We have outlined our fees below for both Landlords and Tenants.
If you wish to proceed on a property a non-refundable set up fee of £360 including VAT for up to two people is required to secure the property, and includes referencing, setting up the tenancy agreement and registering the deposit with the DPS. Any people over the age of 18 will need to be included on the agreement.
Proof of your current address and a form of ID will also be required.
A deposit of one and a half’s months rent will be required.
All fees shown are inclusive of VAT.
An application fee of £360 for company lets.
Late Payment of rent £20
A fee of £75 per guarantor.
Normally an additional £200 deposit will be required for pets.
Tenant Find Service- A fee of 50% of the first months rent (subject to a minimum fee of £450) covers items 1 to 6 below.
Full MANAGEMENT SERVICE King Estate Agents provides a property management service to owners wishing to let out their property. The standard fee for the management is taken as a percentage of the gross rents due for the period of the tenancy and a set-up fee will normally be levied at the outset for taking references and arranging the tenancy.
The Standard Management Service includes:
- Advising as to the likely rental income.
- Advertising and generally marketing the Property.
- Interviewing prospective tenants and taking up full references including bank reference, and employer or previous landlord character reference. Where necessary, additional security would be requested by means of a guarantor. In the case of a company, a full bank reference would be taken.
- Preparing the tenancy agreement necessary for the Landlord to gain protection of the relevant Rent and Housing Acts.
- Liaising with a Landlord’s mortgagees where necessary with regard to references and tenancy agreement.
- Taking a deposit from the Tenant, dealing with this deposit under the requirements of the chosen deposit protection scheme until the end of the tenancy when the Property and contents have been checked for unfair wear and tear and handling any termination issues with the Tenant and the tenancy deposit scheme provider.
- Collecting the Rent monthly and paying over to the Landlord monthly (normally sent within 7 days of collection) less any fees or expenses due or incurred for the period. Payments will be made by direct bank transfer and a detailed rent statement will be forwarded to the Landlord.
- Arranging with service companies (principally electricity gas & water) for meter readings and advising them of the transfer of service contracts to the Tenant at the beginning of each tenancy.
- Regular inspections of the Property are carried out on a bi-annual basis. Responsibility for and management of empty property is not normally included, and will only be carried out by special arrangement agreed in writing between the Landlord and the Agent.
- Co-ordination of repair or maintenance including arranging for tradesmen to attend the Property and obtaining estimates where necessary, supervising works and settling accounts from rents received.
- Making payments on behalf of the Landlord from rents received for costs in managing the Property.
- Carrying out a full property inspection and inventory check at the end of the tenancy and, if necessary, preparing and agreeing a schedule of costs relating to any damage or unfair wear and tear prior to releasing the Deposit.
- Collecting and forwarding Landlord’s mail.
Standard Management Fee (Items 1 to 13 above): 12% of rent due (subject to a Minimum Fee of £60 per month)
Additional items and other expenses will be charged according to the scale of fees defined below.
Tenancy Set-Up Fee *£ 210 (for standard management contract) Preparing an EPC certificate: £85
Tenancy Renewal Fee: £ 50 Duplication and testing of extra keys: £10 plus costs
Minimum fee in case of termination: £250 Risk assessment for legionella- £60 (subject to quotation)
Preparing Inventory/Schedule of Condition: £ subject to size Maintenance Repair Limit UK Landlords (see clause 4.1): £100
NAPIT electrical safety Check: £90 (subject to quotation) Maintenance Repair Limit Overseas Landlords (see clause 4.1): £150
Redirection of mail overseas: cost of postage Obtaining estimates and supervision of major works: 5% of cost of
Gas safety check : £ 80 (subject to quotation) work over £1000
Check In/ Check out with tenants- £50
*Please note we currently subscribe to a client money protection scheme.