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, plus £300 including VAT set up fee to cover referencing & initial tenancy agreement.
- 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
- 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, plus £300 including VAT set up fee to cover referencing & initial tenancy agreement.
- 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
Gold (Management)
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, plus £300 including VAT set up fee to cover referencing & initial tenancy agreement.
- 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
- 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, plus £300 including VAT set up fee to cover referencing & initial tenancy agreement.
- 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) and provide the Tenants with The Deposit Certificate and Prescribed Information within 30 days of the Start of the Tenancy.
- Inventory ‘Check In’ Fee: Studios £126.00 (including VAT), 1 Bedroom £180.00 (including VAT), 2 Bedroom £216.00 (including VAT), 3 Bedroom £240.00 (including VAT), 4 Bedroom £300.00 (including VAT), 5 Bedroom £330.00 (including VAT), 5 Bedroom £360.00 (including VAT) plus Additional Rooms £30.00 (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 £78.00 (including VAT)
- Copies of Remittance Advices: £1.80 (including VAT).
- Abortive tenancy Fee (Should you not wish to proceed with a tenancy following acceptance of an offer): 12% (including VAT).
Service of Notices:
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- 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
Rent Guarantee: £288.00 (including VAT) per tenancy
Madison Fox Estate Agent is a member of Money Shield which is a client money protection scheme, and also a member of The Property Ombudsman which is a redress scheme. To view a copy of the Money Shield Scheme rules, please click here.
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.