Fees payable to 123estateAgent
Let Only: 6% of the agreed term, taken once let
(Minimum Fee £600 Applicable)
Tenancy Set Up: £150.00 (Referencing and credit checking of potential tenants, producing the tenancy agreement, registering and protecting the tenancy deposit with a Government authorised scheme, providing the tenants with a Deposit Certificate and Prescribed Information).
Full Management: 8% of the annual rent, taken monthly from rent
– Check-in Schedule of Condition £90 – £186 each inclusive of VAT dependent on property size
– Check-Out Schedule of Condition £72 – £110 each inclusive of VAT dependent on property size
– Legionella assessment £60.00 inclusive of VAT dependent
– Energy Performance Certificate £72 inclusive of VAT per property
– Gas safety check £84 inclusive of VAT per property
– Electrical safety check £165 – £300 inclusive of VAT prices vary
– Portable Appliance Test £70 – £120 inclusive of VAT prices vary
– Installation of Smoke and Carbon Monoxide Alarms £50 inclusive of VAT
– Service of Notice including Section 8 and Section 21 (Find a Tenant Service Only) £150
– Additional inspections (in addition to six monthly inspections under Management service) £60 per visit
– Tenancy renewal fee – negotiating and documenting renewal £150
– Deposit Claim Adjudication (Find a Tenant Only) £180
– Care taking Service (Inspection the premises during a void period) £60 per visit
– Withdrawal from entering into a tenancy having instructed 123 Estate Agent to proceed £600 administration fee
– Supervising Part or Total Refurbishment of a Premises where necessary 12% of total cost of works
Regulations for Estate Agents
Professional and ethical
Trust is an important part of estate agency and we want to send a clear message to our clients and customers that we are a professional company acting ethically at all times. We are compliant with the following governing bodies: TPO (The Property Ombudsman) CMP (Client Money Protection)
Regulations for Landlords
Keeping you informed of your legal obligations as a landlord.
Right To Rent
The Right to Rent scheme requires landlords to check that all tenants who occupy their properties have legal status to live in the UK. This means that before you can rent a home in England, a landlord or letting agent must undertake passport and immigration checks prior to letting out the property.
Electrical Equipment & Systems
Landlords are obligated to ensure that electrical equipment and systems in the property are safe. You may be liable if the tenants are harmed or suffer damage to their own goods. The following Acts and Regulations detail this: The Landlord and Tenant Act 1985, The Housing Act 2004 (Housing Health and Safety Rating System), The Electrical Equipment (Safety) Regulations 1994, and the Plugs and Sockets etc. (Safety) Regulations 1994, both of which come under the Consumer Protection Act 1987. Under Part P of Building Regulations, certain electrical work is required to be carried out by a Competent Person. Having portable appliance testing is always best practice for landlords.
The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020
The Government has laid The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 meaning landlords must ensure every fixed electrical installation is inspected and tested at least every five years by a qualified person. The Regulations also state that a landlord is required to obtain a report of the results of the inspection and test, supply it to each tenant within 28 days and retain a copy until the next inspection is due. Landlords and agents will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1 July 2020 or from 1 April 2021 for existing tenancies.
Energy Performance Certificates are needed whenever a property is built, sold or rented. You must order an EPC for potential buyers and tenants before you market your property to sell or rent. An EPC contains information about a property’s energy use and typical energy costs and recommendations about how to reduce energy use and save money.
An EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years. To let a property your efficiency rating must be between A and E.
The furniture supplied within a rental property must comply with fire resistance requirements as defined within The Fire and Furnishings (Fire) (Safety) Regulations 1988 (as amended).
The regulations apply to beds, headboards of beds and mattresses, sofa-beds, futons and other convertibles, nursery furniture, garden furniture suitable for use in the dwelling, scatter cushions and seat pads, pillows, loose and stretch covers for furniture. They do not apply to furniture made before 1950, bedclothes including duvets, loose covers for mattresses, pillow cases, curtains, carpets and sleeping bags.
The Gas Safety (Installation and Use) Regulations 1998 require a gas safety check to be carried out on every gas appliance/flue. This will ensure gas fittings and appliances are safe to use. A certificate will be supplied by a Gas Safe registered engineer stating a pass or a fail, and the appropriate action will be required should the check fail. The certificate is valid for 12 months and must be provided to the tenants prior to the commencement of the tenancy. 123 Estate Agent will not allow tenants to move in without a valid certificate.
Smoke and Carbon Monoxide Alarms
The Smoke and Carbon Monoxide Alarm Regulations 2015 require that a working smoke alarm be fitted on every floor and a carbon monoxide alarm in rooms containing a solid fuel appliance.
If smoke alarms are present, it is imperative that they are maintained. A clause within the tenancy agreement will typically inform the tenants of their responsibility to keep it well maintained and the battery to be replaced when necessary.
Tax and the Non-Resident Landlord Scheme
You may be subject to income tax during the rental period and capital gains when you sell. If you are in any doubt, or you would prefer not to complete your own self-assessment tax return, then we advise that you consult an accountant.
If you reside overseas, we are required by HMRC to comply with the non-resident landlord scheme. Unless the landlord provides a NRL form to HMRC, we will be required to deduct the basic rate of income tax from the rent. 123 Estate Agent can provide and assist you with the required information. Once HMRC approval is given we will able to transfer rental income without deductions.
Tenancy Deposit Protection
Legislation requires security deposits for Assured Shorthold Tenancies to be registered with a government approved scheme. 123 Estate Agent can register the deposit on behalf of the landlord. We are members of the Tenancy Deposit Scheme.
You may be required to apply for a licence to rent your property. Regulations vary depending on the Borough and style of property.
The Homes (Fitness for Human Habitation) Act
The Act came into force on 20 March 2019. It is designed to ensure that all rented accommodation is fit for human habitation and to strengthen tenants’ means of redress against the minority of landlords who do not fulfil their legal obligations to keep their properties safe.
Due to recent changes to the legislation relating to the control of legionella, it now means that residential lettings are covered by Approved Code of Practice L8 and HSE 274, therefore landlords, property owners, and managers must ensure that legionella risk management is carefully managed. In order to comply with the Health and Safety Executive’s code of practice, Landlords must carry out a risk assessment at their property.