Fees for landlords:
What’s included in the price of our Letting Service:
• Assessment of your property, advice on likely rental income, advice on steps that could be taken to increase the rental income.
• Property marketing
• Viewings
• Tenant referencing
• Tenancy agreement
• Deposit registration
• Transfer of utilities
• Rent collection and remittance
Scale of Fees
All charges are subject to VAT at the prevailing rate of 20%, but are subject to change should the VAT rate increase. We reserve the right to amend our fees if we give you reasonable prior notice.
• Letting Service - 8% plus VAT (9.6% inclusive of VAT) of the gross rental income of the tenancy for the first year of any tenancy if we are instructed as sole agents in respect of the letting of the Property or 10% plus VAT (12% inc. VAT) of the gross rental income of the tenancy if we are not solely instructed, subject to the section “Renewal Fees” below.
What’s also included in the price of our Management Service:
In addition to the letting service our management service includes also the following:
• Inspections
• Co-ordination of repair and maintenance needed to the Property
• Making such other payments in connection with the Property as you ask us to do on your behalf from rents received.
• Management Service - an additional 4% plus VAT (4.8% inc VAT) of the gross rental income of the tenancy if we were instructed as sole agents in respect of the letting of the Property, or a further 5% plus VAT (6% inc VAT) of the gross rental income of the tenancy if we were not solely instructed.
Fees are payable six monthly in advance for our Letting Service, and monthly in advance for our Management Service
• Renewal Fees: where, with the consent of the Landlord, the tenancy is extended to the same tenant (or any person associated with or introduced by the same tenant) after the initial fixed term, either through the issue of a further fixed term agreement or through becoming a periodic tenancy, a renewal fee is payable as follows:
sole instruction - 6% plus VAT (7.2% inc VAT) of the annual rental income
non-sole instruction - 8% (9.6% inc VAT) of the annual rental income
We will prepare the tenancy agreement if required, for the extended tenancy, and this term shall continue until the tenant leaves, or until this Agreement is terminated.
prices for individual services (shown inclusive of VAT)
these are the prices we charge for one-off and individual services not provided to you as part of our letting or management service.
Please note that most of these items are included for no extra charge in either our letting or management service.
Those items in blue are included for no extra charge in our letting service, and those in red are included for no extra charge in our management service.
If you are considering using many of these services, you may well be better off using our letting and/or management service.
Property marketing - preparation of particulars, including description, measurement, photography, and floorplan, and publication on selected
web sites, portals and publications - 12% of first year’s rental income
Tenant referencing - contact applicant’s referees (typically previous landlord, bank and employer) to establish financial good-standing, and suitability. Ensure compliance with data-protection legislation. Per head - £120.00
Credit search - conduct credit search with licenced credit reference agency. Per head £36.00
Tenancy agreement - preparation of appropriate tenancy agreement incorporating up-to-date changes required by statute or case law - £180.00
Tenancy agreement and Guarantor agreement - as above but with an additional agreement to provide a guarantee from a third party - £228.00
Deposit registration - register deposit with approved scheme in accordance with statutory requirement, and serve prescribed information on tenant - £180.00
Inventory preparation - prepare an inventory (or check out at termination of the tenancy) and schedule of condition for a property prior to let - £POA - dependent upon property size, typically £120.00 to £300.00.
Transfer of utilities - contact relevant utility companies/council tax authority and arrange for transfer of bills in to new tenants name, and closure of existing accounts - £60.00
Service of notices - service of any notices required (including Notice to Quit, Notice Requiring Possession, Notice of Address for Service) - £84 per notice
Rent collection and remittance - collection of monthly rental payment from tenant and remittance to landlord’s nominated bank account - £12.00 per month
Statements - provision of monthly statements £12, provision of annual statement £120
Registration for non-resident status - for owners normally resident overseas, to obtain exemption from tax deduction at
source, and file an agency annual return - £60.00 per annum
Issue of annual statement of income - summary of all rents and receipts and outgoings - £120.00
Safety regulations and inspections - the following regulations apply to rented accommodation:
- Furniture and Furnishings (Fire) (Safety) Regulations 1988
- General Product Safety Regulations
- Gas Safety (Installation and Use) Regulations 1998
- Electrical Equipment (Safety) Regulations 1994
- Plugs and Sockets (Safety) Regulations 1994
To arrange inspections at the required interval to establish compliance with the above regulations, to include where requested a Landlords Gas Safety Inspection, Periodic Electrical Inspection, and Portable Appliance (PAT) Test - £24 (tradesman’s charge additional)
Periodic inspection -- £48.00 per visit
Post tenancy dispute resolution (informal) - £120.00
Post tenancy dispute resolution (formal) - £240.00
End of tenancy inspection and report - to inspect the premises - £100 to £350 dependent upon property size
Rent guarantee - £POA per head dependent upon insurance company used (terms and conditions apply)
For further information please contact this office.
Fees for tenants
All charges include VAT at the prevailing rate of 20%, but are subject to change should the VAT rate increase.
Offer stage
You should allow for the following payment when making an offer to rent a property:
• Holding deposit (equivalent of one weeks rent)*
For a financial reference we ask to see 6 months worth of your most recent bank statements. If you prefer you can choose to ask your bank for a status enquiry which may incur a charge.
Please note: the grant of a tenancy is subject to contracts being signed by both parties, and satisfactory references being obtained from your referees.
Your holding deposit, once received by us, will be refundable in full if we withdraw, unless you have acted negligently or fraudulently in your application (for instance by misrepresenting facts), in which event we reserve the right to deduct an amount equivalent to our losses and costs involved in processing your application.
In the event that you withdraw, we reserve the right to deduct an amount equivalent to the costs we have incurred in processing your application up to the point of withdrawal.
*If your offer is accepted then this amount will be set off against the initial rental payment, so you are not making this payment twice.
References and Anti-Money Laundering Regulations
You will need to provide us with an original document to prove your identity (current passport/photo driving licence) and to prove your current address (such as a bank statement, credit card, utility bill, council tax demand, etc. dated within the last 3 months). We will take a photocopy and return the original to you.
Offer accepted stage
If your offer is accepted (subject to references and contract) then before the tenancy starts you will need to make the following payments to us by cleared funds, which are usually:
• One calendar months rent (less the holding deposit already taken, as above)
• The security deposit of 5 weeks rent However this may vary depending on the individual landlord’s instructions and requirements. Further rents will be paid by standing order from one nominated UK bank account.
All deposits held by us will be protected by the Deposit Protection Service (The DPS).
Early release
If, for any reason, you request your landlord to agree to ending the tenancy earlier than the end date set out in the tenancy agreement (or in line with any break clause included in the tenancy agreement) then he/she does not have to agree to this. However should your landlord agree, then he/she can ask you to reimburse him/her for any financial loss he/she might suffer as a result, for example:
The equivalent of the letting fee already paid by your landlord to us from the date you wish to end the tenancy until the date you could contractually end the tenancy (calculated as a daily rate) (Variable)
Change of sharer/assigning a tenancy:
cost of £50 unless greater costs are incurred because of the tenancy change.
Your landlord does not have to agree to you changing any of the named tenants during the tenancy term. However he/ she may agree to do so subject to you reimbursing him/her for any financial loss he/she might suffer as a result as a result of ending one tenancy early and creating a new tenancy. For example:
• Referencing, preparation of new tenancy agreements, and deposit protection admin charges
Income Tax
Generally you will pay the rent to Traynor & Co by standing order, to be credited to your landlord’s account. However if you pay rent directly to your landlord and he/ she is resident outside the UK for more than six months of the year, then you will be responsible for deducting income tax from your rent (at basic rate) and accounting for this to HM Revenue and Customs on a quarterly basis, unless HMRC confirm to you direct and in writing that you do not need to do this.
Lost keys: reasonable cost of replacement
Interest on rent
You may be charged interest at the rate of up to 3 per cent above the Bank of England base rate prevalent at the time of default per annum on any rent in arrears for more than fourteen days calculated from the date upon which such rent was due to be paid to the date upon which it is actually paid
Redress Scheme
We are registered with the Property Ombudsman
Client Money Protection
We are regulated by the Royal Institute of Chartered Surveyors, and are members of the RICS Client Money Protection Scheme