Fees and Terms for Landlords

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Morgan Randall Fees and Terms

Standard Fees and Terms for Landlords

Fees for Long Term Lettings

(Initial term of six months or greater, payable upfront at the start of the tenancy)

Lettings Service: 11% (13.2% inc.VAT):

  • Comprehensive marketing
  • Professional photography
  • Sourcing tenants
  • Accompanied Viewings
  • Checking & providing tenants IDs
  • Drawing up tenancy agreements
  • Arranging pre-tenancy works
  • Facilitating deposit holding services
  • Key holding services
  • Pre-Tenancy move In check
  • Tenant Move In Service
  • Rent collect service
  • Arrears notifications & reminders
  • Negotiating renewals on tenancies

Lettings Service and Essential Managed: 14% (16.8% inc.VAT):

  • IncludesLetting Service +
  • Qualified Property Management Team
  • Dedicated Personal Property Manager
  • Arranging & dealing with repairs
  • Out of hours 24hrs emergency service
  • 6 Monthly Property Inspections
  • Advice & support with severe arrears cases
  • Access to specialist legal advice
  • Negotiating dilapidation claims
  • Dealing with deposit disputes
  • Arranging post/pre tenancy works

Lettings Service and Premium Managed: 17% (20.4% inc.VAT):

  • Includes Letting Service and Essential Managed +
  • Inclusive Tenancy Agreement
  • Inclusive Check In Report
  • Inclusive Inventory (Every 5 Yrs.)
  • Inclusive Deposit Registration
  • Inclusive EPC
  • Inclusive NRL tax return (Non-UK Landlords)
  • Inclusive Property Visits (when needed)
  • Inclusive Annual Gas Safety Check
  • Inclusive PAT Test
  • Up to £300 for pre-tenancy works (Cleaning/ Maintenance)
  • Inclusive section 21/ 8 notices
  • Inclusive Check Out Report
  • Inclusive end of year tax summary
  • Inclusive management if property is vacant

Above fees is based on per Tenancy basis (initial term of six month or greater)

Fees for any renewal, extension, hold-over or new agreement after the initial term:

Lettings Service


9.6% inc. Vat for 1st renewal term commission after the initial period
7.2% inc. Vat for the 2nd term
4.8% inc. Vat for the 3rd term onwards

Includes:

  • Memorandum of Agreement

Essential Managed Service


3.6% inc. Vat

Includes:

  • Memorandum of Agreement


Premium Managed Service


7.2% inc. Vat

Includes:

  • Memorandum of Agreement

Fees for Short Term Lettings

(Initial term of less than six months):


Short Term Lettings and Management Service

 
Fees for period of initial Tenancy Agreement 31.2% inc. Vat
 
Fees for any renewals, extension, hold-over or new agreement 31.2 % inc. Vat

Other Fees and Charges

Deposit Registration: £67 inc. VAT (Included in Premium Managed Service)

Register landlord and tenant details and protect the security deposit with a Government-authorised Scheme
Provide the tenant(s) with the Deposit certificate and Prescribed Information within 30 days of start of tenancy. Administration of any Deposit Replacement Scheme used.


Initial Inventory: £207.00 inc. VAT

(5 bedrooms or more/highly furnished, 20% surcharge) updated every 5 years or for any major works


Check In Report: £187 inc. VAT (Included in Premium Managed Service)

(5 bedrooms or more/highly furnished, 20% surcharge)


Check Out Report Fee: £187 inc. VAT (where required)(Included in Premium Managed Service)

(=> 5 Beds will incur a 20% increase)


Gas Safety Certificate: £120 inc. VAT (Included in Premium Managed Service)

It is a criminal offence to let a premises with gas appliances (including but not limited to gas boilers, fires, heaters, and gas water heaters) that have not been checked by a GAS SAFE Registered Engineer at least once every 12 months. You will need to give your Tenant documentary proof of your compliance with these Regulations at the commencement of the tenancy and within 28 days of the safety record being certified.


EPC Certificate: £120 inc. VAT (Included in Premium Managed Service)

From 1st October 2008, the full EPC must be made available for any home, free of charge, to a prospective Tenant, at the earliest opportunity. Morgan Randall can arrange for an EPC to be produced upon written request.


Tenancy Agreement: £367 inc. VAT (Included in Premium Managed Service)

(Short term tenancies under 6 months, £217 inc VAT)


Section 8 and 21 Notices: £67 inc. VAT (Included in Premium Managed Service)

Arrange and cover the cost of serving Section 21 or Section 8 notices (where required as per clause 1.23.2)


Start of Tenancy Clean 0/1 Bed: £257

Start of Tenancy Clean 2 Bed: £279

Start of Tenancy Clean 3 Bed: £397

Start of Tenancy Clean 4 Bed: £457

Start of Tenancy Clean 5 Bed: £507

Start of Tenancy Clean 6 Bed: £POA

Interior Window Clean (=< 3 Beds): £67

Exterior Window Clean ( GF =< 3 Beds): £87

Balcony Clean (based on size of 5sqm): £87

Steam Clean (per Room/Area/Furniture): £57


Portable Appliance Test (PAT): £127 inc. VAT (Included in Premium Managed Service)

You are responsible for providing instruction books for all items of electrical equipment for your Tenant and will be responsible for ensuring that all electrical installations and appliances within the premises comply with the above regulations. The Landlord has a duty of care to ensure that the regulations are adhered to. It is recommended that a certificate is obtained from a qualified NICEIC electrical contractor. Upon request, and at the Landlord’s expense, Morgan Randall can arrange for a Portable Appliance Check (PAT).


Court Attendance Fee: £350.00 inc. VAT per hour.


Rent Guarantee & Legal Expenses Cover (ongoing monthly instalment): £29

(Rent Guarantee & Legal Expenses Cover (12 Months): £290)
We always go the extra mile to find you excellent tenants but anyone can have a change of circumstances. Redundancy, relationship breakdowns, ill health or bankruptcy may leave tenants unable to pay the rent or unwilling to move out at the end of the tenancy which may end up costing a small fortune in legal costs, loss of rental income and delays in regaining possession of your property.
As a letting agent that cares, we have a Rent and Legal Protection insurance policy and as an exclusive benefit of partnering with us, our landlords have the advantage of opting for an interest in our policy.


Independent 3rd Party Referencing Fee (per TNT): £57(Included in Premium Managed Service)


Basic Tenant ID and Verification Fee (per tenant): £29

Morgan Randall will arrange for an independent reference for every Tenant and any Guarantors at a charge of £47.50+VAT (£57 inc Vat) per Tenant. In some cases where we consider that the Tenant may not fulfil the strict criteria of an independent reference agency or where time is restricted, we will carry out an in-house identity check on the Tenant and collect additional information at a charge of £24.17+VAT (£29 inc VAT) per Tenant. Wherever possible, we may perform a credit check, collect employment confirmation and a previous Landlord statement (if appropriate). If the Tenants pass the independent reference or where we find the identity check acceptable we will proceed with the tenancy on your behalf.


Electrical Certificate: £300

Property Inspection (Mid Tenancy): £127

Maintenance Team (hourly rate): £77

Vacant Property Management (per month): £97

Landlord Anti-Money Laundering (AML) & Identification Check: £37

End of Year Tax Summary: £107

Quarterly NRL Tax Return: £367

NRL Landlord Annual Returns: £150

International Bank Transfer: £37

Mortgage Valuation - Valuation letter for mortgage purposes: £150

Deed of Surrender/ Assignment/ Variation (each): £97

Land registry - confirmation of ownership: £30

Late Payment Fee: £67

Copy Right (Per Item): £250