The costs involved in letting your property consist of:
A commission fee is payable when a tenant is introduced and enters into an agreement to let the property. This is charged as a percentage of the agreed annual rental price + VAT. Prices vary depending on what service level you choose but these are detailed in our ‘Services we Offer’ section of our website.
Contract & Administration Fee
A comprehensive, legally binding tenancy agreement is crucial. We charge £180.00 + VAT (£216.00 inc VAT) for the drawing up of this document.
To carefully check references of every person over the age of 18 is vital for your security and to ensure only the highest calibre tenant moves in to your property. Referencing is charged at £45.00 + VAT (£54.00 inc VAT) per applicant, which includes Guarantors. This includes checking the Tenant has the legal ‘Right to Rent’ in the UK, employment & previous landlords are also verified at this time. More basic credit checks, which simply show up any bad credit that your tenant may have is charged at £30.00 + VAT (£36.00 inc VAT) per applicant.
Rent Guarantee Policy
Once your tenant has been approved for referencing, you will be given the opportunity to purchase a 12 month rent guarantee insurance policy, which not only covers rental arrears, but also eviction and legal costs cover. For a 12 month rent protection policy with nil excess, we can provide this reassurance for £185.00 + VAT (£222.00 inc VAT) for 12 months. For a cheaper option, we can provide a 12 month rent protection policy with a one month’s rental excess for £150.00 + VAT (£180.00 inc VAT).
Inventory and check-in/out report
Prior to a tenancy commencing, it is imperative that an independent inventory and check-in is carried out and again that this is checked at the end of the tenancy. Prices vary depending on the size of the property and whether it is furnished or unfurnished. Please ask us for prices.
To lodge the deposit in the DPS Insured Scheme, of which we are members, to supply to the tenant the relevant Prescribed Information and documentation and adhere to their rules and regulations, we will charge £30.00 + VAT (£36.00 inc VAT) per tenancy.
Energy Performance Certificate & Other Costs
There are various other checks and costs that may apply prior to your tenants moving in. Latham Smith will ensure that all legislation that applies to your property is met. Examples include; an Energy Performance Certificate is in place, a gas inspection has been carried out and all electrical items in your property are safe for purpose.
We charge £100.00 + VAT (£120.00 inc VAT) to arrange an Energy Performance Certificate on your behalf.
We charge £100.00 + VAT (£120.00 inc VAT) to arrange a Landlord gas safety certificate on your behalf.
We charge £225.00 + VAT (£270.00 inc VAT) to arrange a 5 year electrical condition report. Please note any remedial works required will be quoted for after the initial checks have been made.
We often have special offers available on these, so do ask if we have current offers.