Landlord Fees & Other Possible Associated Costs
Landlord Fees & Service Options
There is a variance in landlord fees and administration charges which are subject to the service level required by each individual Landlord. The following fee levels assumes single landlord with a single property. Multi property landlords fees are by agreed negotiations by a Morgans Director.
Full Management Service Option
Monthly Management Fee – this is charged monthly and taken from the rent received, this includes collecting rent, accounting for rent, issue of monthly statements, direct liaison on all property maintenance with tenant & landlord, arrange & oversee any property maintenance, mid-term inspections and property reports. Monthly Management Fee is charged – 12.6% inc vat 10.5% +vat of rent collected.
New Let Set Up Fee – this is charged each time a new tenant is found and processed, this includes, advertising, board movement, viewings, negotiations, fixed term tenancy agreement, tenant deposit registration, check-in, meter readings and service provider notifications. The New Let Set Up Fee - £180 inc vat - £150 ex vat
Tenancy Renewal Fees - Morgans provides fixed term assured shorthold tenancy agreements. New tenancy agreements are signed and issued on renewal. Deposit protection certificates are extended and issued. Fees are paid on or before signing the new tenancy agreement. Tenancy Renewal Fee - £114 inc vat (£95 ex vat)
Let Only Service Option
The let only service option is a tenant find service for landlords who wish to be actively involved with their rental property and their new tenant. The processing of a tenant is exactly the same as with our fully managed service, except Landlords register the deposits and do check-ins, meter readings and service provider notifications.
The Let Only Fee – 10.2% inc vat - 8.5% + vat of the rental contract over a 6 month period or 50% of the first month’s rent (which ever the greater) plus vat. Plus Contract Fee - £180 inc vat (£150 ex vat) Plus Renewal Fee (if required) - £114 inc vat (£95 ex vat)
The following are extra associated costs that are involved in renting your property should you require Morgans to arrange.
Energy Performance Certificate (EPC) - £96 inc vat - £80 + vat - Required by law before a property can be put onto the rental market
Landlord Withdrawal - £180 inc vat (£150 ex vat) Morgans will charge this fee once a landlord has given verbal approval to proceed with tenant references and to draw up a tenancy agreement and then cancels from the transaction.
Key Cutting & Mail Redirection – will be charged at cost Landlords please note Morgans will need 2 full sets keys before the start of the tenancy.
Gas Safety Certificate - £96 inc vat - £80 + vat - Required by law once a tenant is found and before a tenant moves in.
Electric PIR / PAT testing – quotations can be provided once a tenant is found, Not mandatory to do, however if you have any doubts over the electric’s then a test is recommended
Photographic Inventories - £30 inc vat - £25 + vat per room This is highly recommended for all new rental properties if a landlord wants to claim on a tenants deposit at the end of a tenancy.
Pre-Tenancy Property Clean - quotations can be provided once a tenant is found Morgans full management tenancy agreements include a cleaning bond that the tenant signs and agrees to before they move in – this will be difficult to enforce if the property is not professionally hygienically cleaned.
Buildings and Contents Insurance - quotations can be provided Landlords are reminded to keep their property insurance in place at all times. Morgans can arrange specialised landlord insurance products that include rent guarantee & emergency breakdown cover insurance. Please note that Morgans can earn commission from insurance arranged & taken out by Landlord clients.
Emergency Maintenance - £250 In the event that landlord clients are not contactable and unless specifically notified, Morgans can spend to a maximum of £250 in order to perform emergency maintenance to avoid property damage.
House Visits - £30 inc vat - £25 + vat per 2 hours - To attend the property while maintenance or remedial work is undertaken, in the absence of a Landlord or Tenant.
Landlord ongoing property maintenance - This charge depends on the estimated manpower hours spent on resolving maintenance issues that include cleaning, gardening, breakdowns, insurance repairs and all general maintenance as requested. Morgans will charge at cost plus 10% plus vat admin fee
Provision of Legal or Accounting Documents - £36 inc vat - £30 + vat per document sourcing, printing and despatching documents for legal and accounting purposes.
Prices are subject to review from time to time. One months notice will be provided.
Morgans May 2015 / revised January 2018