Charges and Fees
Services Offered
Fully Managed 17% of the rent (plus VAT) 20.4% of the rent (inc VAT) | Letting Service 11% of the rent (plus VAT) 13.2% of the rent (inc VAT) | Short Term Let 25% of the rent (plus VAT) 30% of the rent (inc VAT) | Managed Only 6% of the rent (plus VAT) 7.2% of the rent (inc VAT) | |
|---|---|---|---|---|
| Sourcing of tenant | ||||
| Producing marketing material and advertising the property on Sotheby's website and relevant portals | ||||
| Carrying out viewings of the Property | ||||
| Rent collection service and reconciliation of account | ||||
| Pursuing any non payment of rent and advising on necessary rental arrears actions | ||||
| Making any HMRC deductions | ||||
| Ensuring the landlord complies with their legal obligations | ||||
| Arrangement of any works and deducting invoices & commissions | ||||
| Informing relevant utility providers of account holder changes | ||||
| Instruction of routine repairs using approved contractors | ||||
| Updating landlord on condition with two annual property visits per annum and providing any recommendations | ||||
| Key holding throughout the tenancy term | ||||
| Negotiating any end of tenancy deposit dilapidations |
Landlord Fees
Fully Managed Renewal Fee
At renewal point, the rent will be reviewed in accordance to the market conditions and the landlord will be advised on the appropriate rent level. The rent will then be negotiated between both parties and the renewal agreed with continuation of fully managed services.
Reference Fee
To cover financial referencing and processing of application. Charge applicable to AST's only
Arrangement of Inventory Fee
This will vary according to the contents and size of the property.
Lettings Service Renewal Fee
At renewal point, the rent will be reviewed in accordance to the market conditions and the landlord will be advised on the appropriate rent level. The rent will then be negotiated between both parties and the renewal agreed with continuation of ongoing rent collection service, account reconciliation.
Permitted Occupant Fee
Each occupant over 18 must have the legal right to rent in the UK. Charge applicable to AST's only
Check Out Charge
Cost of inventory schedule and check out will be borne by the landlord and cost will be directly invoiced to the landlord from whichever inventory company has produced the report and attended check out. Charge applicable to AST’s only.
Tenancy Agreement Fee
Compilation of tenancy agreement and issuing of associated paperwork
Inventory Compilation Cost
Cost of inventory compilation and check in will be borne by the landlord and cost will be directly invoiced to the landlord from whichever inventory company has produced the report and attended check in. This will vary according to the contents and size of the property.
Arrangement of Check Out Agreement
Guarantor Fee
Charge applicable to AST's only
Deposit Registration Fee
Registration of both landlord and tenant details along with protection of the tenancy deposit scheme and issuing of deposit certificate
Transfer of Deposit Charge
For the transfer of a deposit during any period of the tenancy term
Non-Resident Landlords
Produce financial return to HMRC on a quarterly basis and act on any query regarding the return on the landlords behalf to HMRC. Process HMRC deductions and provide if relevant as NRL6 if applicable
Non-managed Additional Costs
For our non-managed clients, we are able to take care of the below items at an additional cost. The landlord will be liable for any contractor invoices where we have been asked to arrange on your behalf.
- Arranging of EPC: £125 plus VAT (£150 inc VAT). This cost includes the EPC certificate.
- Arrangement of Gas safety record: £100 plus VAT (£120 inc VAT). Contractors invoice is chargeable additionally
- Arrangement of Portable appliance test: £50 plus VAT (£60 inc VAT). Contractors invoice is chargeable additionally
- Arrangement for smoke and carbon monoxide alarms: £50 plus VAT (£60 inc VAT). Contractors invoice is chargeable additionally
Ad Hoc Property Visits Cost
Where Sotheby’s are not providing a management service we will charge a fee of £300.00 per hour or part thereof, subject to a minimum charge of £600.00 to liaise between you and the tenant to negotiate the deductions prior to the release of the deposit, to arrange the deposit release and for us to prepare a submission to The Dispute Service on your behalf in the event of a deposit dispute. Please note that referral to arbitration will incur a separate charge by the TDS of £500 or 10% of the deposit value, whichever is greater.
Refurbishment Arrangement Costs
For items above day to day maintenance of property. 10% (plus VAT) or agreed net cost, to include facilitating access with contractors, ensuring quality of work meets the contractual specified work and time schedules. Additionally deal with any warranty guarantee that has been structured into works agreed.
Property sale to a tenant
Attendance in Court
AST Tenant Fees
Preliminary Monies Deposit
Equivalent to one weeks agreed rent will be taken in order to hold the property for you for a period of 14 days. This is to allow sufficient time for the processing of your referencing, including right to rent checks and all associated paperwork to be completed. Should you retract your application or you fail to pass the referencing process, including supplying of any false or misleading information or fail to complete the tenancy agreement then your deposit will be retained.
Deposit
Equivalent to five weeks agreed rent. This will be protected using the tenancy deposit scheme and will returned according to the terms outlined in your contract. This will be used to cover and damages caused by the tenancy over the tenancy term.
Deposit
Equivalent to six weeks agreed rent. This will be protected using the tenancy deposit scheme and will returned according to the terms outlined in your contract. This will be used to cover and damages caused by the tenancy over the tenancy term.
Amendment of your Tenancy Fees
For any requested variations by a tenant to your contractual terms. This will be liable to the cover the negotiation, preparation and execution of any agreed contractual changes with your landlord.
Change of Tenant Fee
For any change of sharer requested by a tenant. fee to be charged per tenant replacement which will cover the cost of negotiation with your landlord as well as undertaking referencing on the proposed tenant, conducting right to rent checks as well as new associated contractual agreements.
Early Termination of Contract Fee
Should the tenant elect to leave their fixed term contract prematurely, then they will remain liable for the full rent until such times as a replacement tenant has been sourced and that tenant has passed the referencing, right to rent process and new contractual terms have been signed and agreed and full monies have been received by the start date of the replacement tenancy. In addition, the tenant will be liable for the landlords cost of re letting the property.
Replacement of Lost Keys or Security Devices
Should a tenant lose any key or security device then they will be liable for the full replacement cost and any call out charges. If the locks require replacement then the locksmith charge as well as the new lock (s) and any replacement keys for the tenant, landlord or managing agent will be charged to the tenant.
Unpaid Rent Fees
For any unpaid or returned payments interest will be applicable on the overdue sum at 4% above the Bank of England base rent from its original due date.
Tenant Fees
Preliminary Deposit
Equivalent to two weeks agreed rent. This will hold the property for you whilst the associated tenant paperwork is conducted, including referencing and right to rent checks.
Tenancy Agreement Fee
This is for preparation and negotiation of contractual terms and amendments required to complete the tenancy agreement.
Reference Fee for Tenant
For processing the referencing application.
Deposit
Equivalent to six weeks agreed rent unless otherwise agreed upon under the terms of your tenancy agreement. This will be returned at the end of the tenancy.
Deposit for Pets
An additional sum of two weeks agreed rent will be required in addition to the standard deposit unless this has otherwise been agreed. This additional amount is to ensure that any damages caused by the pet are sufficiently covered.
Permitted Occupant Check
Each occupant must have the permitted right to rent in the UK.
Guarantor Fee
Stamp Duty
Further information can be obtained from the web site on www.gov.uk/stamp-duty-land-tax
Amendments to Contracts Fee
For the negotiation of any term amendments and contractual changes to contract.
Fee for Check Out Arrangement
Organisation of the check out and where applicable, preparation of a dilapidations schedule to be negotiated between you and your landlord.
Fee for Check Out
An independent inventory company will charge in accordance to the size and contents of the property. The landlord will typically cover the compilation of the inventory schedule of condition and check in.
Professional Cleaning
At the end of your tenancy you will be required to return the property to the same condition as at the commencement of the tenancy.
Unpaid Rent Fees
For any unpaid or returned payments interest will be applicable on the overdue sum at 4% above the Bank of England base rent from its original due date.
Have a question about our fees?
Our lettings team will be happy to talk you through any of our services and charges.
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