Morgan & Associates Letting Fees
FOR NEW ASSURED SHORTHOLD TENANCIES (ASTs) Signed on or after 1 June 2019
Tenant Fees and tenant protection information
As well as paying the rent you may also be required to make the following permitted payments.
1) Before the tenancy starts (payable to Morgan & Associates ‘the Agent’)
• Reservation fee - 1 week’s rent (credited against the first month’s rent).
• Deposit - 5 weeks’ rent (6 weeks’ rent, where the annual rent is greater than £50,000). The Deposit is calculated by dividing the annual rent by 52 and multiplying by 5.
2) During the tenancy (payable to the Agent)
• Payment of £50 inclusive of VAT if you would like to make any changes to the tenancy agreement.
• Payment of interest for the late payment of rent at a rate of 3% above the Bank of England’s base rate for each day that the payment has been outstanding.
• Payment for the reasonable incurred costs for the loss of keys/security devices.
• Payment of any unpaid rent or other reasonable costs associated with your early termination of the tenancy (up to the maximum outstanding rent on the tenancy).
3) During the tenancy (payable to the provider) if permitted and applicable
• Utilities - Gas, electricity, oil, water
• Communications - telephone and broadband
• Installation of cable or satellite
• Subscription to cable or satellite supplier
• Television licence
• Council Tax
4) Other permitted payments
Any other permitted payments, not included above, under the relevant legislation including contractual damages.
• Let only - 12% inclusive of VAT (based on an agreed rental of £1000.00 per calendar month, our fees will be £120.00 inclusive of VAT). Should the agreed rental be higher or lower than the example price, your commission fee will be correspondingly higher or lower.
• Rent Collect - 14.4% inclusive of VAT (based on an agreed rental of £1000.00 per calendar month, our fees will be £144.00 inclusive of VAT). Should the agreed rental be higher or lower than the example price, your commission fee will be correspondingly higher or lower.
• Fully Managed - 16.8% inclusive of VAT (based on an agreed rental of £1000.00 per calendar month, our fees will be £168.00 inclusive of VAT). Should the agreed rental be higher or lower than the example price, your commission fee will be correspondingly higher or lower.
• Inventory check in and check out - cost will between £90.00 and £240.00 per visit (inclusive of VAT) depending on the number of bedrooms and whether the property is furnished or unfurnished. Please contact the office for further information.
• Set-up fee - £300.00 (inclusive of VAT) 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.
• Renewal/Extension agreement for rent collect and managed properties - £120.00 (inclusive of VAT)
• Renewal/Extension agreement for let only properties - £300.00 (inclusive of VAT)
• TDS Fee chargeable to Landlord - £60.00 (inclusive of VAT). We are members of the Tenancy Deposit Scheme. A Government approved Tenancy deposit protection scheme in England and Wales operated by The Dispute Service Ltd
Morgan & Associates is a member of The Propertymark Client Money Protection (CMP) Scheme and also a member of The Property Ombudsman (TPO) Scheme, which is a redress scheme. You can find out more details on our website or by contacting us directly.
Click here to view our CMP Certificate