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Questions and Answers

What is the Full Management fees percentage excluding VAT?

12%

15.6%

13% (correct)

10%

What is the total cost of the Let Only Service fees including VAT if the minimum fee applies?

£720 (correct)

£300

£800

£600

How much is the Inventory Preparation fee at its maximum?

£100

£300

£720

£600 (correct)

What is the per tenant fee for Right to Rent Checks including VAT?

£12 Signup and view all the answers

Which service is NOT available for Inventory Preparation fee?

Marketing Only Service Signup and view all the answers

How much does a Landlord Regulation Check cost per month?

£9.50 Signup and view all the answers

What percentage is the Rent & Legal Protection Insurance excluding IPT?

3.5% Signup and view all the answers

What is the total cost for the Tenant Referencing service for two tenants including VAT?

£120 Signup and view all the answers

What is the total charge for an additional property visit including VAT?

£66 Signup and view all the answers

Which service incurs a fee of £250 excluding VAT?

Tenancy agreements Signup and view all the answers

What is the level of cover of a Zero Deposit Guarantee?

6 weeks’ rent Signup and view all the answers

What is the monthly cost for a Deposit/Deposit Replacement Service when included with Full Management?

£6 Signup and view all the answers

How much does it cost to check Smoke and CO Alarms at the start of a tenancy?

Included in Landlord Regulation Check Signup and view all the answers

What is the total cost for a Let & Rent Collection service including VAT?

10% +VAT Signup and view all the answers

What is the maximum Inventory Preparation fee including VAT?

£600 Signup and view all the answers

What is the percentage of Rent & Legal Protection Insurance excluding IPT?

3.5% 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.

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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.