TPS Commission Fees
Scale of fees for Let Only (initial term of 12 months)
· Initial term 8% plus VAT (9.6% inc VAT) of the gross rental due
· 2nd year term 6% plus VAT (7.2% inc VAT) of the gross rental due
· 3rd year term 4% plus VAT (4.8% inc VAT) of the gross rental due
· For any extension thereafter 2.5% plus VAT (3% plus VAT) of the gross rental due
Fees for Full Management Service (includes rent collection)
· 13% plus VAT (15.6% inc VAT) of the monthly rental due, taken monthly
Examples of Fees:
· On a 12 month Let Only service with a monthly rental of £1000 per month, our commission fee of 8% plus VAT (9.6% inc VAT) would be £960 plus VAT (£1152 inc VAT).
· On a Managed property with a monthly rental of £1000 per month, our commission fee of 13% plus VAT (15.6% inc VAT) would be £130 plus VAT (£156 inc VAT) taken monthly.
Additional Fees and Charges
· Deposit Protection (TDS) £40 plus VAT (£48 inc VAT)
· Gas Safety Certificate £75 plus VAT (£90 inc VAT)
· EPC Certificate £120 plus VAT (£144 inc VAT)
· Legionella Risk Assessment £120 plus VAT (£144 plus VAT)
· Duplicate Rental Statement £10 plus VAT (£12 inc VAT)
· Annual Tax Return Statement £40 plus VAT (£48 inc VAT)
· Inventory and Checkout £POA
· Tenants set up fee £150 + VAT (£180 inc VAT) per person over 18. (Includes all tenant rights to rent check and full referencing including guarantors)
The Property Studio is a licensed member of NFOPP (NAEA & ARLA). We have Client Money Protection (CMP) provided by NFOPP, and are members of an Independent Redress Scheme provided by TPO (The Property Ombudsman).
Prior to the start of a tenancy
TPS shall employ a referencing agency to carry out full references on anyone over the age of 18 who will reside at the property.
· Holding Deposit, Equivalent to one weeks rent
TPS will take a holding deposit to remove the property from the market whilst referencing is taking place. This will be deducted from the first month’s rent upon move-in.
Fees which may apply during the tenancy
· Changes to a tenancy any change will be charged at £50 + VAT
During the core of a tenancy it may be possible, subject to the landlord’s approval and references, for an individual named tenant to be added, removed or replaced by another. TPS charge a fee to cover any time and costs involved in implementing the change which includes referencing, drawing up a new tenancy agreement, re-registering deposits and updating records.
Arrears fee: Payment of interest for the late payment of rent at a rate of 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please note levied until the rent is more than 14 days in arrears.
Early Termination of tenancy – If the Landlord agrees to early termination you will be required to pay the landlords/agents costs/financial loss until a suitable tenant is found.