King Estate Agents are pleased to offer a well established lettings service. If you are looking to find a tenant for your property then please get in contact with the branch, we’d be happy to help.
We have outlined our fees below for both Landlords and Tenants.
All fees & charges are shown inc VAT.
Tenant Find Service – A fee of 80% of the first months rent (subject to a minimum fee of £540) covers items 1 to 6 below.
Full Management Service – King Estate Agents provides a property management service to owners wishing to let out their property. The standard fee for the management is taken as a percentage of the gross rents due for the period of the tenancy and a set-up fee will normally be levied at the outset for taking references and arranging the tenancy.
The Standard Management Service includes:
- Advising as to the likely rental income.
- Advertising and generally marketing the Property.
- Qualifying prospective tenants and taking up full references including bank reference, and employer or previous landlord character reference. Where necessary, additional security would be requested by means of a guarantor. In the case of a company, a full bank reference would be taken.
- Preparing the tenancy agreement necessary for the Landlord to gain protection of the relevant Rent and Housing Acts.
- Liaising with a Landlord’s mortgagees where necessary with regard to references and tenancy agreement.
- Taking a deposit from the Tenant, dealing with this deposit under the requirements of the chosen deposit protection scheme until the end of the tenancy when the Property and contents have been checked for unfair wear and tear and handling any termination issues with the Tenant and the tenancy deposit scheme provider.
- Collecting the Rent monthly and paying over to the Landlord monthly (normally sent within 7 days of collection) less any fees or expenses due or incurred for the period. Payments will be made by direct bank transfer and a detailed rent statement will be forwarded to the Landlord.
- Arranging with service companies (principally electricity gas & water) for meter readings and advising them of the transfer of service contracts to the Tenant at the beginning of each tenancy.
- Regular inspections of the Property are carried out on a bi-annual basis. Responsibility for and management of empty property is not normally included, and will only be carried out by special arrangement agreed in writing between the Landlord and the Agent.
- Co-ordination of repair or maintenance including arranging for tradesmen to attend the Property and obtaining estimates where necessary, supervising works and settling accounts from rents received.
- Making payments on behalf of the Landlord from rents received for costs in managing the Property.
- Carrying out a full property inspection and inventory check at the end of the tenancy and, if necessary, preparing and agreeing a schedule of costs relating to any damage or unfair wear and tear prior to releasing the Deposit.
- Collecting and forwarding Landlord’s mail.
Standard Management Fee (Items 1 to 13 above): 12% of rent due (subject to a Minimum Fee of £60 per month)
Additional items and other expenses will be charged according to the scale of fees defined below.
Tenancy Set-Up Fee *£ 300 (for standard management contract)
Preparing an EPC certificate: £90
Tenancy Renewal Fee: £ 90
Duplication and testing of extra keys: £10 plus costs
Minimum fee in case of termination: £500
Risk assessment for legionella- £60 (subject to quotation)
Preparing Inventory/Schedule of Condition: Price varies subject to size
Maintenance Repair Limit UK Landlords (see clause 4.1): £100
Electrical fixed wire check/safety Check: (subject to quotation)
Redirection of mail overseas: Cost of postage
Obtaining estimates and supervision of major works: 10% of cost of work over £1000
Gas safety check : £ 80 (subject to quotation)
Electrical Safety Certificates (EICR) – As of the 1st July 2020, it is a mandatory requirement that all new tenancies must have an in date EICR. If you do not have an in date certificate, we can arrange this for you if needed. By April 2021 all existing tenancies with tenants in situ must have a satisfactory EICR also.
Legionella Testing – Legionnaires’ disease is a potentially fatal form of pneumonia caused by the inhalation of small droplets of contaminated water containing Legionella. All man-made hot and cold water systems are likely to provide an environment where Legionella can grow. We would recommend that Landlords have a Legionella Risk Assessment carried out every five years and as long as no concerns are noted this would satisfy their responsibilities under the current legislation. We can arrange a Legionella risk assessment if required.
All fees & charges are shown inc VAT.
Holding deposit (per tenancy):
One week’s rent – Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit (per tenancy, Rent of less than £50,000 per year): Five weeks’ rent. This covers damage or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy, Rent of £50,000 or over per year):Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s):
Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour for the time taken replacing lost key(s) or other security device(s).
Variation of Contract (Tenant’s Request):
£50 per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of sharer (Tenant’s Request):
£50 per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution.
Early Termination (Tenant’s Request):
Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
Please note that lettings agents are required by law to publish on their websites information for potential tenants about relevant fees, redress schemes and client money protection schemes (including the names of those schemes). Relevant fees must also be published on third party websites, such as Rightmove. For properties to rent in England, details of the agent’s membership of any redress scheme and client money protection scheme must also be published with their fees on Rightmove. It is the agent’s responsibility to ensure that all relevant information is provided to Rightmove and is up to date and accurate. If the relevant information does not appear here, the agent may have included it within the property description.
*Fees subject to change
*Please note we currently subscribe to a client money protection scheme: Client Money protect Memebership No. CMP004469