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Fees and Terms

ARLA Licensed Member
Landlord Associations

We make it simple to calculate fees associated when renting your property property through Prospect.

You will be required to pay a fee to cover various charges that are listed below. The fee is calculated dependent on circumstances and the agreed rental value of the property.

• Setup Fee: £330.00 (inc VAT) & Room Setup Fee £150 (inc VAT)

  • Agree the market rent and find a tenant in accordance with the landlord guidelines.
  • Advise on refurbishment
  • Provide guidance on compliance with statutory provisions and letting consents.
  • Erect board outside property in accordance with Town and Country Planning Act 1990
  • Advise on non-resident tax status and HMRC (if relevant)
  • Register Tenants deposit with TDS and prepare tenancy agreement.

Inventory Fee

Dependent on the number of bedrooms and/or size of the property and outbuildings

Property Size
Unfurnished
Furnished
     
1 Bedroom

£144.00

£150.00
1 Bedroom Update

£72.00

£75.00
     
2 Bedroom
£168.00

£174.00

2 Bedroom Update

£84.00

£87.00
     
3 Bedroom
£192.00
£204.00
3 Bedroom Update
£96.00
£102.00
     
4 Bedroom (upto 2k PCM)
£240.00

£264.00

4 Bedroom Update (upto 2k PCM)

£120.00

£132.00
     
4 Bedroom (2k - 2.5k PCM)
£270.00
£300.00
4 Bedroom Update ( 2k - 2.5k PCM)

£135.00

£150.00

• Additional property visits - £90.00 (inc VAT)
To attend for specific requests such as neighbour disputes; more visits are required to monitor the tenancy; or any maintenance-linked visit.

• Instruction of a Domestic Energy Assessor for an EPC - valid for 10 years £120.00 (inc VAT)

• Gas and Electrical safety Testing - Combined Certificate £199.00 (inc VAT)

Gas and Electrical safety - Testing Individual Certificates £106.00 (inc VAT)

• Renewal Fee (landlord's share) £125 (inc VAT)
Contract negotiation, amending and updating terms and arranging a further tenancy and agreement

• Portfolio Service £275 (inc VAT)

• Periodic Fee - £60.00 (inc VAT)
Rolling montly contract fee.

• Delayed move in fee - £90.00 (inc VAT)
If the move in date is delayed due to the property not being ready, a delayed movein fee is charge to cover contract adjustments.

• Amendment Fee - £60.00 (inc VAT) 
Contract negotiation, amending terms and updating the tenancy agreement during the term of the current tenancy

Landlord Fee's - Levels of Service.

(All of the Below Services Include the marketing and finding of a suitable tenant)

Portfolio Service 1 months rent + VAT (inclusive of VAT 9.99% )

Includes:

  • Collect and remit initial months’ rent received
  • Agree collection of any shortfall and payment method
  • Provide tenant with method of payment
  • Deduct any pre-tenancy invoices
  • Make any HMRC deduction and provide tenant with the NRL8 (if relevant)

Rent Collect Service 12%+ VAT (inclusive of VAT 14.4%)

Includes:

  • Collect and remit the monthly rent received
  • Deduct commission and other works
  • Arrangement payments from rental for statutory requirements
  • Pursue non-payment of rent and provide advice on rent arrears actions

Full Management Service: 15%+ VAT (inclusive of VAT 18%)

Includes:

  • Collect and remit the monthly rent received
  • Pursue non-payment of rent and provide advice on rent arrears actions
  • Deduct commission and other works
  • Advise all relevant utility providers of changes
  • Undertake two inspection visits per annum and notify landlord of the outcome
  • Arrange routine repairs and instruct approved contractors (providing two quotes)
  • Hold keys throughout the tenancy term
  • Access to online Landlord Tracker.
  • Access to out of hours and emergency helpline.

Overseas Management: 17% + VAT (inclusive of VAT 20.4%)

Includes:

  • Collect and remit the monthly rent received
  • Pursue non-payment of rent and provide advice on rent arrears actions
  • Deduct commission and other works
  • Advise all relevant utility providers of changes
  • Undertake two inspection visits per annum and notify landlord of the outcome
  • Arrange routine repairs and instruct approved contractors (providing two quotes)
  • Hold keys throughout the tenancy term
  • Access to online Landlord Tracker.
  • Access to out of hours and emergency helpline.
  • Quarterly Non Landlords Residence Tax submission to HMRC
  • Annual Non Landlords Residence Tax submission to HMRC

Room Management: 20% + VAT (inclusive of VAT 24%)

Includes:

  • Collect and remit the monthly rent received
  • Pursue non-payment of rent and provide advice on rent arrears actions
  • Deduct commission and other works
  • Advise all relevant utility providers of changes
  • Undertake two inspection visits per annum and notify landlord of the outcome
  • Arrange routine repairs and instruct approved contractors (providing two quotes)
  • Hold keys throughout the tenancy term
  • Access to online Landlord Tracker.
  • Access to out of hours and emergency helpline.

OTHER FEES AND CHARGES:

Out of Hours Services - £50.00 per hour (inc VAT) plus any actual costs incurred. Where actions of the tenant results in the agent (or nominated contractor) attending the property, time to remedy the situation is charged at the hourly rate.

Debit/Credit Card Fee – If the deposit and charges are paid via a credit there is a standard charge of 2.5% for card processing associated to the payment total. Debit cards carry a £1 charge.

• End of Tenancy Administration – If when moving out of the property the checkout report details work that needs to be be done, a 10% administration fee based on the total value of works order will be charged for arrangement and administration.

• Submission of non-resident landlord's receipts to HMRC - £90.00 (inc VAT) quarterly To remit and balance the financial return to HMRC quarterly – and respond to any specific query relating to the return from the landlord or HMRC

Subsequent Protection of the Tenancy Deposit with the TDS - £37.50 (Inc Vat) / Portfolio only service charge £50.00 (Inc vat)
Register landlord and tenant details and protect the security deposit with a Government-authorised Scheme. Provide the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of start of tenancy

Further preparation of any Document in support of raising a TDS arbitration Claim - £198.00 (Inc Vat)

• Progressing Insurance Claims - 10% of total claim value

• Obtaining more than two contractors quotes - £60.00 (inc VAT) per quote

• Court Attendance - £90.00 (inc VAT) per hour.

• Smart Rent Protection Plus - 6 Months Cover £108.00 (inc VAT), 12 Months cover £204 (inc VAT)

• Section 21 Warranty - 6 Months Cover £108.00 (inc VAT), 12 Months cover £144 (inc VAT)

If you would like any assistance calculating the fees or for more information with connection to the above, please contact our property management department on: 0118 955 9747.