Letting Service fees

• Let and Property Management 11% plus VAT (includes referencing)
  
  
• Let Only 8% plus VAT (includes referencing)

Please Note:
Let Only Fees and Management Fees are payable for the whole initial letting period in advance for tenancies during which a tenant introduced by us occupies the Property.

Miscellaneous Fees

• Tenant/guarantor referencing £25 per tenant/guarantor
  
  
• Check in inventory Variable £120-£240 (incl VAT)
  
  
• Checkout inventory Variable £110-£220 (incl VAT)
  
  
• Arranging EPC (10-year duration) £90 including VAT (£75 plus VAT)
  
  
• Gas Safety Certificate (GSR) Annual £80-90 (incl VAT)
  
  
• Electrical installation Condition Report (EICR) £Variable according to the property
  
  
• Abortive transaction £300 including VAT (£250 plus VAT)
  (Landlords not proceeding with letting after satisfactory references and contract prepared)

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Landlords, what you need to know… 

Renting
Consider the costs and work out your predicted returns before letting out your property. The process needs to be financially viable and worth your time and effort.

As of 2020, rental income is taxed at 20% (basic rate) or 40% (higher rate).
Also take into account costs for letting agent fees, maintenance & repairs and any potential tax deductions that may be applicable.

Once everything has been calculated, the net amount will have to at least be enough to pay for your mortgage payments.

Always take a closer look at your local market to get an idea of how much rent you could achieve.
At Michael Wright Estate Agents, we can offer you a free rental valuation. 

Preparing the property
The property will need to be in good condition for the tenants to live in, but should also be prepared for marketing to attract the sort of people you want to live there.

Consider if the tenancy will be furnished, part furnished or unfurnished and what items you want to leave there (bed/sofas etc.), with a minimum of a selection of white goods in the kitchen.

Make sure the following are taken care of:

• Remove any clutter and unnecessary items
  
  
• Ensure doors/windows have secure and modern locks
  
  
• Make sure appliances in the property are in good working order – otherwise replace if needed
  
  
• Redecorate to make the property look and feel fresh

Benefits of appointing an agent
As the landlord you can choose to manage the tenancy yourself, although instructing us to act as your letting agent can make the process even easier and add a lot of knowledge and experience to the process.

We at Michael Wright Estate Agents are able to market the property on our own website and all the key Property Portals for you (Rightmove, Zoopla, Prime Location & On the Market) whilst advising you on rental costs.

We can assist with carrying out your property viewings, deal with referencing, right to rent checks and with the tenant directly for as long as is needed.
We are also members of professional bodies, such as Property Mark & The Property Ombudsman, meaning that our lettings team work to the highest standards in the property industry.

Meeting & deciding on prospective tenants
We vet all applicants before offering a viewing to determine their suitability and always like to meet any prospective tenants before making a decision about letting your property to them. In most cases they will want to view the property, which allows us to find out more about them and what they are looking for.

We can also carry out thorough references which ensure the tenants have been checked on 4 main criteria (Credit Check, Previous Landlord, Employment and Affordability) to ensure the tenants can be vouched for and that they will be able to afford the rent. This is all part of our  service.

Landlord Responsibilities
Before and during the tenancy the landlord has a number of legal responsibilities that must be met. These include:

• Safety standards:
  All furniture and soft furnishings must meet current safety standards for being fire retardant and have appropriate labels.
  
  
• Smoke & Carbon Monoxide Alarms: From 1^st October 2022.
  1. Ensure at least one smoke alarm is equipped on each storey of the property where there is a room used as living accommodation.
  2. Ensure a carbon monoxide alarm is equipped in any room used as living accommodation which contains a fixed combustion appliance (excluding gas cookers).
  3. Ensure smoke alarms and carbon monoxide alarms are repaired or replaced once informed and found that they are faulty.
  
  
• Gas Certificate:
  A gas safety check must be carried out annually and a current certificate must be made available for the tenants.
  
  
• Electrical Installation Condition Report (EICR): From 1^st June 2020.
  These new Regulations require landlords to have the electrical installations in their properties inspected and tested by a person who is qualified and competent, at an interval of at least every 5 years. Landlords must provide a copy of the electrical safety report to their tenants, and to their local authority if requested.
  
  
• Energy Performance Certificate (EPC):
  By law, property must have a valid EPC with a minimum rating of ‘E’ and cannot be let unless it meets this standard.
  These certificates are usually valid for a period of 10 years.
  
  
• Right to Rent check:
  Ensure the tenant has a legal right to live in the UK by asking for proof of ID (passport/driver’s license) if they are a UK citizen or by asking them to provide a share code from the home office proving their residential status (if non-UK).
  
  
• Landlord information:
  You must provide the tenant with details of either your name and address, or that of the letting agents, along with a copy of the current How to Rent guide.
  
  
• Deposit protection:
  Assured shorthold tenancies (AST) must offer regulated protection of the tenant’s deposit.
  The tenant must be provided with a copy of the Deposit certificate and prescribed information showing full details of the scheme within 30 days of the money being deposited. Unless there is a dispute regarding damage and repair cover, the deposit must be repaid in full at the end of the tenancy.
  
  
• Repairs:
  You will be responsible for most repairs needed during the tenancy. This could be anything from a faulty roof, to a broken window or boiler.
  
  
• Property access:
  If any repairs or inspections need to be carried out, you must give the tenant sufficient notice and arrange a convenient time that suits both parties.
  
  
• Licensing:
  Many UK boroughs now have licensing schemes, requiring you to register your property and buy a license in order to be allowed to rent it.
  In addition, if you are renting your property to several individuals, it would be advisable to check if you need to register your property as a house of multiple occupancy (HMO).
  Licensing can vary depending on the local authority of the borough that the property is in. If you’re unsure whether your property requires a license or is classed as an HMO, we advise you to speak to one of our lettings teams who will be able to inform you whether a license is required and what needs to be done to obtain one.

As you can see there are a number of responsibilities that landlords must take care of when letting out property. This is why many landlords prefer to use a letting agent to manage their rental property.
We offer property management services for landlords, helping them with routine and non-routine property visits, repairs, deposits, safety checks, maintenance and more. This can help you stay on top of your landlord responsibilities and ensure that the tenancy runs smoothly.

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