Tenancy Fees in relation to Residential Agency

//Tenancy Fees in relation to Residential Agency
Tenancy Fees in relation to Residential Agency 2019-07-02T17:16:30+01:00

LB Property Management Solutions Ltd – Tenancy Fees and payments in relation to Residential Agency – AST Agreements

FEES CHARGEABLE TO A TENANT FROM 1ST JUNE 2019: (does not apply to tenancies which commenced prior to 1st June 2019)

  • A REFUNDABLE TENANCY DEPOSIT capped at no more than five weeks’ rent where your total annual rent is less than £50,000, or six weeks’ rent where your total annual rent is £50,000 or above
  • A REFUNDABLE HOLDING DEPOSIT (to reserve a property) capped at no more than one week’s rent
  • CHANGE THE TENANCY when requested by the tenant, capped at £50 (INCLUSIVE of VAT) or (£41.67 plus VAT), or reasonable costs incurred if higher
  • EARLY TERMINATION OF THE TENANCY, when requested by the Tenant – The existing Tenant will be liable for the Landlord’s fees for finding a new Tenant as well as the rent until a new Tenant occupies the property. (please see the Landlord’s fee structure for further information)
  • There will also be a charge of £180.00 (INCLUSIVE of VAT) or (£150.00 plus VAT)
  • PAYMENTS IN RESPECT OF UTILITIES, COMMUNICATION SERVICES, TV LICENCE AND COUNCIL TAX
  • A DEFAULT FEE FOR LATE PAYMENTS OF RENT where the payment has been outstanding for 14 days or more, interest will be charged at no more than 3% above the Bank of England’s annual percentage rate for each day it is outstanding
  • A FEE FOR THE REPLACEMENT OF KEYS/SECURITY DEVICES giving access to the housing

FEES CHARGEABLE TO A TENANT which commenced prior to 1st June 2019 and will only be chargeable up until 31st May 2020 – subject to the AST Tenancy Agreement

All charges are INCLUSIVE of VAT at the standard rate (20%)

  • Riders or Addendums – £60
  • Company Agreements – £240
  • Agency Fee First Application – £180
  • Agency Fee Subsequent Applications – £60
  • Overpayments presented to Agent’s bank returned – 1.2% of overpayment (£6.00 Minimum)
  • New agreement fee for the same property (inc My Deposit fee) – £180
  • Guarantor Agreement Fee – £90
  • New Agreement Fee for Different Property – £144
  • New Agreement fee for the same property where one Tenant vacates – £90
  • Organising General Repairs through Tenant fault or damage – 12% of cost of works
  • Nominal Organising Fee – £18
  • Charge for any correspondence to Tenant(s) concerning breaches of the tenancy agreement – £30
  • Charge for any correspondence to Tenant(s) for reminders or arrears – £30
  • Call-out charge to the property (eg: lost keys) – £90 & £90 per hour thereafter

FEES CHARGEABLE TO A LANDLORD

Let Only

  • Should we be required to find a Tenant but not manage, our fee will be the equivalent of one month’s rent plus VAT at the standard rate (20%).
  • In addition, there is a letting agreement preparation charge of £120 INCLUSIVE of VAT.  The agreement is prepared specifically in accordance with current legislation and to protect your interests.  Any addendums or Riders to the Tenancy Agreement will be charged at £60 INCLUSIVE of VAT.
  • Production of Company Agreements are £240 INCLUSIVE of VAT.

Extra Charges (not Included)

  • There is a charge for production and preparation of detailed Inventory with Schedule of Photographs charged £120 INCLUSIVE of VAT.

Full Management

  • If the property is to be fully managed our fee will be 12% of monthly rental income, INCLUSIVE of VAT at the current standard rate.
  • Our charges are based on the former RICS scale of charges at a fee equivalent of 12% of the annual rent INCLUSIVE of VAT, or as outlined in the table of charges below.
  • Organise of Contractors/Works – When works are to be organised such as instructing contractors, inspecting the progress of works and where appropriate, signing off works on completion, we will make an administration charge of 12% INCLUSIVE of VAT based on the total gross invoice of works
  • In addition, there is a letting agreement preparation charge of £120 INCLUSIVE of VAT and a MyDeposits Registration fee of £18 INCLUSIVE of VAT. The agreement is prepared specifically in accordance with current legislation and to protect your interests.  Any addendums or Riders to the Tenancy Agreement will be charged at £60 INCLUSIVE of VAT.
  • Production of Company Agreements are £240 INCLUSIVE of VAT.

Unfurnished

  • Rentals up to £450 per calendar month £420.00 INCLUSIVE of VAT
  • Between £451 and £600 per calendar month £450.00 INCLUSIVE of VAT
  • Between £601 and £750 per calendar month £540.00 INCLUSIVE of VAT
  • Over £750 per calendar month assessed according to the property and time taken in preparation

Furnished or Part Furnished

  • Rentals up to £450 per calendar month £450.00 INCLUSIVE of VAT
  • Between £451 and £600 per calendar month £480.00 INCLUSIVE of VAT
  • Between £601 and £750 per calendar month £570.00 INCLUSIVE of VAT
  • Over £750 per calendar month assessed according to the property and time taken in preparation

Enquiry About Property

Contact Details

Address

Lyndon Brett Partnership

County Court Chambers
Queen Street
Bridgwater
Somerset
TA6 3DA