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) £45 plus VAT (£54 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)
· Annual Tax Return Statement £45 plus VAT (£54 inc VAT)
· Inventory and Checkout £POA
· Tenants set up fee £150 + VAT (£180 inc VAT) per person over 18.

The Property Studio is a licensed member of Propertymark Inc (NAEA). We have Client Money Protection (CMP) provided by Propertymark, 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 (£60 inc 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.