Landlord Fees & Charges
TABLE OF FEES
(All fees subject to the addition of VAT)
|FULLY MANAGED||LET ONLY||TENANCY AGREEMENT||OPTIONAL FEES|
|MONTHLY FEE||New Landlords 5% for first half of tenancy 9% thereafter||N/A||N/A||N/A|
|FINDING TENANT||50% Of first months rent||75% Of first months rent||N/A||N/A|
|TENANCY AGREEMENT||Tenant Pays||Tenant Pays||£150||N/A|
|ARRANGEMENT FEE FOR WORKS||No charge to Landlord||N/A||N/A||Up to 10% of net cost of work to contractor|
|ADDITIONAL PROPERTY VISITS||Optional||Optional||Optional||£30|
|COURT ATTENDANCE||Optional||Optional||Optional||£120 per hour|
|NOTICE REQUIRING VACANT POSSESION||Optional||Optional||Optional||£30|
Details of Other Services Provided
As an optional extra to our Let Only service you can add our Rent collection Service. The mandatory fees charged for this are an additional 5% plus VAT per month.
It is important to have a thorough inventory enabling both parties (landlord and tenant) to be treated fairly. The inventory documentation serves a number of vital functions – including providing a catalogue of the let property, an unbiased record of its condition and any items included in the tenancy. It forms part of the legally binding contract that is set out in the tenancy agreement between the tenant and the landlord. The cost of the inventory varies dependent on the number of bedrooms in the property and whether or not the property is furnished or unfurnished. Fees start from £90.00 plus VAT.
|No. of bedrooms||Un-furnished||Furnished|
|1||£90 plus VAT||£110 plus VAT|
|2||£110 plus VAT||£140 plus VAT|
|3||£140 plus VAT||£160 plus VAT|
|4+||By Agreement||By Agreement|
THE TENANCY DEPOSIT SCHEME
This Government run scheme ensures that landlords, tenants and agents are protected should a dispute arise over deposits. Since 2006 it has been illegal for a private landlord or non regulated agent to hold deposits. Deposits require registering whether they are for Managed Lets or Let only and the charge for this is £30.00 plus VAT.
CHECK OUT FEE
If it is time for your tenant to leave your property we will conduct the check out for you for a fee of £30.00 plus VAT. This fee covers agreeing with the tenant(s) a check out date and arranging an appointment; negotiating with both parties any disbursement of the dilapidations deposit, returning the deposit as agreed and unprotect the security deposit. Should there be any dispute over the return of the deposit we would liaise with the Deposit Scheme for final adjudication and then obtain quotes, instruct contractors and organise repairs/replacement of any broken or missing items.
ARRANGEMENT FEE FOR WORKS
No charge to the Landlords. Gusterson Palmer & James reserves the right to make a commission charge to any contractor instructed on behalf of the landlord of up to 10% plus VAT of the net cost of the work.
ADDITIONAL PROPERTY VISITS
If a visit (over and above the quarterly visits included in the monthly fee) is required – for example at the specific request of the landlord, or to resolve a neighbour dispute – a fee of £30.00 plus VAT is charged.
TENANCY RENEWAL FEE
If both parties agree that the tenant can stay for another term a new contract will be drawn up. Both parties will pay £75.00 plus VAT, this cost covers the contract negotiation, amending and updating the terms and arranging a further tenancy agreement.
In the unfortunate event where Gusterson Palmer & James might need to represent you in court – for example if a tenant requires eviction, then a charge of £120.00 plus VAT per hour will apply.
Should you wish to review the rent being charged for your property, in accordance with the current prevailing market conditions; then a fee of £30.00 plus VAT covers negotiating the rent change (if applicable) with the tenant and serving them the appropriate legal notice (a Section 13 Notice) if the tenancy is on a rolling monthly basis; then updating the tenancy agreement.
NOTICE REQUIRING VACANT POSSESSION
Should a landlord require vacant possession of a property, Gusterson Palmer & James serves the required documentation to the tenant (a Section 21 Notice requiring vacant possession). The fee for preparing and serving this notice in the required timeframe is £30.00 plus VAT.
ADDITIONAL NOTES OF IMPORTANCE TO LANDLORDS
If you have a mortgage you must obtain written confirmation from your Mortgage lender that they are happy for you to let your property. Also you must inform your Insurance Company. If you do not then your policy may be rendered invalid
Please also refer to the conditions and information set out on the back of our Terms and Conditions for letting residential property, available on request.
Our management of the property will start on the tenancy commencement date. Should a property owner find his property void during the winter months all necessary steps should be taken to ensure that the property is safeguarded against any frost damage and advise his/her Insurance Company of the position. If the property remains empty once a tenant moves out and we are to continue to manage the property for you during this period, our monthly management fee will be charged at 50% of the previous monthly figure and will remain so until a new tenant is placed.
During the tenancy the tenant is responsible for all service charges including the Council Tax however the Landlord will remain responsible for the insurance of the building, the insurance of the carpets and general maintenance and repair with the exception of the garden which would be the tenant’s responsibility.
Deposits are held in Gusterson Palmer & James’s client account at Barclays Bank Worcester throughout the period of the tenancy under the Tenancy Deposit Scheme.