Landlord Fees


FEES and SERVICES - A LANDLORDS GUIDE

This guide has been produced to inform prospective Landlords of the procedures and requirements that relate to a typical tenancy, and of the fees, charges and commissions that may apply.


Please read this carefully.

1. Let Only Service - Fixed Fee of £420.00 ( includes Vat ) - ( £350 exclusive of Vat )


This includes the following:

a. Agree the market rent and find a tenant(s) that meet the Landlords criteria.

b. Provide guidance on any works required and compliance issues ( smoke alarms, gas checks etc.)

c. Carry out accompanied viewings ( as required )

d. Market the property ( window display, To Let board, newspaper, property websites etc. ).

e. Produce a comprehensive Assured Shorthold Tenancy agreement for the agreed term and to

arrange for this to be signed and witnessed.

f. Advise on non-resident tax and HMRC status.

g. Collection and remittance of initial month's rent received.

h. Providing the tenant(s) with a method of payment.

i. Deduction of any pre-tenancy invoices, fees and commissions ( i.e. charges for EPC, Gas Safety

check, Let fee etc. ).

j. Making any HMRC deductions and providing the tenant(s) with the NRL8 ( if relevant ).

k. Registration of, and the securing of, the tenant(s) deposit with a Government authorised scheme.

Providing the tenant(s) with the Deposit Certificate and Prescribed Information.


2. Fully Managed Service - Option 1 - 8.4% ( includes Vat ) - ( 7% exclusive of Vat )


This fee is payable in addition to the fee detailed in section 1 ( Let Only Service ) above. The % rate shown is payable per month and is a percentage of the monthly rent received.

This service includes all of the areas detailed in section 1 above ( Let Only Service ) and the following:


a. Collection and remittance of the monthly rent received.

b. Pursue non-payment of rent and provide advice on actions to be taken for rent arrears.

c. Deduction of any commissions, fees and invoices for works carried out etc.

d. Advising all relevant utility companies of the tenancy.

e. Undertake 4 x inspection visits of the property per annum. Inform the Landlord of the outcome.

f. Arrange routine repairs ( with the Landlords consent and authorisation ).

g. Hold keys for the duration of the tenancy.

i. Produce a comprehensive Inventory and Schedule of Condition report of the property ( including

photographs, meter readings etc ).

j. Renewal of the tenancy with the same tenants at the end of the initial fixed term ( including the

preparation of and the signing of a new agreement, updating terms etc ) or agreeing and

confirming that the tenancy is to continue on a periodic basis.

k. Check out the tenant(s) at the end of the tenancy, attend the property with the tenant(s),discuss

any potential deductions, obtain quotes for any works required or for any items needing repair /

replacement, negotiate with Landlord and tenant(s), return deposit as agreed with

both parties, refer any disputes to the relevant deposit protection scheme for adjudication.

l. Service of Section 21 notice ( Notice requiring Possession ).


3. Fully Managed Service - Option 2 - 10.8% ( includes Vat ) - ( 9% exclusive of Vat )


This fee is payable in addition to the fee detailed in section 1 ( Let Only Service ) above. The % rate shown is payable per month and is a percentage of the monthly rent received.

This service includes all of the areas detailed in sections 1 and 2 above ( Let Only Service and Fully Managed Service - Option 1 ) and the following:


Rent Recovery and Legal Protection Cover


If the tenant(s) fails to pay the rent due, a claim may be made by us under the Rent Recovery for the due rent only, up to a maximum of 5 payments. We may also claim for Legal Assistance to recover possession of the property.


FULL DETAILS OF THIS COVER ( INCLUDING DETAILS OF THE COVER PROVIDED AND ANY EXCLUSIONS ) ARE AVAILABLE IN OUR BRANCH FOR ANY PROSPECTIVE LANDLORD TO READ PRIOR TO INSTRUCTING US TO ACT ON THEIR BEHALF.


4. Additional Non-Optional Fees and Charges: Let Only Service:


a. Produce a comprehensive Inventory and Schedule of Condition report of the property ( including

photographs, meter readings etc ). - £180.00

b. Property inspection visits ( includes informing the Landlord of the outcome ) - £48.00 per visit

c. Service of Section 21 Notice ( Notice requiring Possession ) - £72.00

d. Renewal Fee ( contract negotiation, amending and updating terms, drawing up a new tenancy

agreement, arranging for it to be signed and witnessed etc. ) - £120.00


5. When do you pay ?


All fees and commissions due to Elliott and Smith are deducted from the rental payments received. Any shortfall in monies due to Elliott and Smith must be paid in full prior to the commencement of the tenancy.


6. VAT


All fees are inclusive of VAT.


7. Client Money Protection ( CMP )


Please note that we do not subscribe to, or belong to, a client money protection scheme.


8. Independent Redress


Please note that we are a member of The Property Ombudsman for Lettings Agents.


COPIES OF OUR TERMS AND CONDITIONS ( ALONG WITH A DRAFT TENANCY AGREEMENT ) ARE AVAILABLE IN OUR BRANCH FOR ANY PROSPECTIVE LANDLORD TO READ PRIOR TO INSTRUCTING US TO ACT ON THEIR BEHALF.


* SHOULD YOU HAVE ANY QUESTIONS ON OUR FEES AND / OR OUR SERVICES PLEASE ASK A MEMBER OF STAFF.

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