Landlord Fee Guide – Menu of Charges
(Description of Fees below)
Fully Managed with Rent & Legal Protection
14.5% + VAT (17.4% inc VAT) deducted monthly
12.5% + VAT (15% inc VAT) deducted monthly
Rent Collect with Rent & Legal Protection
12% + VAT (14.4% inc VAT) deducted monthly
10% + VAT (12% inc VAT) deducted monthly
8% + VAT (9.6% inc VAT) of Annual Rent
Tenancy Setup Fee
£250 + VAT (£300 inc VAT) includes two tenants
Additional Tenant or Guarantor £25 + VAT (£30 inc VAT) each
Fee includes: Tenant / Guarantor Referencing, Right to Rent Checks,
Tenancy Agreement, Deposit & Tenancy Prescribed Information and Securing Tenants Deposit
Inventory / Check In
|1/Studio||£180 + VAT||£190 + VAT||£170 + VAT|
|2||£205 + VAT||£220 + VAT||£190 + VAT|
|3||£215 + VAT||£260 + VAT||£220 + VAT|
|4||£225 + VAT||£310 + VAT||£260 + VAT|
*£10 for extra rooms, e.g. en-suite, conservatory*
Tenancy Renewal Charge – Fully Managed & Rent Collect
£120 + VAT (£144 inc VAT)
Tenancy Renewal Charge – Tenant Find
£150 + VAT (£180 inc VAT)
Submissions to TDS/DPS ADR Process (Fully Managed & Rent Collect Only)
|Fully Managed–Landlord against Northwood Advice|
£300.00 + VAT (£360.00 inc VAT)
|Rent Collect-Landlord agrees with Northwood Advice|
£450.00 + VAT (£540.00 inc VAT)
|Rent Collect-Landlord against Northwood Advice|
£550.00 + VAT (£660.00 inc VAT)
End of Year Tax statement
£75 + VAT (£90 inc. VAT)
Please note monthly statements can be requested and are free of charge
Landlord Fee Guide (Description of Fees)
If you are renting your property to us on the Guaranteed Rent Service, we will not charge you any fees at all. There are no management fees, no inventory fees, no renewal fees, no post-tenancy disputes, no check-in or check-out fees, no risk of void periods, no risk of late rent and no legal costs should the resident tenants default. So you get complete peace of mind with your investment. Please contact us to arrange a free, no obligation, assessment.
Charges will apply for our other services. These services can be tailored to suit and range from Tenant Find (also called Introduction), Rent Collection and Full Management. Detailed description of advantages of each service is shown below.
Commission for Fully Managed and Rent Collection
A monthly commission is charged for the ongoing management of your property and will depend on the level of service you require. There is also an option for you to include insurance based Rent & Legal Protection (RLP) with both of these services. Please note that (RLP) is not as comprehensive as Northwood’s Guaranteed Rent scheme. For example, due to the claims process should a tenant stop paying rent, landlords with RLP will experience a delay before receiving their income. In addition, unlike the Guaranteed Rent scheme, RLP does not cover void periods i.e. periods when the property is empty, such as between tenancies.
Should a Landlord wish to protect the tenant’s deposit they will need to be registered with one of the Deposit Protection Schemes, Custodial Scheme, which is currently free. Tenants’ security deposits will be registered by Northwood with the chosen Scheme and then transferred to your own Custodial Scheme account.
Tenancy Set-up Fee
The Tenancy Set-up Fee covers the following: Advertising your property; Carrying out viewings for prospective tenants; Tenant and guarantor referencing & credit checks; Right to Rent checks; Issuing a compliant Tenancy agreement; Issuing tenancy & deposit prescribed information; Testing smoke detectors & CO detectors (if applicable) on the day of check-in, Obtaining tenant signatures on the inventory & Securing the tenants’ security deposit.
A written, comprehensive inventory & schedule of condition of your property is produced, together with colour photographs. The cost of the inventory depends on the size of the property and whether it is furnished or unfurnished.
In order to assess for any deductions from the tenants’ security deposit, a check-out is carried out at the end of the tenancy using the in-going inventory. Based on our extensive experience, together with industry standard guidelines for both fair wear & tear and depreciation, we will advise you of what can and cannot be claimed from the tenants’ deposit. As with the inventory, the cost of the check-out depends on the size of the property.
Submissions to the TDS/DPS Alternative Dispute Resolution (ADR) Service – Fully Managed & Rent Collect Only
If the tenant & landlord cannot agree with proposed deductions from the security deposit, the TDS/DPS offer an evidence based dispute resolution service (ADR). THE TDS/DPS ADR service is quasi-judicial in nature and submissions usually take in excess of 4/5 hours to compile. For Fully Managed properties, where the landlord agrees with Northwood’s assessment & advice, we do not currently charge for making ADR submissions. In the event that the landlord cannot agree with Northwood, we are still happy to make a submission to the TDS/DPS ADR service. However, in these instances a charge will be payable to cover our costs. For those landlords who opt for our Rent Collect service, where maintenance and property inspections are carried out by the landlord without the involvement of Northwood, charges apply for any ADR submissions.
Tenancy Renewal Charge
We consider renewing tenancy agreements for an additional fixed term to be important, as it provides more certainty for landlords than month by month periodic tenancies. The tenancy renewal charge includes: Advising you of current market rents; Contacting the tenants to determine if they wish to renew; Carrying out Right to Rent checks; Issuing an up-to-date compliant tenancy agreement and Securing tenants’ signatures on the same.
End of Year Tax Statement
If you require us to provide an annual rental statement, a charge will be made. Please note that monthly statements can be requested and are free of charge.
Redress Scheme & Client Money Protection
It is now a legal requirement for ALL lettings agents to be members of an approved redress scheme and hold client money protection. Your Northwood Epsom office is a member of The Property Ombudsman (TPO) redress scheme and has Client Money Protection provided through safeagent
Any percentage fees shown are calculated based on the monthly rent
All fees inclusive of VAT
We hold Clients Money Protection insurance provided by safeagent
We are a member of redress scheme administered by the Property Ombudsman