Watford Landlord Fees
Guaranteed Rental Income Service
If you are renting your property to us on the Guaranteed Rent Service, we will not charge you any fees at all. There are no management fees, no inventory fees, no renewal fees, no post-tenancy disputes, no check-in or check-out fees, no risk of void periods, no risk of late rent and no legal costs should the resident tenants default. So you get complete peace of mind with your investment. Please contact us on 01923 250900 to arrange a free, no obligation assessment with our experienced letting agents in Watford.
Charges will apply for our other services. These services can be tailored to suit and range from Tenant Find (also called Introduction), Rent Collection and Full Management. Detailed description of advantages of each service is shown under the table.
| Commissions, fees and charges | Inclusive of VAT |
|---|---|
| Fully Managed Service – paid monthly | 12.00 % of the monthly rent |
| Rent Collection Service – paid monthly | 8.40 % of the monthly rent |
| Tenant Find Service – paid at start of tenancy Tenant Find Service – paid at the start of tenancy | Tenant Find Service – paid at start of tenancy Tenant Find Service – paid at the start of tenancy |
| Set Up Fee (Referencing, credit checks, contract preparation, prescribed information and pretenancy legal documents) | £360.00 |
| Inventory and check-in (depending on property size) | From £150.00 to £264.00 |
| Deposit registration /processing | £60 |
| Renewal fee – for Managed Service | £150.00 |
| Renewal fee – for Rent Collection Service | £360.00 |
| Renewnal fee – for Tenant Find Service | £720.00 |
| Guaranteed Rental Income Service | No fees |
| Bespoke services (e.g. inspections for Rent Collection or Tenant Find Services) | Please enquire |
Tenant Find Service
If you simply want us to find a tenant for your property, we will charge you a fixed fee of £720 (£600+VAT) at every tenancy change over. This fee covers the cost of advertising, viewings, finding tenants, referencing them and drawing up agreements.
Other fees payable every time new tenants moves in cover the following:
- compiling an inventory – written and photographic
- checking tenants into the property, reading of gas and electricity meters and informing providers
- informing the Council of tenant details
- registering the deposit with a Government Approved Scheme
- performing check-out at the end of tenancy and prepare a report – extra charges apply depending on property size
- taking meter readings for gas and electricity and inform providers
If the tenants wish to renew their contract, and you are happy with this, a renewal fee of £720 (£600+VAT) is payable prior to the tenant signing a new agreement.
During the tenancy you will be responsible for rent collection, property inspections and organisation/overseeing of maintenance and repairs.
At the end of the tenancy you will be responsible for negotiating with the tenant regadring any possible deposit deductions.
Rent Collection Service
You will enjoy all the benefits of our Tenant Find Service described above, PLUS the following:
- collection of rent every month and transfer to your account via BACS
- negotiation of rent increases within current legal framework
- ensuring all tenancy extensions are carried out with appropriate legal notices
- contacting tenants by email, phone and, if necessary, by visiting them at the property in the event of late rental payments by 4 days or more
- sending formal/legal notices, indicating addition of late payment charges in the event of late rental payments by 10 days or more
The monthly fee is 8.4% (7%+VAT) deducted from the monthly rent.
If the tenants wish to renew their contract, and you are happy with this, a renewal fee may be payable by you.
During the tenancy you will be responsible for property inspections and organisation/overseeing of maintenance and repairs.
Fully Managed Service
You will enjoy all the benefits of our Tenant Find and Rent Collection Services PLUS the following:
- regular inspection of the property
- preparation of inspection reports and, if necessary, follow up with tenants to request compliance with any findings
- acting as first point of contact for all tenant enquiries including repairs or maintenance
- organising for upto two quotes per maintenance issue
- arranging for maintenance or repair works based on discussions of the quotes with you
- providing yearly, or monthly, statements as required
- negotiating on your behalf with the tenant and, if necessary, deposit dispute resolution at the end of tenancy
- providing assistance and advice on completing legal/Court forms should there be a need to take legal action against the tenants – legals costs to be borne out by the landlord or a rent policy
As well as the Tenant Find fees described, there is a monthly fee of 12% (10%+VAT) deducted from the monthly rent.
Additional services are available. These are not ongoing charges, so you will be charged on a “pay-as-you-go” basis:
| INCLUSIVE OF VAT, where applicable | |
|---|---|
| Cancellation Charge (if you withdraw from a proposed tenancy after we receive a deposit) | £300 |
| Change of contract after tenancy start (e.g. from Fully Managed to Rent collection) | £360 plus the usual commission of the newly chosen service |
| Shopping (if you instruct us to order items for your property) | £72 per visit |
| Annual statements (non-managed properties only) | £72 |
| Arranging quotes for works (non-managed properties only) | £72 per quote |
| Property inspections and reports (non-managed properties only) | £72 per visit |
| Issuing legal notices to vacate (except Guaranteed Rent Service) | £240 |
| End of tenancy negotiations (non-managed properties only) | £360 |
Fees valid from October 2019 for all new landlord instructions and are subject to change without notice.
We are registered with Propertymark Clients Money Protection Scheme (membership number S2303).
We are also members of the Property Ombudsman (membership DO1344)