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FEES TO LANDLORDS

Detailed below are details of our services provided. 

Please reach out to us for further information and to engage our services.

 

LETTING SERVICE

10% (inc VAT)

Includes

  • Finding a tenant

  • Carry out accompanied viewings

  • Market the properties and advertise on the relevant portals

  • Provide tenant with method of payment

  • Deduct any pre-tenancy invoices

  • Make any HMRC deduction and provide tenant with the NRL8 (if relevant)

  • Pursue non-payment of rent

If the tenancy is 12 months and the rent is £1,000 per month, the fee calculated shall be 10% of the annual rent, so the fee will be £1,100. Minimum commission charge is £1,500 (inc VAT).

This commission will also be due on every tenancy renewal.

 

FULLY MANAGED

15% (inc VAT)

Includes:

• Finding a tenant

• Carry out accompanied viewings

• Market the property and advertise on relevant portals

• Ensure the landlord complies with their statutory obligations

• Collect and remit the monthly rent received

• Pursue non-payment of rent and provide advice on rent arrears actions

• Deduct commission and other works

• Advise all relevant utility providers of changes

• Undertake two property visits per annum and notify landlord of the outcome

• Arrange routine repairs and instruct approved contractors

• Hold keys throughout the tenancy term

• Deposit dilapidation negotiations

If the tenancy is 12 months and the rent is £1,000 per month, the fee calculated shall be 15% of the annual rent, so the fee will be £1800. minimum commission charge is £1,500 (inc VAT).

This commission will also be due on every tenancy renewal.

 

SHORT TERM LET

25% (inc rent)

Includes:

• Setup profiles on portals and stage property for short let guests

• Carry out accompanied viewings

• Market & manage all communications on the short let / holiday relevant portals such as Airbnb & Booking.com

• Ensure the landlord complies with their statutory obligations

• Manage property reviews for best exposure and maximise opportunities for nights booked

• Provide support to in-property guests

• Deduct commission (for portals etc) and other works

• Deal with neighbourly issues & disputes 

• Arrange routine repairs and instruct approved contractors

• Hold keys throughout the service term

• Liase with cleaning staff and check ins`


If the your property is full booked  for  four months and the rent income  is £1,500 per month, the fee calculated shall be 25% of the total rent, so the fee will be £1,500. minimum commission charge is £1,500 (inc VAT).


This commission will also be due monthly deducted from rents forwarded to you and tenancy renewal of any 90 day tenanies.

 

VACANT CARE

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ADDITIONAL NON-OPTIONAL FEES AND CHARGES

Irrespective of level of service   *N/A to short let.

  • Tenancy agreement fee: £240 (plus VAT) £288 (inc VAT). Drawing up the tenancy agreement and issuing the relevant paperwork.

  • Reference fee (ASTs only): Between £25 (plus VAT) £30 (inc VAT) to £40 (plus VAT) £48 (inc VAT) per tenant. Processing the application and referencing.

  • Permitted occupant check fee (ASTs only): £20 (plus VAT) £24 (inc VAT) per occupant over 18. We must check every occupant over 18 has the legal right to rent in the UK.

  • Guarantor fee (ASTs only): £40 (plus VAT) £48 (inc VAT) per guarantor (if required). Processing the application and referencing.

  • Deposit registration fee (ASTs only): £40 (plus VAT) £48 (inc VAT). Registering landlord and tenant details and protecting the deposit with the Tenancy Deposit Scheme.

  • Inventory arrangement fee: £50 (plus VAT) £60 (inc VAT) plus the inventory company charge, which is dependent on size and content of the property.

  • Inventory cost: The cost of the inventory and check in will be passed directly to the landlord from the inventory company used, dependant on the size and content of the property.

  • Check out arrangement fee (ASTs only): £50 (plus VAT) £60 (inc. VAT). Covering London Prime's role in organising the check out and, where applicable, preparing the schedule of dilapidations, liaising between you and your tenant and making recommendations.

  • Check out cost (ASTs only): The cost of the check out will be passed directly to the landlord from the inventory company used and is dependant on the size and content of the property.

  • Sale of the property to the tenant: 2% (plus VAT) of the sale price (2.4% of the sale price (inc VAT).

  • Letting service renewal commission fee: 10% (inc VAT) of the total rent. Review rent in accordance with the market and advise the landlord, negotiate and agree the renewal, ongoing rent collection, credit control and accountancy.

  • Fully managed renewal commission fee: 15% (inc VAT) of the total rent. Review rent in accordance with the market and advise the landlord, negotiate and agree the renewal, continuation of fully managed service. 

  • Additional property visits: £75 (plus VAT) £90 (inc VAT) per visit. To attend as necessary for specific requests such as to monitor the tenancy or any maintenance-linked visit.

  • Submission of non-resident landlords receipts to HMRC: £450 (plus VAT) £540 (inc VAT) annually. To remit and balance the financial return to HMRC quarterly and respond to any specific query relating to the return from the landlord or HMRC. Make any HMRC deduction and provide landlord with the NRL6 (if relevant).

  • Arrangement fee for refurbishments over and above day to day management (if managed): 10% (plus VAT) 12% (inc VAT) of net cost (minimum fee of £180 including VAT). 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.

  • Vacant management fee (if instructed): £115 (plus VAT) £138 (inc VAT) per visit. Visit the property every two weeks or more frequently if agreed and maintain utility bill accounts as instructed.

  • Court attendance: £250 (plus VAT) £300 (inc VAT) per hour

  • Obtaining consents: £70 (plus VAT) £84 (inc VAT) per document.

  • Arranging and obtaining the EPC: £125 (plus VAT) £150 (inc VAT) includes the cost of the EPC.

  • Letting service costs: (The below fees are not payable under our fully managed service, however, landlords will be liable for payment of the contractors invoice)

    • • Arranging gas safety record and service for up to three appliances (excluding engineers invoice): £100 (plus VAT) £120 (inc VAT)

    • Arranging portable appliance test for up to 10 appliances (excluding engineers invoice): £50 (plus VAT) £60 (inc VAT)  

    • Combining arrangement of gas safety record and portable appliance test (excluding engineers invoice): £100 (plus VAT) £120 (inc VAT)

    • Arrangement fee for installation of smoke and CO alarms (excluding contractors invoice): £50 (plus VAT) £60 (inc VAT)

For a full list of fees please refer to our Terms and Conditions. If you have any questions, please ask a member of our lettings team.

London Prime are members of the Property Redress Scheme (Consumer Redress Scheme) and RICS Dispute Resolution Service (Business Redress Scheme) and have Client Money protection with RICS Client Money Protection Scheme

 

©2017 by London Prime.

Aria House, Craven Street, London. WC2N 5NS

+44 203 951 7890

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