The Letting Company Fees
Managed letting fee - 10% per month + VAT (discount rates available for portfolio landlords)
This is the only compulsory charge we will ever make to you.
The monthly management fee includes:
- Advertising of the property.
- Preparation of necessary documents including tenancy agreement and inventory, both written and photographic.
- Rent collection.
- Tenancy agreement renewal fees throughout occupancy.
- Inspection visits and reports.
- Additional property visits.
- Final inspection and check-out reports.
- Income & expense reports, and copy statements.
- Administration involved in arranging property certificates such as gas safety, electrical inspections, and energy performance certificates.
Deposits must be protected as per Government legislation. Our deposits are typically registered at a charge of £72 inc. 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 £354 inc. VAT
We are offering all new landlords 6 months free management & 6 months free rental guarantee when they instruct The Letting Company to manage their property - does your current agent offer this? If not, call us today on 0845 838 2890 for more information.
Tenant find only
Tenant find only fee - £420 inc. Vat
This includes marketing and advertising the property, finding and referencing of a prospective tenant, preparation of the agreement and inventory, attending the check-in appointment to sign the tenant up. All aspects of letting the property after the tenant moves in are the responsibility of the landlord, including rent collection.
All forms of notice of eviction are issued through our chosen legal firm, Shoosmiths Solicitors. Charges are set out by Access Legal and payments made directly to them.
The Letting Company make a one off charge of £180 inc. VAT for their attendance. In most cases, it is not necessary for us to attend as well as a Solicitor/the property owner.
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 at www.thelettingco.com/blog/34.
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.
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:
- If the tenant voluntarily pulls out of the tenancy before the contracts are signed
- 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.
- 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.
- 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.
Most tenancies, unless stated otherwise on the Rightmove/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 6 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.
The tenant will be liable for all payments in respect of utilities, communication services, TV licence and Council Tax.
Lost keys/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.
Variaton 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