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Costs of Letting 

Agent Marketing Costs

Most agents will offer a “No Deal No Fee” arrangement whereby they will undertake all the initial marketing and negotiation and only charge fees if, and when, a successful let has begun.

Energy Performance Certificate

Having a valid Energy Performance Certificate (EPC) is required in order to market your property to let. (See Section 2. Legal Requirements).

If there isn’t an existing valid EPC, the costs of obtaining one should be factored in. Whilst there is no standard charge, prices would typically range from £50 – £100.

Agent Fees

The fees charged will depend on the level of service chosen but typically will include the following: -

  • Managed
    • One-off fees
      • Set-up administration fee 
      • Inventory fee
      • Check-out fee
    • Recurring Fees
      • Management fee – charged as a percentage of rent collected
      • TDS registration fee – annual registration fee
  • Let Only
    • One-off fees
      • Tenant finder fee
      • Single tenancy deposit custodial scheme registration fee
      • Inventory and check-out fees
  • Let Rent
    • One-off fees
      • Tenant finder fee
      • Single tenancy deposit custodial scheme registration fee
      • Inventory and check-out fees
    • Recurring Fees
      • Rent collection fee charged as a percentage of rent collected.

Peter Ball & Co Landlord Fees

Additional Agent Fees

Agents will commonly charge fees for additional services such as 

  • Serving notices
  • Managing larger scale maintenance works
  • Court appearances

Overseas Landlords

HMRC operates a Non-Residents Landlord Scheme whereby Landlords residing overseas for tax purposes have to

  • Have basic rate tax deducted from rental income after allowable expenses. This tax will be deducted by the Managing Agent or where no managing agent is employed, the tenant.
  • Register for an exemption from the above whereby they can have rent paid in full and declare any tax due through an annual return.

For more information go to www.gov.uk/tax-uk-income-live-abroad/rent

Maintenance

Landlords have an obligation to

  • Maintain the structure and exterior of the property in a safe and watertight condition.
  • To keep any internal installations for water, gas, electrical services, sanitation, heating and hot water in good order.
It is important to budget for these potential repair costs.
Landlords do not have an obligation to improve properties.

Late Rents

Whilst rare, it is possible that tenant rents can be received late. Landlords need to account for that possibility and ensure that there are sufficient funds to cover any scheduled outgoings in the event that rents are received late.

Insurances

There are a variety of insurance products potentially available to Landlords covering:-

  • Buildings & Contents cover specific to rental property
  • Accidental Damage insurances
  • Home Emergency Assistance and
  • Rent Guarantee and Legal Expenses plans