From 1st June 2019, the Tenant Fees Act 2019 officially ended most fees charged to tenants and for many landlords, this will likely lead to an increase in the amount they pay to their letting agent. Unlike most agents, we are not having to significantly increase our charges, because we haven’t been charging our tenants any fees (apart from the cost of referencing and check-outs) since the Tenant Fee Ban Bill was announced in 2017! So we are not increasing our standard fees and will only be passing the cost of referencing and end of tenancy check-outs to our landlords.
Here are the main fees our landlords can expect to pay when letting their property with us:
1) Introduction Only Service £360.00 (inclusive of VAT) payable for each letting where the tenant is introduced through the Agent
2) Tenancy Documentation Service £180.00 (inclusive of VAT) plus a Deposit Negotiation and Administration Fee of £90 inclusive of VAT if a deposit is taken
2) Tenant Find Service 72% of the first month’s rent (inclusive of VAT) payable for each letting where the tenant is introduced through the Agent, subject to a minimum of (£540.00 inclusive of VAT) for each letting where the tenant is introduced through the Agent
3) Letting and Rent Collection Service 9.6% inclusive of VAT of the rent received with an initial set up fee payable for each letting of (60% of the first month’s rent inclusive of VAT) subject to a minimum of £420.00 inclusive of VAT), deducted by the Agent
4) Full Management Service 12% (inclusive of VAT) of the rent received, of the rent received with an initial set up fee payable for each letting of for each letting of (60% of the first month’s rent inclusive of VAT) subject to a minimum of £420.00 inclusive of VAT), deducted by the Agent
Serving Section 21 and Section 8 Notices (Included within our Full Management and Rent Collection Service) £120.00 Inclusive of VAT
Deposit Negotiation and Administration £60.00 inclusive of VAT Serving Section 13 Notices (Included within our Full Management and Rent Collection Service) £120.00 inclusive of VAT
Duplicate statements £60.00 (inclusive of VAT)
Professional hourly rate £60.00 (inclusive of VAT) Charged by the Agent when required to carry out any additional services
Void property inspections £60.00 (inclusive of VAT) (per visit)
Tenancy renewal fee £180.00 (inclusive of VAT)
Inventory Report, Check in & Legionella Assessment: Dependent on the number of bedrooms and/or size of the property and outbuildings.
Check Out Report: Price varies dependent on the size of property.
There may be some additional costs for some Landlords.
AJM Estates are part of The Property Ombudsman Scheme and the Deposit Protection Service.
We are members of Client Money Protect offering client money protection for both landlords and tenants.
For any further information on the above please speak to a member of our team.
