LETTING FEES

KINGSMARK PROPERTIES FEE STRUCTURE
All Fees are Inclusive of VAT

TENANT FEES

Information for Tenants: Tenancy information
Permitted payments and Tenant protection information

Permitted payments

For properties in England, the Tenant Fees Act 2019 means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant’s behalf) the following permitted payments:

•Holding deposits (a maximum of 1 week’s rent);

•Deposits (a maximum deposit of 5 weeks’ rent for annual rent below £50,000, or 6 weeks’ rent for annual rental of £50,000 and above);

•Payments to change a tenancy agreement eg. Change of sharer (capped at £50 or, if higher, any reasonable costs);

•Payments associated with early termination of a tenancy (capped at the landlord’s loss or the agent’s reasonably incurred costs);

•Utilities, communication services (eg. Telephone, broadband), TV licence and council tax;

•Interest payments for the late payment of rent (up to 3% above Bank of England’s annual percentage rate);

•Reasonable costs for replacement of lost keys or other security devices;

•Contractual damages in the event of the tenant’s default of a tenancy agreement; and

•Any other permitted payments under the Tenant Fees Act 2019.

For properties in Wales, the Renting Homes (Fees etc.) (Wales) Bill, means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant’s behalf) the following permitted payments:

•Holding deposits (a maximum of 1 week’s rent);

•Deposits; Currently there is no maximum Deposit;

•Payments for the late payment of rent;

•A breach of a term of the contract;

•Any other permitted payments under the Renting Homes (Fees etc.) (Wales) Bill and regulations once enacted.

•Utilities, communication services (eg. Telephone, broadband), TV licence and council tax;

Utilities Bills unless stated differently includes gas, electricity, water;
Communications telephone and broadband;
Installation of cable/satellite;
Subscription to cable/satellite supplier;
Television licence;
Council Tax; and
Other permitted payments (any other permitted payments, not included above, under the relevant legislation including contractual damages).

You may require a Guarantor to help your application if you are under the age of 21 years old or do not meet the financial arrangement required.
(Guarantor – a third party, which could be, for example, a parent or close relative, who agrees to pay a tenant’s rent if they are unable to pay or haven’t paid. The Guarantor must fully understand and accept they will be liable for to pay the Landlord the rent if the Tenant defaults, and also pay the Landlord their losses, expenses or damages where the Tenant fails to carry out his obligations under the agreement if the Tenant fails to meet their obligations ). Your guarantor would need to demonstrate an annual income of 36 times the per calendar monthly rent or be able to be referenced on savings

LANDLORD ONLY FEES
Each new Tenancy a Landlord will be required to pay Fees for our services.

FULL MANAGEMENT SERVICE

INITIAL TENANCY SET UP COSTS – £300.00
THIS INCLUDES REFERENCING COSTS, CREDIT CHECKS, TENANCY NEGOTIATION, PREPARATION OF TENANCY AGREEMENT

The set-up cost quoted includes: All marketing, Legislation advice, accompanied viewings, administration, negotiating and preparing the Tenancy Agreement, placing a Tenants Bond in the relevant government run protection scheme, rent collection, rent arrears management, minimum of two inspections per annum, arranging appointments and liaising with tradespeople for repairs and Safety checks as required by Law, dealing with tenants issues relating to the property 24 hours a day 7 days a week.

MANAGEMENT CHARGE – 10% of the monthly rent collected

TENANT FIND ONLY SERVICE – 75% OF THE FIRST MONTHS RENT

The Tenant Find Only service includes advertising and marketing, accompanied viewings, negotiating and preparing all necessary paperwork and documents to current standards of legislation.

BOND RETENTION/RETURN SERVICE – £40 (Applicable to the tenant find only package)

An Inventory and schedule of condition is advised for each new Tenancy. This cost varies depending of the size of the property. Typically, costs are between £100.00 and £150.00 which provides written and photograph inventory. If you require clarity on the Fee structure, please contact Tracy Wilcox on 07795103686