Oliver Minton Lettings Fees (JUNE 2019)
PERMITTED TENANTS FEES:
Before the tenancy starts (payable to Oliver Minton Letting Agency ‘the agent’)
- Holding Deposit: 1 week’s rent held for 14 days whilst referencing takes place
- Security Deposit : 5 weeks rent payable on signing the tenancy agreement
During the tenancy (payable to the agent)
- Default fee for late payment of rent - Chargeable from 14 days arrears calculated on the interest at 3% above Bank of England base rate on the late payment of rent for each day that the payment is outstanding.
- Loss of a key or other security device - Landlords and letting agents can charge a tenant a fee to cover the cost of replacing the lost key or security device (e.g. fob, electronic device for garage doors / security gates).
- Payment on variation, assignment or novation of a tenancy - When a tenant has requested it, landlords and letting agents can charge to vary, assign or replace a tenancy. Fee charge £50 (including VAT).
- Payment on termination of a tenancy - Landlords and letting agents can require a tenant to make a payment for an early termination (surrender) of the tenancy agreement at the tenant's request.
Referencing and Right to Rent Checks
You will be asked to complete an application before referencing can be undertaken, you should also provide an original photographic Identification (e.g. passport, National ID card, VISA, resident permit, driving licence) and Proof of Residence (e.g. original utility bill, council tax bill or bank statement all of which much be less than 3 months old)
Referencing will cover a check against the credit file and public records of the individual, an Anti-Money Laundering check, confirmation of employment and salary details, confirmation of previous tenancy details and right to rent checks
LANDLORD FEES:
Most of our landlord clients have specific requirements, so we like to tailor our services accordingly to suit, which is why we do not offer a standard commission rate.
We ensure the commission charged is competitive as possible without compromising our high standards of service. So although a general guide of our fees are listed below, we would recommend that if you are thinking of renting out a property locally, to contact our Lettings Manager, Debbie Reynolds, on 01920 822999, to discuss in more detail, the various options available.
We offer a free market appraisal service.
Full Management
12% inc VAT of monthly rent
Initial Set Up Fee for each tenancy £ 120 inc VAT
EPC Compilation if required £70 inc VAT
Inventory Compilation at start of tenancy –price on application according to property size
Inventory Check out at end of tenancy-price on application according to property size
Renewal of tenancy agreement £60 inc VAT
Payment of the commission covers the following services:
- Promoting and generally marketing the Property.
- Introduction of a tenant for your property
- Negotiating the terms of the Tenancy between yourself and the tenant.
- Taking up references as agreed with the landlord through our preferred referencing company
- Collection of the deposit payable by the tenant against dilapidation and forwarding of this to the government-authorised Deposit Protection Scheme
- Organising a full property inspection and inventory check prior to the start of the tenancy and at the end, dealing with matters relating to unfair wear and tear before authorising release of the Tenant’s deposit from the DPS
- Collecting the rent monthly and paying over to the Landlord monthly (normally sent within 3 days of collection) less any fees or expenses due or incurred for the period. Payments will be made by direct bank/BACS transfer.
- We try our best to notify service companies – all of which are payable by the tenant at the commencement and termination of the Tenancy.
- Regular inspections of the Property are carried out throughout the term of the tenancy. Responsibility for and management of The Property when empty/vacant is not included, and will only be carried out by special arrangement.
- Co-ordination of repair or maintenance including arranging for tradesmen to attend the property and obtaining estimates where necessary.
- Negotiating rent increases with tenants and landlords
Tenant Find Only- Non Managed
50% of first months rent plus VAT
EPC Compilation if required £70 inc VAT
Inventory Compilation at start of tenancy –price on application according to property size
Inventory Check out at end of tenancy-price on application according to property size
Renewal of tenancy agreement £60 inc VAT
Payment of the commission covers the following services :
- Promotion and marketing of the property
- Negotiating the terms of the Tenancy between yourself and the tenant
- Taking up references as agreed with the landlord through our preferred referencing company
- Collection of the deposit payable by the tenant against dilapidation and forwarding of this to the government-authorised Deposit Protection Scheme
- Organising a full property inspection and inventory check prior to the start of the tenancy and at the end, dealing with matters relating to unfair wear and tear before authorising release of the Tenant’s deposit from the DPS
- Forward the first months rent to the landlord after deducting our fees/ charges as agreed
Landlords responsibilities throughout a tenant find only:
- Collecting the monthly rent
- Maintaining and checking the condition of the property
- Attending to any maintenance issues during the tenancy
- Negotiating tenancy renewals and rent increases
Please note that all of our clients’ money is held in a client money protection service (CMP) provided by PropertyMark and that we are regulated by The Property Ombudsman
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