Landlord Fees

At Madison Fox we believe in being open and transparent. This includes providing a full list of the property management fees associated with letting a property through us. The agent managing your let will be able to confirm which apply to you.

 

Bronze

 

(Let only)  


8% plus VAT (9.6% including 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 and initial tenancy agreement.

 

  • Agree the market rent and find a tenant in accordance with the landlord’s 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 (additional fees apply, see below)
     
  • Instruct an independent inventory clerk if required (additional 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
     
  • Make deduction for commission and works/repairs

 

Silver

 

(Rent collection)  


10% plus VAT (12% including 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 and initial tenancy agreement.

 

In addition to the activities outlined in 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 tenants 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

 

Gold

 

(Management)  


12% plus VAT (14.4% including 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 and initial tenancy agreement.


In addition to activities outlined in the Bronze (let only) and Silver (rent collection) services, we will also:

 

  • Arrange routine repairs and instruct approved contractors (including two quotes depending on the type and nature of the work)
     
  • Hold keys throughout the term of the tenancy
     
  • Administer 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 tenancy deposits (up to 14 days)
     
  • Return deposit as agreed with landlord and tenant to relevant parties
     
  • Unprotect security deposit

 

Platinum

 

(Management plus)  


15% plus VAT (18% including 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 and initial tenancy agreement.

 

In addition to activities outlined in 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 an agreed percentage 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 and 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 tenant’s 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), 6 Bedroom £360.00 (including VAT), plus additional rooms £30.00 (including VAT)
     
  • Additional property visits: To attend for specific requests such as neighbour dispute; additional visits 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): 7% plus VAT (8.4% 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 and Platinum services)
     
  • Dealing with deposit dispute after 14 days: £180.00 (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 Property Mark which is a client money protection scheme.

 

To view a copy of the PropertyMark Membership Rules and Conduct, please click here.

 

We are also a member of The Property Ombudsman which is a redress scheme.

 

It is the landlord’s 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 misuse of the property will be the occupier’s liability.