Property Management

LANDLORD FEE SCHEDULE

PRE-TENANCY FEES

Arranging and facilitating statutory compliance (this is in addition to the costs of the item itself) if not provided on instruction or undertaken by the landlord:

• Energy Performance Certificate (EPC) £90 (inc. VAT) per property (VALID FOR 10 YEARS)
• Gas Safety Certificate (CP12) £85 (inc. VAT) per tenancy (VALID FOR 12 MONTHS)
• Gas Safety Certificate & Service (CP12) £100 (inc. VAT) per tenancy (VALID FOR 12 MONTHS)
• Electrical Installation Condition Report (EICR) £150 (inc. VAT) per property, subject to No Remedial Works
• Installing Battery Operated Smoke Alarms and Carbon Monoxide £50 (inc. VAT) for 1 Alarm, £80 (inc. VAT) for 2 Alarms per Installation

Landlord Withdrawal Fees within 30 days of marketing: £300 (inc. VAT) per property.

SETTING UP TENANCY FEES

Managed Service Set-up Fee: £500 (Inclusive of VAT) per property, per tenancy.

Monthly Management Charge: 13% (Inclusive of VAT) per property, per tenancy.

Platinum Managed Service: 4% (Inclusive of VAT) per property, per tenancy. This service can only be taken in addition to the Managed Service/Management Charge.

Rent Collection Service Set-up Fee: £500 (Inclusive of VAT) per property, per tenancy. Plus, Monthly Rent Collection Charge of 9% (Inclusive of VAT)

Non-Managed Set-up Fee: £550 (Inclusive of VAT) per property, per tenancy. This is for LET ONLY SERVICE.

Each service includes referencing for all tenants & guarantors (if appliable) over the age of 18, ID checks, financial credit checks, referencing from current or previous employers and referencing from previous landlord (if applicable), affordability checks, right to rent checks, contract negotiation (amending and agreeing terms), drawing up an AST Agreement, providing “How to rent guide”.

All services include receipt of rent & bond except Non-Managed Service & Rent Collection, which is First Month’s Rent Collected Only, the bond is paid direct to the landlord for depositing into their own Bond Scheme within 30-days.

All landlords will receive statements for any funds collected and paid out. All managed and rent collection services will receive a final account year end statement for tax purposes.

Guarantors: This service is included in our set-up fees and includes preparing a Deed of Guarantee.

Permitted Occupier: This service is included in our set-up fees and includes explaining to any permitted occupier their rights and responsibilities towards the named tenants and landlord.

Deposit/Bond Registration Fees: £50 (Inc. VAT) per property, per tenancy. Where a bond is taken from a tenant, we will arrange registration of landlord and tenant details with the “Tenant Deposit Scheme (TDS)” and provide all relevant paperwork within 30 days of the tenancy start date. The Bond Deposit we will take will be equivalent to 5 weeks rent. This covers damages or defaults on the part of the tenant during the tenancy this is on tenancies where rent is less than £50,000 per year.

Initial Inventory Report: Prior to a tenant moving into a Managed Service Property to commence a tenancy, we will carry out a detailed Inventory of the full property recording the conditions, damages and cleanliness of all rooms, conservatories, furniture, outdoor space (inc. Garden, Driveway etc.) and including outbuildings such as sheds, garages, and greenhouse. Inventory Report is included in our set-up fees for managed service.

Initial Inventory Fee:
Rent up to £500pcm  - £150 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £501-£750pcm - £175 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £751-£1500pcm - £200 (inc VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £1501 - £2500pcm - £300 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £2501 onwards pcm - £500 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.

PRE-TENANCY FEES FOR TENANTS

Holding Deposit (per property):

1 Weeks Rent

This is to reserve a property - subject to referencing.

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 14 calendar days (or other Deadline for Agreement as mutually agreed in writing).

DURING TENANCY FEES

Property Visits: As part of the managed service, we carry out quarterly inspections on the property, generate a report and send this to the landlord for review.

Tenancy Renewal Fee Managed & Platinum : £60 (inc. VAT) per property, per tenancy renewal. Contract negotiations between landlord and tenant(s), amending and updating terms and arranging for the signing of a further tenancy agreement.

Non-Managed Let Only Tenancy Renewal Fee: £120 (inc. VAT) per property, per tenancy.

Landlord Withdrawal Fee: (During Active Tenancy) Refer to Landlord Terms of Business Agreement.

Legal Notices Being Issued: The issuing of Section 21, Section 13 and Section 8 notices is only included in our Managed fees. Rent Collection and Non Managed serving of notices would be £60 inc VAT per notice per property.

END OF TENANCY FEES

Final Inspection Check-out Report: After the tenant leaves the property on a Managed Service. We will carry out a detailed Inspection of the full property recording the conditions, damages and cleanliness of all rooms, conservatories, furniture, outdoor space (inc. Garden, Driveway etc.) and including outbuildings such as sheds, garages, and greenhouse.

Check-out Report is included in our set-up fees for managed service.

This report is used and compared against the Initial Inventory to negotiate the repayment of the security deposit/bond.

Final Inspection Check-out Fee:
Rent up to £500pcm  - £150 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £501-£750pcm - £175 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £751-£1500pcm - £200 (inc VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £1501 - £2500pcm - £300 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.
Rent £2501 onwards pcm - £500 (inc. VAT) per property, per tenancy for Rent Collection or Non-Managed Service.

Tenancy Dispute Service: This service only applies if Smith & Friends Estate Agents have protected the deposit. The service includes preparation of all evidence and submitting the case to the tenant dispute scheme as well as dealing with all correspondence relating to the dispute.

Court Attendance: £150 (Inc VAT) per court case attended.

OTHER FEES AND CHARGES

Obtaining more than two contractor quotes: We don’t charge for additional quotes unless the contractor charges. Managed Service Only.

Vacant Property Management Fee: This service is included in our managed service fees if the property is relet. This service includes visiting the property to undertake visual checks on the inside and outside at a frequency mutually agreed with the landlord.

Non-Managed & Rent Collection Vacant Property Visits Fee: £100 (inc. VAT) per visit.

Management Take-over Fee: £150 (Inc. VAT) per property, per tenancy. Covers costs associated with taking over the management of an ongoing tenancy, ensuring all compliance has been met, receiving, and protecting the deposit/bond and providing all necessary legal documents to the tenants, including new bank details.

PLATINUM MANAGED SERVICE - ADDITONAL INFORMATION

Platinum Managed Fee: 4% (Inc. VAT) of the monthly rent, per property, per tenancy.

Includes:

• Cover for total monthly rent, no matter how many tenants are on the tenancy agreement.
• Missed rental payments until vacant passion of the property.
• Up to 6 weeks rental payments at 90% following vacant possession (where applicable)
• Legal expenses up to £100,000 to cover eviction costs.
• No Policy Excess, rental payments covered immediately.
• Covers should a tenant defend the legal action taken.
• Covers Court Attendance if required.

Rent & Legal Protection Insurance for Let Only or Rent Collection 

Non-Managed Landlords the fees are as set out below:

Rent up to £750pcm -  £480 inc VAT per annum

Rent £751 to £1500pcm - £600 inc VAT per annum

Rent £1501 to £2500pcm - £720 inc VAT per annum

Rent £2501pcm onwards - £950 inc VAT per annum

If you have any questions on our fees or require more information, please speak to our branch Property Managers or Valuers or read our Lettings Guide here.