TENANCY RELATED COSTS
 

NEW ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019

 

(You will need to provide proof of declared income to = 30 x the Rental figure e.g. 30 x £1000 = £30,000 income required)

 

HOLDING DEPOSIT (per tenancy) : One week’s rent.

  • This is to reserve a property. Please Note: This will be withheld by the Agent 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 under £50,000 per year): Five weeks’ rent.

  • This covers damages 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.


UNPAID RENT: 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 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 (inc. VAT) for the time taken replacing lost key(s) or other security device(s).


VARIATION OF CONTRACT (Tenant’s Request): £50 (inc. VAT) 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 (inc. VAT) 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 of new legal documents.


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.


 

FEES TO LANDLORDS

LEVEL OF SERVICE OFFERED


TENANT FIND: 90% of first months’ rent (inc VAT) INCLUDES:
  • Collect and remit initial months’ rent received
  • Agree collection of any shortfall and payment method
  • Provide Tenant with method of payment
  • Deduct any pre-tenancy invoices
  • Make any HMRC deduction and provide Tenant with the NRL8 (if relevant)
 
RENT COLLECTION: 11% of monthly rent (inc VAT) INCLUDES:
  • Collect and remit the monthly rent received
  • Deduct commission and other works
  • Pursue non-payment of rent and provide advice on rent arrears actions
  • Make any HMRC deduction and provide Tenant with the NRL8 (if relevant)

FULLY MANAGED: 15% of monthly rent (inc VAT) INCLUDES:
  • Collect and remit the monthly rent received with statement
  • 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 inspection visits per annum and notify Landlord of the outcome
  • Arrange routine repairs and instruct approved contractors (providing two quotes)
  • Hold keys throughout the Tenancy term
  • Arrange and accompany viewings
  • Organising and renewing safety checks
  • Emergency out of hours service
  • Collect Deposit, negotiate and process the return at the end of the Tenancy
 

 

ADDITIONAL NON-OPTIONAL FEES AND CHARGES (IRRESPECTIVE OF LEVEL OF SERVICE)


PRE-TENANCY FEES (All Service Levels): ARRANGING AND FACILITATING SAFETY CHECKS
If not provided on instruction or undertaken by the landlord. (*Costs quoted are a guide only and will be dependent on the number of bedrooms and/or size of the property and outbuildings):
  • Energy Performance Certificate (EPC) £120-£180 (inc. VAT)
  • Gas Safety Certificate (GSC) up to £150 (inc. VAT)
  • Electrical Installation Condition Report (EICR) £150-£500 (inc. VAT)
  • Portable Appliance Testing (per item quote on request)
  • Legionella Risk Assessment (quote on request)
  • Supply battery operated smoke alarms and Carbon Monoxide detector £24(inc. VAT) per alarm/detector    

START OF TENANCY FEES SET-UP FEE: £300 (inc. VAT) per tenancy.
  • Referencing for up to two tenants (ID checks, Right-to-Rent check, financial credit checks, obtaining references from current or previous employers / landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the signing of the tenancy agreement.

PERMITTED OCCUPIER FEES: £120 (inc. VAT) per permitted occupier.
  • ID checks, Right to Rent checks and explaining to any permitted occupier their rights and responsibilities towards the named tenant(s) and landlord.

DEPOSIT REGISTRATION FEES (where collected):  £50 (inc. VAT) per tenancy.
  • Register landlord and tenant details and protect the security deposit with a Government-authorised Scheme (DPS). Provide the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of the tenancy start date.

INVENTORY FEES: £150 - £500 (inc. VAT) Dependent on the number of bedrooms and/or size of the property and any outbuildings.

KEY CUTTING: Quote on request

CHECK-IN FEES: £120 - £400 (inc. VAT) per tenancy.  
  • Attending the property to welcome the tenant(s), confirm the Inventory and Schedule of Condition, explain the operation of appliances, highlight the location of utility meters, stop-cocks etc. and test that all smoke alarms and carbon monoxide detectors are present and in working order. This is subject to an approved Inventory as above.

LANDLORD WITHDRAWAL FEES (before move-in): £300 (inc. VAT) per tenancy.
  • To cover the costs associated with the marketing, advertising and tenancy set-up should the landlord withdraw from an agreed tenancy before it’s started.
 

 

DURING TENANCY FEES


ADDITIONAL PROPERTY VISITS: £120 (inc. VAT) per visit.
  • Should the landlord request property visits in addition to those within their existing Terms of Business, this covers the costs of attending the property.

RENT REVIEW/RENEWAL FEES: £150 (inc. VAT) per tenancy.
  • Review rent in accordance with current prevailing market conditions and advise the landlord, negotiate with the tenant(s), direct tenant(s) to make payment change as appropriate, update the tenancy agreement and serve a Section 13 Notice if the tenancy is on a periodic basis. Contract negotiation, amending and updating terms and arranging for the signing of a further tenancy agreement.

AMENDMENT FEE: £60 (inc.VAT) per clause amendment

RIGHT-TO-RENT FOLLOW-UP CHECK: £50 (inc. VAT) per check.
  • Undertaking a repeat check in person on a time-limited visa in accordance with the Immigration Acts 2014 and 2016. Notifying the Home Office should an illegal overstayer be identified. This does not apply to a Tenant-Find service.

LANDLORD WITHDRAWAL FEES (during tenancy): £300 (inc. VAT) per tenancy.
  • To cover the costs associated with advising the tenant on the change and the position of the security deposit, transferring the security deposit to the landlord or new agent, notifying all utility providers and local authority (where necessary) and returning all relevant documents held by the agent to the landlord. This does not apply to a Tenant-Find service.
 

 

END OF TENANCY FEES

CHECK-OUT FEES: £150 - £400 (inc. VAT) per tenancy.
  • Attending the property to undertake an updated Schedule of Condition based on the original inventory.

FEES FOR THE SERVICE OF LEGAL NOTICES:
  • Serving Section 21 Notice: £100 (inc.VAT) per Notice (Included in our fully managed service)
  • Serving Section 8 Notice:  £180 (inc.VAT) per Notice
  • Serving Section 13 Notice:  £100 (inc.VAT) per Notice

COURT ATTENDANCE FEES: £150 (inc. VAT) per hour
 

 

FINANCIAL CHARGES

INTEREST ON UNPAID COMMISSION: 5% above the Bank of England Base Rate from Due Date until paid.

CONTRACTOR REFERALS:
Vetted contractors may pay a referral fee to Jackson-Stops. The fee paid will be included within the contractors invoice and could be up to 10% (inc. VAT) of the total invoice amount depending on the service provided, the details of which are available on request. This will not affect the final amount payable by the Landlord.

SUBMISSION OF NON-RESIDENT LANDLORDS TAX TO HMRC: £50 (inc. VAT) per Landlord quarterly.
To remit and balance the financial Return to HMRC on both a quarterly and annual basis.

ADDITIONAL HMRC REPORTING FEES: £30 (inc. VAT) per request.
Responding to any specific queries relating to either the quarterly or annual Return from either the landlord or HMRC.

FEES FOR PROVIDING AN ANNUAL INCOME AND EXPENDITURE SCHEDULE: £50 (inc. VAT) annually.

SAME-DAY PAYMENT FEES: £30 (inc. VAT) per payment. Should the landlord request a payment faster than the agreed timescales within their existing Terms of Business, this covers the costs of providing a same-day payment service where it can be provided.

 

 

OTHER FEES AND CHARGES

ARRANGEMENT FEES FOR WORKS OVER £5000: up to 10% of net cost (inc. VAT)
  • Arranging access and assessing the costs with any contractors, ensuring work has been carried out in accordance with the Specification of Works and retaining any resulting warranty or guarantee. Fully Managed service only.

ARRANGEMENT FEES FOR REFURBISHMENTS OVER £20,000: up to12% of net cost (inc. VAT).
  • Arranging access and assessing the costs with any contractors, ensuring work has been carried out in accordance with the Specification of Works and retaining any resulting warranty or guarantee.

VACANT PROPERTY MANAGEMENT FEES: £60 (inc. VAT) per visit.
  • To cover the costs associated with visiting the property to undertake visuals checks on the inside and outside at a frequency mutually agreed with the landlord.

DEPOSIT TRANSFER FEES: £60 (inc. VAT) per deposit.
  • Should the landlord request any changes to a protected deposit during a tenancy, this covers the costs associated with legal compliance for said request.