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Consumer Rights Act 2015

CONSUMER RIGHTS ACT 2015

TENANT FEES SCHEDULE

NEW ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019

Under the Consumer Rights Act 2015 letting agents have a duty to clearly publicise their fees. Outlined below are the standard charges that may be applicable to you – all detailed inclusive of VAT:

  • Security Deposit (per tenancy. Rent under £50,000 per year) – Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
  • Security Deposit (per tenancy. Rent of £50,000 or over per year) – Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
  • Unpaid Rent: Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
  • Lost Key(s) or other Security Device(s): Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord or any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
  • Variation of Contract (Tenant’s Request): £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
  • Change of Sharer (Tenant’s Request): £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
  • Early Termination (Tenant’s Request): Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

CLIENT MONEY PROTECTION SCHEME:

Walker Singleton (Property Management) Ltd are a member of the RICS Clients’ Money Protection Scheme.

PROPERTY REDRESS SCHEME:

Walker Singleton (Residential) Ltd are a member of The Property Ombudsman (TPO)

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CONSUMER RIGHTS ACT 2015
TENANT FEES SCHEDULE

COMMON LAW TENANCIES

Under the Consumer Rights Act 2015 letting agents have a duty to clearly publicise their fees. Outlined below are the standard charges that may be applicable to you – all detailed inclusive of VAT:

Application Fee
£200 (inc. VAT) application fee per applicant payable at the time of applying for any property to undertake financial credit checks, references and any other relevant information as well as contract negotiation (amending and agreeing terms) and arranging the signing of the agreement
£100 (inc. VAT) guarantor application fee covering credit referencing and preparation of Deed of Guarantee

Move In Fee
£200 (inc. VAT) accompanied check-in fee, attending the property to welcome the tenant, confirm the inventory and schedule of condition, highlight the location of utility meters, stop cocks etc. and test all smoke alarms that are present and in working order.
£100 (inc. VAT) tenancy renewal fee upon renewal of any fixed term agreement including contract negotiation, amending and updating terms and arranging for the signing of a further tenancy agreement.

CLIENT MONEY PROTECTION SCHEME:

Walker Singleton (Property Management) Ltd are a member of the RICS Clients’ Money Protection Scheme.

PROPERTY REDRESS SCHEME:

Walker Singleton (Residential) Ltd are a member of The Property Ombudsman (TPO)

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CONSUMER RIGHTS ACT 2015

LANDLORD FEES SCHEDULE

Letting Only Service

A fee equivalent to one month’s rental income (plus VAT) (eg. Achieved rental £500pcm, fee = £600 inc. VAT) (inclusive of first tenant reference, additional references charged at £30 (inc.VAT))

Property Management

Letting fee equivalent to one month’s rental income (eg. Achieved rental £500pcm, fee = £600 inc. VAT) (inclusive of first tenant reference, additional references charged at £30 (inc.VAT))

Commission Charges – 14.4% of rents billed (inc. VAT) (NB: commission remains payable against rent arrears, unpaid rent or any agreed rent-free periods or incentives) (annual property inspections)

Legal Protection Insurance (optional) – £300 (inc. VAT) (annual premium)

Full Property Management
A fee equivalent to one month’s rental income (plus VAT) (eg. Achieved rental £500pcm, fee = £600 inc. VAT) (inclusive of unlimited referencing)

Commission Charges – 18% of rents billed (inc. VAT) (NB: commission remains payable against rent arrears, unpaid rent or any agreed rent-free periods or incentives) (inclusive of personal property handler, and guaranteed rental payments in full whilst property occupied – subject to Terms and Conditions, bi-annual property inspections)

Additional adhoc charges and services/provisions are available to clients by separate negotiation. Ask in one of our offices to speak to a member of the team for full details.

CLIENT MONEY PROTECTION SCHEME:

Walker Singleton (Property Management) Ltd are a member of the RICS Clients’ Money Protection Scheme.

PROPERTY REDRESS SCHEME:

Walker Singleton (Residential) Ltd are a member of The Property Ombudsman (TPO)