Landlord Fees
Our discerning tenant selection process and network of corporate clients are the foundation of our highly regarded professional service. Northwood incorporating Millennium Properties offer a ‘no let, no fee’ service, and advertise extensively in the local press, on the internet, and by way of numerous property lists supplied to prospective tenants.
We offer a managed service where rents are collected by us, which includes optional rental warranty insurance, mid-term inspections of the property, and a final inspection on vacation. In addition we retain a wide network of corporate clients including key blue chip companies, local organisations and major employers who have a mobile and professional workforce. Furthermore our affiliation with leading nationwide relocation agents and insurance companies facilitate access to the right type of tenant enabling tenancies to be most successful and rental yields to be maximised.
Our fees are competitive and are based on the rental valuation of the property and the number of properties owned.
Further details are available through contacting our office. Alternatively an introductory let only service is available, tailoring our service to meet your letting requirements and individual needs.
Our executive client base and impressive portfolio of properties speaks volumes for the level of service and professionalism we aim to offer all of our clients.
Managed Letting Fees
72% inc. VAT of the first month’s gross rental with a minimum fee of £ 420.00. inc. VAT.
This fee covers the costs of Marketing, Advertising, Property Viewings , Drawing up of tenancy agreements, legal notices and standing order mandate, annual Property Inspections, Notification of Utility Services with regard to new occupants and the conducting of the moving in procedure.
Deposit Protection is also included.
Management Fees
This will be charged as a percentage of the annual rental income and collected on a monthly basis from the gross monthly rental @12.6% inc. VAT.
This fee covers the costs of day to day management, rental collections , proactive monitoring of the tenant including any mid term inspections (COVID 19 Regulations Permitting ) , arranging any repairs or maintenance at Landlords cost, ensuring the property is compliant at all times, full check out service at date of move out with regard to original inventory and managing claims against deposits.
Rental Warranty and Legal Expenses Insurance can also be arranged. This is optional and at the Landlord’s cost.
New Agreements , Renewal of Agreements and/or extending the term of Tenancy Agreements.
The preparation and service of new agreements and notices, taking account of any recent legal precedents, will be charged at £240.00 inc. VAT.
In the case of Managed Properties the fee for arranging optional Rental Warranty Insurance will be subject to
Underwriters Premiums currently variable due to Covid 19.
Let Only Fees
A Landlord not wishing to take advantage of our managed service may make a one off payment for obtaining a tenant for the property at the cost of 96 % inc. VAT of the first month’s rent with a minimum of £420.00 inc. VAT.
This fee covers the same service as provided by the Managed Letting Fee, (detailed above), but without any Property, Inspections, Viewings or Inventory. The security deposit will be forwarded to the Landlord at the start of the tenancy unless otherwise agreed and the obligation for ensuring renewal of ALL Compliance Certificates resting with the Landlord at all times and neither Millennium Properties or Northwood Wolverhampton will be obliged to update these.
Millennium Properties (Lettings Agents) will have no responsibility to any party whatsoever.
Landlords of Let Only Contracts further agree to indemnify Millennium Properties Letting Agent and Northwood Wolverhampton Limited against any and all claims.
Deposit Registration Fees
£30 Our Deposit Registration Fee covers all things related to tenants deposit from the moment they move in to the moment they move out, including handling disputes after vacancy.
Referencing Fees
£180.00 inc. VAT per applicant and £100 for each additional applicant. There will also be a £120 inc. VAT fee for adding a Guarantor to an AST.
Landlords wishing to self manage or move a managed property would only be able to do so at the end of the lease term. If the same tenant is continuing with the tenancy after any such move then the landlord would incur a tenant find fee of two months rent +VAT of the final months rent.
Tenants purchasing the leased property at the expiry of the term will incur the landlord a buyer introduction fee of equivalent to two months rentals +VAT. If the sale take place before the expiry of the lease term then the management fee +VAT to the end of the lease term will also be payable in addition to the buyer introduction fee above.
All charges are inclusive of VAT at prevailing rates unless specified.
Client Money Protection Certificate
We are proud to have Client Money Protection in place provided by CMP Protect.