Questions and Answers
What is the Full Management fees percentage excluding VAT?
What is the total cost of the Let Only Service fees including VAT if the minimum fee applies?
How much is the Inventory Preparation fee at its maximum?
What is the per tenant fee for Right to Rent Checks including VAT?
Signup and view all the answers
Which service is NOT available for Inventory Preparation fee?
Signup and view all the answers
How much does a Landlord Regulation Check cost per month?
Signup and view all the answers
What percentage is the Rent & Legal Protection Insurance excluding IPT?
Signup and view all the answers
What is the total cost for the Tenant Referencing service for two tenants including VAT?
Signup and view all the answers
What is the total charge for an additional property visit including VAT?
Signup and view all the answers
Which service incurs a fee of £250 excluding VAT?
Signup and view all the answers
What is the level of cover of a Zero Deposit Guarantee?
Signup and view all the answers
What is the monthly cost for a Deposit/Deposit Replacement Service when included with Full Management?
Signup and view all the answers
How much does it cost to check Smoke and CO Alarms at the start of a tenancy?
Signup and view all the answers
What is the total cost for a Let & Rent Collection service including VAT?
Signup and view all the answers
What is the maximum Inventory Preparation fee including VAT?
Signup and view all the answers
What is the percentage of Rent & Legal Protection Insurance excluding IPT?
Signup and view all the answers
Study Notes
-
Full management fees are charged at 13% (15.6% including VAT).
-
Let & Rent Collection Service fees are set at 10% (12% including VAT).
-
A Landlord Regulation Check costs £9.50 (£11.40 including VAT) per month, payable upfront for Let Only services. This Includes; HMO Licence monitoring, the on-going management of Deposit/Deposit Replacement Service, Legislative Horizon Scanning, Checking Smoke and CO Alarms at commencement of tenancy.
-
Tenancy agreements incur a fee of £250 (£300 including VAT).
-
Referencing costs £50 (£60 including VAT) per tenant or guarantor, including students.
-
Right to Rent Checks are priced at £10 (£12 including VAT) per tenant, student, or occupant aged 18 or over.
-
A Marketing Only Service incurs a fee of £199 (£238.80 including VAT).
-
Inventory Preparation fees range from a minimum of £100 to a maximum of £600 (including VAT).
-
Rent & Legal Protection Insurance is offered at 3.92% (3.5% excluding IPT) and is available only when rent is collected by the agency.
-
Additional property visits are charged at £55 (£66 including VAT) per visit.
-
A Deposit/Deposit Replacement Service is available only for Full Management and Let & Rent Collection services (if Landlord Regulation Check is not selected), costing £6 per month (£7.20 including VAT).
Management Fees
- Full management fees: 13% (15.6% including VAT).
- Let & Rent Collection Service fees: 10% (12% including VAT).
Additional Costs
- Landlord Regulation Check: £9.50 per month (£11.40 including VAT), payable upfront for Let Only services.
- Coverage includes HMO Licence monitoring, management of Deposit/Deposit Replacement Service, legislative updates, smoke and CO alarm checks at tenancy start.
- Tenancy agreements fee: £250 (£300 including VAT).
Referencing and Checks
- Referencing costs: £50 (£60 including VAT) per tenant or guarantor, including students.
- Right to Rent Checks: £10 (£12 including VAT) per tenant, student, or occupant aged 18 or older.
Marketing and Inventory
- Marketing Only Service fee: £199 (£238.80 including VAT).
- Inventory Preparation fees: range from £100 to £600 (including VAT).
Insurance and Visits
- Rent & Legal Protection Insurance: 3.92% (3.5% excluding IPT), available only with agency-managed rent collection.
- Additional property visits charge: £55 (£66 including VAT) per visit.
Deposit Services
- Deposit/Deposit Replacement Service: available only with Full Management and Let & Rent Collection services (if Landlord Regulation Check is not selected), costing £6 per month (£7.20 including VAT).
- Zero Deposit Guarantee: equivalent to 6 weeks’ rent under a Deposit Replacement Product. No cash deposit provided if tenant opts for the guarantee.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the various management fees associated with property rentals, including full management, let and rent collection, and let-only services. Additionally, it outlines specific charges for tenancy agreements and referencing checks. Test your knowledge on each fee structure and understand the cost implications for landlords.
