Standard Letting Service
Birt & Co. provide a letting service to owners wishing to let out their property. The standard fee for the letting is taken as 10% plus vat of the gross rents due for the period of the tenancy.
The Standard Letting Service includes:
- Advising as to the likely rental income.
- Advertising and generally marketing the property.
- Interviewing 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.
- Taking a deposit from the Tenant to be held by the Agent, under the Tenancy Deposit Scheme, until the end of the tenancy.
- Collecting the rent monthly and paying over to the Landlord monthly (normally sent within 15 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 usually by email in PDF format.
- Arranging with service companies (principally electricity, gas and water) for meter readings and advising them of the transfer of service contracts to the Tenant at the beginning of each tenancy.
- An inspection of the property will be carried out during the term of the tenancy; additional inspections will be charged accordingly. Responsibility for and management of an empty property is not normally included and will only be carried out by special arrangement.
- Co-ordination of repairs or maintenance including arranging for tradesmen to attend the property on jobs up to a total value of £250.00 (£300.00 for overseas landlords) inclusive and settling the accounts from the rents received.
- Making payments on behalf of the Landlord from the rents received for any expenditure in relation to the management of the property.
Additional items and other expenses will be charged according to the scale of fees defined below.
Although the aim is to take every care in letting the property, the Agent cannot accept responsibility for non-payment of rent, damage or other default by tenants, or any associated legal costs incurred in their collection where the Agent has acted correctly in terms of this Agreement, or on the Landlord’s instructions. An insurance policy is recommended for this eventuality.
Where the Landlord does not wish the Agent to undertake full letting, the Agent can provide a Tenant Finding Service for Licenced Landlords. The Tenant Finding Service includes only parts 1 to 4 of the Standard Letting Service, as listed above.
The fee for the Tenant Finding Service is 15% plus VAT of the gross rental for the first six months of the term of the tenancy, subject to a minimum fee of £500 plus VAT.
The fees are payable at the commencement of the tenancy and will be deducted from monies received by the Agent on the Landlord’s behalf. If the tenant leaves prior to the end of the term of the tenancy, through no fault of the Agent, the Landlord shall not be entitled to reimbursement of any fees paid.
SCALE OF FEES
|Standard letting fee:||10% plus VAT|
|Short lets (less than 6 months)|
12.5% plus VAT, plus an administration charge of £150 plus VAT
|Inventories and Schedule of Condition|
From £55.00 for an unfurnished flat full quotation available subject to individual assessment
|Arrangement of EPC||£10 plus VAT|
|Arrangement of electrical checks||£10 plus VAT|
|Interim inspection & commissioning of any works||£20 plus VAT|
|Obtaining estimates & supervision of works during the term of a tenancy||10% plus VAT of works over £250/£300 (see point 9 above)|
|Rent review and renewal of fixed term tenancy||£25 plus VAT|
|Redirection of mail overseas||Cost of postage|
|Duplication and testing of extra keys||£20 plus VAT plus the cost of key cutting|
|Overseas telephone calls||Telephone costs|
|Issuing of a Section 8 Notice seeking possession||£60 plus VAT|
|Pre-move out inspection||£20 plus VAT|
|Move out inspection and available inventory check||From £30 plus VAT for an unfurnished flat, full quotation subject to individual assessment.|
Submitting deposit disputes
|£50 plus VAT|
|Serving of Section 21 Notices||£25.00 plus VAT|
|Court proceedings||This will be charged on an hourly rate, to be discussed and agreed with landlord prior to Court Proceedings.|
|Other services||Anything not covered in the Standard Letting Service or Scale of Fees above will be charged at a rate to be discussed with the client.|
With effect from 23 November 2016 all letting agents in Wales are required to be licensed under the Rent Smart Wales scheme. Birt & Co. are licensed (licence number #LR-37010-48507) and we would be pleased to help any landlord who is thinking of letting their property, as landlords also have to register all properties in Wales that they own and let. If they deal with the tenants directly then in addition to registration they also need to be licensed.
If a landlord appoints a licensed letting agent to manage their property then they are only required to register with Rent Smart Wales.