Fees and other costs Agent's fees Fees differ from agent to agent and they also depend on the
level of service you need. At Winkworth, every local office tailors
its fees to ensure they are highly competitive, while ensuring
a service of the highest standard.
Choosing the agent that offers the lowest fees isn't necessarily
the best option, as you may receive a poor level of service.
Your Winkworth agent will discuss fees with you in detail. Renewal fees Your tenant's lease will normally be for a six- or 12-month term, although it can be longer. At the end of this period, the tenant may want to stay in the property. Provided they paid the rent on time and looked after the property, it is usually to your advantage to allow them to do so. This means you can avoid the cost of re-marketing the property and any empty periods where you won't be receiving rental income. Alternatively, you may want to invite your tenant to remain in the property beyond the original term.
Either way, your Winkworth estate agent will negotiate the terms of the renewal on your behalf and prepare all the paperwork. We will do this as soon as we can, aiming to give you enough time to market the property again if the tenant decides not to renew.
When you employ Winkworth as your letting agent, you agree to pay us an overall fee for our services. Part of this includes an agreed renewal fee, which you only have to pay if the tenant (or someone who lives in the property with them) stays on in the property, for example by renewing their tenancy or taking out a new lease. This part of the overall fee is agreed with your agent when Winkworth is first instructed. Other costs to think about As well as agent's fees, there are other costs for you to think
about. There are the initial costs of preparing the property for
let, the ongoing costs of repair and maintenance, and the cost of
any emergencies, for which we advise you to have a contingency
fund.  Before letting your property: - Redecoration
- Furniture and furnishings
- Gas Safe Register certificate (remember, this will be an annual cost)
- Portable appliance test (PAT)
- Professional cleaning
From the start and during the tenancy: - Agent's fees, depending on the level of service
- Any 'extras' negotiated by the tenants, such as furniture or
equipment for the property - Check-in and inventory
- Contingency fund for maintenance and repairs
- Contingency fund for times when the property is empty – the
mortgage still needs to be paid! - Building insurance, and contents insurance for any fixtures, fittings
and furnishings you own - Tax on your gross rental income (contact your nearest Tax Enquiry
Office for more information)
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