Landlord Letting Packages
OUR LANDLORD LETTING PACKAGES AND FEES.
Set-up cost equal to 3 weeks rent (plus VAT)(minimum fee of £400 (plus VAT)
Includes the following as standard:
1. High quality advertising - Including expert photography, floor plans and descriptions, plus placing of an advertising board outside your property in accordance with Town and Country Planning Act 1990.
2. Extensive marketing - Promotion via industry leading websites including Rightmove, Zoopla and Prime Location, our own website and database, displayed in our prominent office window and advertised in many local publications.
3. Sourcing of suitable tenants
4. Comprehensive referencing/screening process - We use one of the UK’s largest tenant referencing and specialist lettings insurance companies, to thoroughly check our prospective tenants.
5. Drawing up of Tenancy Agreement - Our agreements are regularly reviewed and updated to ensure we are up to date with all changes to UK legislation in the private rental sector.
6. Moving tenants in - We arrange release of keys to your tenants once they have signed paperwork and all monies have been received.
Rent Collection Service
7.5% of the monthly rent (plus VAT)(subject to a minimum fee of £45.00 plus VAT)
Everything included in the Tenant-Find Service, plus:
1. Registration of the tenants security deposit - It is a legal requirement that the security deposit given by your tenants is registered with a governing body. All our deposits are lodged with the ‘Deposit Protection Service’.
2. Collection of rent - We collect your rent on a monthly basis, chase late rental payments if required, and pay you on a monthly basis.
3. Issuing of monthly invoices - We include this as part of this service to make your accounting easier.
4. Inventory and check-in – We will organise the property inventory for you and ensure tenants are clear about the property condition and contents. Without an inventory, your tenants may be able to claim their deposit in full regardless of any damage done to your property during their tenancy.
Full Management Service
10% of the monthly rent (plus VAT)(subject to a minimum fee of £50.00 plus VAT)
Everything included in the Tenant-Find and Rent-Collection Services, plus:-
1. 24 hour access to our staff – Whether in or out of office hours, you will be able to contact us with any queries or concerns you might have. We think it is really important that there is always someone for you to be able to contact about your property and so giving you access to our staff 24/7 ensures the highest level of customer service.
2. Key holding service - We will hold spare keys in the event of any maintenance issues, property inspections or any other reason we may need to gain access into your property.
3. 24 Hour emergency contact- this service offers 24hour support to your tenants in the event of an emergency at the property, such as a burst pipe. It saves you both hassle and money, because emergencies can be dealt with immediately, which could save you from bigger, more costly repairs.
4. Credit control - When dealing with maintenance issues it is our priority to ensure the job is done correctly, but very importantly also for a competitive price. We have long standing relationships with local contractors that are priced fairly but are also high skilled professionals in their industry.
5. Property inspections- We will undertake quarterly inspections of your property to ensure your tenants are looking after your property in the way we would expect them to. It is also our opportunity to be proactive and action any issues that haven’t been reported by tenants, that if left untreated could become expensive to rectify in the future.
6. Inventory and check-in – We will organise the property inventory for you and ensure tenants are clear about the property condition and contents. Without an inventory, your tenants may be able to claim their deposit in full regardless of any damage done to your property during their tenancy.
7. Arrangement of the check-out process- We will liaise with your tenants (or their named representative) and arrange the checkout process with them ensuring all parties are happy with the condition of the property at the end of a tenancy and approve release of their deposit once any issues have been resolved.
ADDITIONAL LANDLORD FEES:
Tenancy Set-Up Fee £180 (including VAT); This fee covers the cost of the administration required to set-up each new tenancy including the preparation of an independently prepared Photographic Schedule of Condition (Inventory). This fee is deducted from the first months rent.
Tenancy Renewal Fee (should one be required): £36 (including VAT).
Once the initial Six month Tenancy Term expires, our tenancy agreements ‘roll over’ to become Periodic Assured Shorthold tenancies. However, should the Landlord or Tenant choose to sign a new agreement, this charge will be applied.
Inventory (for Tenant Find service)
Property with up to three bedrooms £108 (including VAT)
Property with four bedrooms or more £168 (including VAT)
Additional Property Visits: £48 (including VAT)
To attend for specific requests such as neighbour disputes, extra visits to monitor the tenancy, extra maintenance-linked visits etc.
Arrangement Fee For Works Over £1000: 10% of total cost: Arranging access and assessing costs with contractor, ensuring work has been carried out in accordance with the specification of works, retaining any warranty or guarantee as a result of any works
Obtaining More than Two Contractors Quotes: £12 per quote (including VAT)
Gas safe certificate: £96.00 (including VAT)
EPC Certificate: from £65.00 (including VAT)
Landlord electrical safety tests: £132 (including VAT) per consumer unit
Serving of Section 21 Notice: £72 (including VAT)
A fee of £60 (including VAT) per quarter payable from the rental income in respect of work undertaken by the Agent in relation to the Non-Resident Landlord Scheme.
(Fees Correct as of August 2023)
Magenta Estate Agents are a fully subscribed member of a client money protection scheme which is provided by CM Protect Limited - agent membership number CMP004273 - https://www.clientmoneyprotect.co.uk/propertyagent/members/