Have a property to let? Read our guide for landlords

Have a property to let? Read our guide for landlords

Landlords

Our aim has always been to provide an efficient, reliable and personalised service, giving Lanldords the confidence and trust that their property will be marketed to its maximum potential and managed to the highest standards. We will always try to go that extra mile to help. If you are thinking of renting out your property please click on the button above to arrange a lettings appraisal, as we would be delighted to have the opportunity to give guidance and offer advise.

As a brief overview in respect to the standard fees for Landlords are as follows:

  1. Letting only service (tenant finding, collection of initial months’ rent and deposit, deduct for any pre tenancy invoices, negotiate renewals and prepare extension notices) – 10% plus VAT (12% inc VAT) of the annual rent achieved payable six monthly in advance.
  2. Letting & Rent Collection service (collect, remit monthly rent and provide statements, advise on rent arrears action) 12% plus VAT(14.4% inc VAT) of the monthly rent achieved payable monthly.
  3. Letting, Rent Collection & Management ( includes arranging routine repairs, inspections twice a year, holding keys throughout tenancy, advising on deposit return deductions, if any)  15% plus VAT (18% inc VAT) of the monthly rent achieved payable monthly

The above fees become due once tenants are found and are payable for the duration of the tenancy, including any renewal or extension of the tenancy to the same tenants or any new tenant introduced by the original tenants. We would be happy to discuss individual Landlords requirements which we will be able to reflect in our fees if appropriate.

In addition there are other charges made in respect to other aspects of the letting service which are as follows:

  1. Preparing the Tenancy Agreement £90.00 payable only at the start of the tenancy agreement.
  2. Where a deposit is held by Palace Gate Lettings for the duration of the tenancy then the deposit will be registered with the TDS who are a Government approved deposit protection scheme. The charge for registering the deposit is £60.00 per annum for as long as the deposit is held and registered with the scheme.
  3. Energy Performance Certificates (EPC) are required for all properties to be rented out and Landlords are responsible for the cost of having an EPC carried out. Approximate cost is £60.00
  4. Inventories are required for all tenancies in order for the both the Landlord and the tenant to be able to handle the deposit fairly at the end of the tenancy. Without any full record in respect to the condition of the property at the start and the end of the tenancy it would be difficult to make deductions (if any) from the deposit without adequate proof of damage (if any). The cost of the inventory is split between the parties with the Landlord initially paying to have an inventory prepared and thereafter to have the check in paid by the Tenant and the check-out paid by the Landlord. Costs depend according to the size of the property. Inventories are carried out by independent companies and individuals who can be instructed by Lettings to act on your behalf.
  5. We will also make charges during a tenancy where the company is required to wait in at a property. This is charged at £60.00 per hour.
  6. Lettings charge a fee of 10% plus VAT (12% inc VAT)of the overall net costs on all major maintenance issues where the cost of works exceeds £1,000.00. The same charge is also applicable where we have been instructed by the Landlord to carry out major works or a refurbishment programme on a property.
  7. Where Landlords are non  UK residents, lettings are required to retain tax from the rent collected and to submit quarterly non-resident receipts/ payments to the HMRC a charge of £48.00 is payable per quarter. Where we have approval from HMRC to pay rent without any deduction of tax, this fee will not be charged.
  8. Court Attendance: a fee of £72.00 per hour is payable per person for any court attendance required.

Please note that this is a brief breakdown of all cost and that our Terms & Conditions outlines our fees and service in full, including details of the Landlords responsibilities. We will be happy to provide a copy.

Other charges for Gas Safety , Electrical test, gardening, professional cleaning etc may also apply depending on each Landlords requirements and would be carried out by independent contractors. Quotes for each service can be obtained prior to organising any works.

 

If you have any question on our fees, please do not hesitate to ask a member of staff.

The Government have produced a leaflet entitled “How To Rent” that Landlords and Tenants may find useful.  It can be found on www.gov.uk/government/publications/how-to-rent