feet' and not responding emails, not giving the referencing agency what they need for longer than 15 days, the application will be cancelled and holding deposit will not be returned. If the agent/landlord is the one holding the process up, the holding deposit will be returned.

The holding deposit is the equivalent to 1 week's rent. To calculate the amount of the holding deposit, multiply the monthly rent by 12 (months) and divide the answer by 52 (weeks). Please don't hesitate to call us on 0845 838 2890 for more information regarding this.

Deposit (sometimes referred to as a "Bond")

Most tenancies, unless stated otherwise on the online property listing, will require a deposit. This is 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).

Our standard policy is for the refundable deposit to be the equiavlent of one month's rent, or 5 week's rent where pets have been permitted to reside in the home.

Early Tenancy Termination

Payments associated with early termination of the tenancy will be payble by the tenant, when requested by the tenant. Please call us to discuss this further, as the charge for this varies by each property.

Utility Costs

The tenant will be liable for all payments in respect of utilities, communication services, TV licence and Council Tax.

Lost Keys, Fobs or other Security Devices

The tenant will be liable for the cost of any replacement lost key/security device giving access to the housing, where required under a tenancy agreement.

Late Rent Interest

The tenant will be liable for a default fee for late payment of rent. This is set out at 3% above the interest base rate.

Variation to the Contract

This includes removing/adding tenants to the agreement (but not the referencing of new tenants), and is capped at £50 including VAT.

What Aren't We Allowed to Charge to Tenants?

  • Administration fees
  • Application fees
  • Set-up fees
  • Contract negotiation fees
  • Referencing fees
  • Check-ins and check-outs
  • Inventory fees
  • Renewal fees
  • End-of-tenancy fees
  • Out of hours/weekend move-in fees

​Absolutely all other charges are banned from the 1st June 2019 for new tenancies, unless they have specifically been made permitted payments.

The Letting Company is VAT Registered - 882 8350 92