DAVID RHYS & CO. TENANTS PAYMENTS
When applying to rent a property through David Rhys & Co. there are no set up fees on behalf of the tenant. There are however permitted payments as prescribed by The Tenant Fee Act 2019. Permitted payments, as defined under the legislation, only include the following:
1. The rent.
2. Refundable tenancy deposit – No more than 5 week’s rent.
3. Refundable holding deposit – No more than 1 week’s rent.
4. Payments to change the tenancy when requested by the tenant, caped at £50 per amendment, or reasonable costs incurred if higher.
5. Payments associated with early termination of the tenancy (where requested by the tenant). This must not exceed the financial loss that a landlord may suffer, or reasonable costs that have been incurred by the landlord’s agent resulting from an agreement for the tenant to leave early.
6. Payments for utilities, communication services, TV licence and Council Tax.
7. Default fee for late payment of rent and replacement of lost key/security devices, where required, under a tenancy agreement. Default fees can only apply when this has been written into the tenancy agreement and covers late payment of rent, a lost key or security device. The amount of default fee is limited to 3% over the Bank of England base rate for each date that the payment is outstanding and applies to rent which is more than 14 days overdue.
DAVID RHYS & CO. LANDLORDS FEES
Tenant Introduction Service
-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)
14.4% of 6 months rental (including VAT)
-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
14.4% of monthly rent (including VAT)
There are no fees for the following services:
-Agree the market rent and find a tenant in accordance with the landlord guidelines;
-Provide guidance on compliance with statutory provisions and letting consents
-Market the property and advertise on relevant portals
-Carry out accompanied viewings (as appropriate)
-Advise on non-resident tax status and HMRC (if relevant)
-Complete all tenant, guarantor and permitted occupier referencing plus credit checks
-Contract negotiation and arranging the tenancy and agreement.
- Arranging the security deposit to be paid into a Government authorised scheme
-Accompanied check with a prepared Inventory and Schedule of Condition of the property
-Taking meter readings for utilities and services and informing the local authority for council tax purposes
-Arranging a pet premium, if required
-Future amendments or renewals of Tenancy Agreement
-Attending the property to undertake an updated Schedule of Condition based on the original inventory
-Accompanied check out and negotiating the repayment of the security deposit(s)
IF YOU HAVE ANY QUESTIONS ON OUR FEES, PLEASE ASK A MEMBER OF STAFF.
David Rhys & Co. is a member of a redress scheme provided by The Property Ombudsman www.tpos.co.uk
All letting agents are required to comply with The Client Money Protection Schemes for Property Agents Regulations 2018. Client Money Protection (CMP) is an insurance product for letting agents. CMP protects the rental money that a tenant pays their letting agent to pass onto a landlord.
David Rhys & Co. are enrolled with Money Shield, a CMP scheme approved by the Ministry of Housing Communities and Local Government. www.money-shield.co.uk