LETTINGS & MANAGEMENT FEES FOR LANDLORDS

Standard Management Service:

(Items 1 to 11 below) The Personal Agent Lettings & Management provides a property management service to owners wishing to let out their property. The standard fee for the management is taken as a percentage of the gross rents due for the period of the tenancy.
Standard Management Fee 15% of rent due inclusive of vat (subject to a Minimum Fee of £2000)

Example: If the monthly rent was £1000.00, you would pay a fee of £150.00 per month inclusive of VAT.
1: Advertise and market your property
2: Arrange accompanied viewings
3: Obtain references through a professional referencing agency
4: Ensure Landlords comply with current legislation
5: Collect the first month’s rent and security deposit
6: Professional photography of your property
7: Collect the rent on behalf of the Landlord
8: Provide monthly statements showing receipts and outgoings
9: Arranging for maintenance and repair work as required and charged at cost. Should major works or refurbishments be required where estimates and supervision of works are required, a prearranged charge of the total cost of the work will be payable.
10: Arrange periodic inspections during the tenancy.
11: Arranging for the check out at the end of the tenancy and instructing contractors regarding work necessary in accordance with the checkout report to prepare the property for a new tenancy.

Letting and Rent Collection Service:

(Items 1 to 8 above) Where the Landlord requires the collection of rents then the Letting and Rent Collection Fee will be charged and will be deducted from rents collected.

Letting and Rent Collection Fee: 12.5% of rent due (subject to a Minimum Fee of £1600)

Example: If the monthly rent was £1000, you would pay a fee of £125.00 per month inclusive of VAT.

Letting Only Service:

(Items 1 to 6 above) The Landlord would remain responsible for all other aspects of the letting including the maintenance of the Property and any gas and electrical appliances. The Letting Only Service Fee is payable at the commencement of the tenancy and will be deducted from monies received by the Agent on the Landlord’s behalf. If the Tenant leaves prior to the end of the term of the tenancy, through no fault of the Agent, the Landlord shall not be entitled to reimbursement of any fees paid.

Letting Only Fee 10% of the annual rental income inclusive of vat (Subject to a Minimum Fee of £1100)

Example: If the monthly rent was £1000.00, you would pay a fee of £1200.00 the first year inclusive of VAT. A reduced letting fee of 4.5% is charged for the second and subsequent years (where the same tenant remains in occupation) and is also charged annually in advance. The renewal fee will still be charged should the tenancy continue into a statutory periodic tenancy.

 

Set Up Costs: 

Administration and referencing costs for fully referencing all prospective tenants: £150.00.

Referencing, ID checks, Right-to-Rent check, 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) preparation and arranging the signing of the tenancy agreement.

Additional charges/optional

Preparing Inventory/Schedule of Condition: Dependent on the property size

Gas safety check: £85.00 which covers two appliances (Subject to change)

Energy Performance Certificate: £60.00 (Subject to change)

Registration of the tenants deposit with the Deposit Protection Service (DPS): £12.00

Renewal Tenancy Agreement, or amendments to the lease throughout the tenancy: £120.00

Issuing notice seeking possession: £120.00

Court Attendance £115.00 per hour (Management service only)

Tenants Fees Schedule

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 Rightto-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.

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