Reading Estate Agents

Landlords' fees

 

FULLY MANAGED: A monthly fee of 15%* of the gross rent payable throughout the term is due in advance in addition to the Tenancy Agreement and Administration charge detailed below. This service involves receiving your Tenant(s) rent by standing order, accounting each month to you for the rent received, drawing up a statement for each month in which there has been some activity and forwarding the same to you (after deducting our fees & expenses), conducting visits to the property (and reporting our findings to you), recording Gas Safety Record renewal dates, tenancy renewal dates and arranging repairs and maintenance to be carried out to the property when instructed.

*Our fully managed service also includes an 'interest in' Winkworth Reading's Inspire Pro Policy subject to T&C's. (See below for more information on this service).

RENT COLLECTION: A monthly fee of 12%* of the gross rent payable throughout the term is due in advance in addition to the Tenancy Agreement and Administration charge detailed below. Rent Collection Service: This involves receiving your Tenant(s) rent by standing order, accounting each month to you for the rent received, drawing up a statement for each month in which there has been some activity and forwarding the same to you (after deducting our fees & expenses). Letting & Rent Collection Service: This service involves both the Lettings Service as described in the below section (Let Only) together with the Rent Collection Service as described above. Accordingly, we will market your property for letting, find Tenant(s) for your property, take and verify references from the Tenant(s), arrange for the tenancy agreement to be completed by you and the Tenant(s), receive your Tenant(s) rent by standing order, account each month to you for the rent received, draw up a statement for each month in which there has been some activity and forward the same to you (after deducting our fees & expenses).

*Our Rent Collection service also includes an 'interest in' Winkworth Reading's Inspire Pro Policy subject to T&C's. (See below for more information on this service).

Tenancy Agreement and Administration Fee: 30% of the first month’s rent. (Applicable to Fully Managed & Rent collection). This includes the preparation of the tenancy agreement, the checking of references, the setting up of standing orders and notification utility companies.

LET ONLY: One month's Rent + VAT* deducted from the first month’s rent collected prior to the tenancy commencing. (Standard let only charge, please speak with one of our team directly for a property specific quote/price). This service includes marketing your property for letting, finding Tenant(s) for your property, taking and verifying references from the Tenant(s), arranging for the tenancy agreement to be completed by you and the Tenant. We will not however, collect rents or manage the property on your behalf.

*The Innovate service provided by HomeLet, subject to T&C's is included within our Let Only package. (See below for more information on this service). The service will be included free of charge for the first 12 months and then charged at £180.00 per renewal.

OTHER CHARGES (Which may be applicable)

Tenancy Renewal: £90.00 per renewal.
This will include the drawing up and issuing of new agreements as required as well as re-registering of any held deposit.

Property Visits: £50.00 per additional visit. If you require further property visits you should notify us in writing as and when you wish these to be carried out during the tenancy. These will incur the above charge per visit.

Void Periods: £50.00 per additional visit. Our management service does not include security or supervision of your property when it is not let, although in the course of finding you a Tenant(s), periodic visits may be made by our lettings staff. Further visits can be made at the above charge for each additional visit, upon receipt of your written instructions. It should be appreciated that any such visit can extend only to apparent and obvious defects and will not amount in any way to a structural survey of the property. We cannot accept responsibility for hidden or latent defects.

Non-Resident Landlord Approval: £50.00 per quarterly payment. Where a Landlord goes abroad for a period of six months or more the Agent (if they collect the rent) or the tenant (if they pay the rent directly to the landlord) would be required to deduct tax directly from the rent and forward to the Inland Revenue unless the Landlord has sought Inland Revenue Approval. If no approval notification & documentation is provided to Winkworth and we are instructed to collect rent or manage the property, tax will be deducted at the prevailing rate and forwarded quarterly to the Inland Revenue, in such cases we would make an administration charge of the above figure per quarterly payment.

 

Inventory Creation: Should you wish us to arrange the creation of a brand-new inventory for your property, then we can instruct a third-party independent inventory company at the following cost (dependent on size of property).

Type               Furnished      Unfurnished

Studio              £114                £102

1 bedroom       £126                £108

2 bedroom       £150                £126

3 bedroom       £180                £150

4 bedroom       £210                £162

5 bedroom       £234                £186

6 bedroom       £264                £222  

Update of inventory: Should an update to the original inventory creation be required ahead of any proposed tenancy then the following costs would apply.

Updates to Exec PM Ltd reports:
Furnished property £78.00 per update. Unfurnished property £66.00 per update.

Updates to other providers reports:
Furnished property from £78.00 to £114.00 depending on the number of bedrooms.
Unfurnished property from £66.00 to £102.00 depending on the number of bedrooms.

Inspire Pro - Rent Protection & Legal Eviction Service* (Included in either our standard Fully Managed service or Rent Collection service as detailed under relevant fee section above).

For Landlords who wish to protect their rental income we can purchase a Inspire Pro product via HomeLet and note you as having an “interest in “this policy. Having an interest in this policy means that you may be able to benefit should a successful claim be made. Please ask one of our team if you wish to find out more and for full details.

Brief details of the product are below:

- 100% of the monthly rent

- Up to a maximum of 6 month’s rent payments from the date of the first arrears

- Can also pay 2 months at 50% of the rent payable once vacant possession has been obtained and the property is being re-advertised

- Eviction of tenants following the expiry of a valid Section 21 notice

- Eviction of tenant following a breach of tenancy that gives rise to a claim for possession in accordance with Schedule 2 of The Housing Act 1988 (as amended)

- Legal Expenses limit of up to £50,000

Innovate – Legal Eviction Service* (Included in our standard Let Only service as detailed under relevant fee section above).

The Innovate service offers you a legal eviction service that secures possession of a property if a tenant defaults on their rent, or if possession of the property is legally required. Please ask one of our team if you wish to find out more and for full details.

Brief details of the product are below:

- HomeLet's in-house legal and claims team will manage the eviction of tenants.

- The legal eviction service will secure possession of the property following: A tenant not paying their rent (HomeLet will issue a Section 8 Notice on Grounds 8, 10 and or 11). Eviction of tenants following expiry of a valid Section 21 Notice.

- This service covers the required legal process to secure possession of the property limited to a cost of £50,000.

- Obtaining a court date and covering the legal costs associated with obtaining a possession order

Tenants fees

 

All fees shown are inclusive of VAT at the current rate. 

PRE-TENANCY

Fee of Intent: £500.00. 
This fee is taken to confirm your intent to rent the property subject to availability, approved references & signed contracts. The amount is offset against the moving in balance. Please note that a proportion of the fee (£300.00) is non-refundable if you withdraw your application or your references prove unsatisfactory. Your fee of intent will be refunded in full should the Landlord not proceed for reasons other than the above. 

Agreement Fee: 36% of one month’s rent (For up to two tenant applications).
This cost includes third-party referencing checks, Right to Rent checks of prospective tenants plus the drafting and execution of the initial tenancy agreement.

Additional References Fees: £90.00 per Tenant application is levied if more than two tenants require referencing. All referencing is undertaken and completed via a third party organisation. 

Guarantor: £90.00 per guarantor application. 

Rent: Typically, one month’s rent being payable in advance and to be received as cleared funds prior to your proposed tenancy commencement date, subject to contract. (The initial rent amount may be higher dependent on your specific application in some instances, which will be discussed with you as required).

Security Deposit: The typical standard deposit due will be one and a half months rent but this may be higher dependent on your specific application. Deposit monies to be paid in advance and received as cleared funds prior to your proposed tenancy commencement date, subject to contract. The deposit will be registered either by the Landlord or Agent with one of the Government approved deposit schemes.

INVENTORY CHECK IN/OUT FEES:
For the costs involved for the checking of the inventory at the beginning of your tenancy (the check in) and again at the end of your tenancy (the checkout) please refer to the scale of charges below.

 Type                               Check in                                     Check out 
                             Furnished        Unfurnished           Furnished         Unfurnished    
Studio                       £102                 £90                      £114                 £102
1 Bedroom               £114                 £96                      £126                 £108
2 Bedroom               £120                £114                     £144                 £120
3 Bedroom               £138                £126                     £150                 £132
4 Bedroom               £174                £138                     £162                 £144
5 Bedroom               £192                £162                     £186                 £168

Larger properties are subject to quote. 

  OTHER CHARGES (which may be applicable during/after your tenancy)

Deed of Assignment: 36% of one month’s rental. 
Should you wish to amend the named Tenant(s) during the tenancy then the above fee will be levied. Any application to amend the tenancy details will be subject to Landlord agreement & receipt of successful referencing. This cost will include the referencing of any new tenant (up to two applicants only), drawing up of the actual assignment, and re-registration of the deposit.

Renewal of Tenancy: £60.00 per tenancy renewal. 
This will include the drawing up and issuing of new agreements as required as well as re-registering of any held deposit. 
 

Late rental payment charge: £30.00
Rental payments must be paid on time and in one single instalment electronically by standing order or electronic transfer. Any late payments will be subject to an administration charge of the above amount, per late payment.

Late rental payment charge (in excess of seven days):  £15.00
Any late payment of rental in excess of seven days will be subject to an administration charge of the above figure each time written correspondence is entered into.

Rejected Payments: £30.00
Any rejected payments such as standing orders will be subject to a charge of the above figure in each instance.

Pre-arranged appointment: £30.00
Where maintenance work needs to be carried out, your presence is required to allow contractors access to carry out the necessary repairs (unless a pass key is available and the appointed contractor is authorised to collect our key). If you fail to attend a pre-arranged appointment time there will be a call out charge of the above figure.

Property Call out charge: £30.00
Should we be called out to the property on your behalf, for any reason, a call out charge of the above figure will be levied to you.

Replacement Keys/Lock Change: £25.00 per request.
Any keys, car park fobs and parking permits lost or misplaced will be charged accordingly, in addition to the above additional fee being charged. If keys have been lost by the Tenant, then the Tenant must pay the reasonable costs of changing the locks for the Property and replacing any keys.

Landlord Reference: £30.00
Should you require a reference we can provide this upon request where we have managed the tenancy for your Landlord. The cost of this is £30 payable at time of request and in advance of issue.

Retraction Notice: 30% of one months rent inclusive of VAT payable in advance.
Should you serve notice to vacate the property (in line with the terms of your tenancy agreement) and then subsequently request to retract this notice and remain in the property the above fee will be payable to the agent to cover the abortive re-marketing costs incurred.