At Madison Fox, being open and transparent is important to us and that’s why we publish a full list of associated costs when you’re letting a property through us. It’s always best to speak directly to the consultant that you are registered with to confirm which charges would be relevant for you.
Bronze (Let Only)
12% including VAT (10% plus VAT) per annum based on the gross rental due for the term of the tenancy agreement, ignoring any options to terminate by the Landlord or Tenant. Fees are payable in advance upon us finding a Tenant who takes occupation of the property.
- Agree the market rent and find a tenant in accordance with the landlord guidelines
- Advise on current market condition and preparation of the property for letting
- Provide guidance on compliance with statutory provisions and lettings consents
- Discuss non resident tax status and HMRC (if relevant)
- Prepare property details, market the property and advertise on relevant portals
- Carry out accompanied viewings
- Negotiate offers and take up references
- Arrange safety certificates for the property
- Prepare and submit Tenancy Agreement
- Collect and hold the deposit as stakeholder in our client account
- Register deposit with the Tenancy Deposit Scheme where appropriate (fees apply see below)
- Instruct an independent inventory clerk if required (fees apply see below)
- Collect and remit the initial month’s rent received
- Provide tenant with method of payment
- Contact Landlord and tenant prior to the end of tenancy to discuss renewal or termination
- Negotiate renewal, prepare and submit documentation
- Deduction for commission and works/repairs
Silver (Rent Collection)
14.4% including VAT (12% plus VAT) per annum based on the gross rental due for the term of the tenancy agreement, ignoring any options to terminate by the Landlord or Tenant.
- In addition to the Bronze (Let Only) service, we will also:
- Agree collection of any shortfall and payment method
- Deduct any pre-tenancy invoices
- Make any HMRC deduction and provide tenants with NRL8 (if relevant)
- Collect and remit monthly rent received
- Chase Tenant’s for Rent arrears and advise Landlord on service of notices where considered appropriate.
- Prepare regular statements
- Operate rent arrears process should rent not have been received
- Provide advice on rent arrears actions
- Deduction for commission and works/repairs
15.6% including VAT (13% plus VAT) per annum based on the gross rental due for the term of the tenancy agreement, ignoring any options to terminate by the Landlord or Tenant.
- In addition to the Bronze (Let Only) and Silver (Rent Collection) services, we will also:
- Advise all relevant utility providers of changes
- Arrange routine repairs and instruct approved contractors (two quotes depending on the type and nature of the work)
- Hold keys throughout the term of the tenancy
- Administrate ground rents and service charges
- Retain a working fund and deal with day to day management
- Approve supplier invoices
- Investigate matters relating to the property
- Ensure compliance with houses in multiple occupation legislation
- Provide a property management emergency out of hours service
- Agree the checkout date and time with tenant
- Instruct inventory provider to prepare and check inventory with tenant
- Negotiate with landlord and tenant any disbursement of the security and deposit (up to 14 days)
- Return deposit as agreed with landlord and tenant to relevant parties
- Remit any disputed amount to the Tenancy deposit scheme for final adjustment
- Unprotect security deposit
Platinum (Management Plus)
18% including VAT (15% plus VAT) per annum based on the gross rental due for the term of the tenancy agreement, ignoring any options to terminate by the Landlord or Tenant.
- In addition to the Bronze (Let Only), Silver (Rent Collection) and Gold (Management) services, we will also:
- Register the deposit free of charge
- Carry out quarterly inspections and reports
- Include a Rent Guarantee policy which includes court costs, legal service, bailiff costs and 50% of rent paid after vacant possession subject to terms and conditions – please ask a member of our team for a copy of the policy wording.
Additional Optional & Non-optional Fees and Charges
(Irrespective of level of service)
Land Registry Fee: £4.80 (including VAT)
Deposit Registration Fee: £90.00 (including VAT)
- Register Tenants details and protect the security deposit with a Government-authorised Scheme (DPS)
- Provide the Tenants with The Deposit Certificate and Prescribed Information within 30 days of the Start of the Tenancy.
Inventory ‘Check In’ Fee: Studios £117.60 (including VAT), 1/2 Bedroom £150.00 (including VAT), 3 Bedroom £162.00 (including VAT), 4/5 Bedroom £168.00 (including VAT), Additional Rooms £18 (including VAT).
Additional Property Visits: To attend for specific requests such as neighbor dispute; more visits are required to monitor the tenancy; or any maintenance linked visit £60.00 (including VAT)
Copies of Remittance Advices: £1.80 (including VAT).
Arrangement Fee for works or refurbishment over £1000: 12% (including VAT).
- Arranging access and assessing costs with the contractor
- Ensuring work has been carried out in accordance with the specific instructions or specification of works
- Should quotations be arranged and the landlord instructs works £600.00 (including VAT)
- Should quotations be arranged but no work instructed £120.00 (including VAT)
Insurance claims (To assist you with an insurance claim in respect of the property): £120 per hour (including VAT).
Tenancy Renewal Fee (landlords share): £12% (including VAT).
- Review rent in accordance with current prevailing market condition and advise the landlord
- Contract negotiation, amending and updating terms and arranging necessary documentation
Abortive tenancy Fee (Should you not wish to proceed with a tenancy following acceptance of an offer): 12% (including VAT).
Service of Notices:
- Serve Section 8 Notice: £144.00 (including VAT)
- Serve Section 13 Notice: £144.00 (including VAT)
- Serve Section 21 Notice: £144.00 (including VAT)
(All above included within Silver, Gold & Platinum services)
Dealing with deposit dispute after 14 days: £360.00 (including VAT)
Dealing with court claim (excluding court costs: £360.00 (including VAT)
Forwarding Landlord Mail: £18 (including VAT) plus postage costs.
Tax Certificate (per property/per tax year): £90 (including VAT)
Interest or unpaid commission or other monies due at 4% above the base rate of Barclays Bank PLC
Madison Fox is a member of The Property Ombudsman Scheme. We are currently not a member of a client money protection scheme.
It is the Landlords responsibility to ensure the property is maintained in a habitable condition and complies with Section 11 of the Landlord and Tenant Act. Landlords are responsible for any maintenance costs and upkeep of the property. Neglect and mis-use of the property will be the occupier’s liability.