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01903 297033 info@allenconway.co.uk

Our Fees for Landlords and Tenants

Landlords

Single Lets – Fully managed fee – the cost will be no more than 10% (inc. VAT).

E.g. For a rental figure of £1,000 per calendar month (pcm), a fully managed service will be £100 pcm.  This is negotiable, depending on the number of properties you wish us to fully manage on your behalf.

Houses in Multiple Occupation (HMO’s) Management Fee – We create a competitive, bespoke fee for each HMO we manage on your behalf. Please contact us for a quotation.

Let only fee – the cost will be two weeks rent (inc. VAT).

E.g. For a rental figure of £1,000 pcm, two weeks rent is £461.54.

Rent collection only – our service includes: 

  • Issuing of notice to vacate (Section 21).
  • Collecting monthly rent including monthly rental statements and payment made by bank transfer.
  • Arranging the checkout report at the end of the tenancy.

Rent collection fee – the cost will be no more than 6% (inc. VAT).

E.g. For a rental figure of £1,000 pcm, the fee would be £60 pcm, negotiable depending on the number of properties you wish us to collect rent from on your behalf.

Renewals of Tenancies

Six months = £50 inc. VAT
12 months = £100 inc. VAT

Student Properties = £160 inc. VAT

Deposit Protection = £42 inc. VAT

TENANTS

Professional and Family Lets 

The granting of a tenancy is subject to referencing and contract. Please note that our referencing process assesses tenants against the following criteria:

  • Have a clean credit history.
  • Be employed in a full time permanent position with earnings of 2.5 times your share of the rent.
  • Sight of at least 3 bank statements.
  • Positive references from a previous Landlord.
  • Passport – the original must be certified at our office
  • Right to Rent – a utility bill must be provided and you will need to be on the electoral roll at your previous address.

If one of these criteria is not met, then you may provide a Guarantor who will be referenced in the same way and must be a home owner and have earnings of £18,000 per annum.

If no Guarantor is provided, then you will unfortunately not pass our referencing criteria.

All Tenants must sign a Tenancy Agreement and provide the first month’s rent and security deposit before the keys can be released for your property.

Students

We source a variety of appropriate student housing and the granting of a Tenancy.

The granting of a Tenancy is subject to referencing and contract and you will be referenced on the following criteria:

  • Have a clean credit history.
  • Student ID and Passport, the original must be certified at our office as Right to Rent documents need to be supplied.
  • Positive references from previous Landlord.
  • Be a full-time student.

Guarantors

  • Have a clean credit history.
  • Be employed in a full time permanent position with an income of £18,000 per annum (Employer/Accountant or 2 years of self-assessment).
  • Photographic ID (either passport or driving licence) and utility bill and be on the electoral roll at the current or previous address.
  • Be a UK citizen and UK home owner.

If no guarantor is available, you can use a company called Housing Hand who will act as guarantor (an additional fee will apply). Alternatively, you can pay 6 month’s rent in advance (first month and last 5) and your rent payments will subsequently be paid monthly.

Additional Fees for Tenants:

Rent Affordability:

The monthly gross income of the tenant(s) must equate to 2.5 times the monthly rental figure, for example, if the rent is £700 pcm, the gross salary of a tenant must be at least £21,000 per annum (£700 x 2.5 x 12).

Financial & personal information required for your application:

  • If tenants are self-employed, they must have verification of their last three years’ accounts.
  • Tenants will be asked questions related to their income and employment status.
  • A credit check my be carried out to verify a Tenants credit history.
  • All tenants must provide relevant information to satisfy the Home Office’s Right to Rent Legislation. This includes providing a passport and, if necessary, a valid visa. If a passport is not available a birth certificate/driving licence and additional valid proof will be required.
  • A utility bill dated within the last three months at your current address.
  • Tenants will be asked to provide landlord references from current and previous landlords (if applicable).

Tenants fees:

Standard fees
The figure you will pay represents one month’s rent in advance and a deposit. An example of the monies required (based on a rent of £700 pcm) is shown below:

  • First month’s rent: £700
  • Deposit: £807 (equivalent of 5 weeks rent)

Default fees:

  • Loss of a key: £20.00
  • Loss of security devices: Reasonable costs to replace with same
  • Failure to pay rent on due date (calculated after 14 days): 3% above Bank of England rate
  • Addendums to initial tenancy agreement: £50.00
  • Court Fees: Scale rate
  • Early Release (ending the tenancy agreement early subject to the landlord’s approval and on the understanding that the tenant will be bound by the contract and associated costs [rent, utilities etc.] up until the day before a new tenant takes occupation of the property): £720.00

All figures quoted include VAT

Allen Conway Property Services Ltd are members of the UK Association of Letting Agents (UKALA) and Client Money Protect which provides financial protection for landlords and tenants.

We are also members of the Property Redress Scheme.

On 1st February 2016, a new code of practice was introduced and applies to Residential Tenancy Agreements. Tenants will need to supply acceptable documents for the Right to Rent checks which will be certified by a member of Allen Conway Property Services Ltd. 

Important information on your rights as tenants can be found by following the attached link. 

https://www.gov.uk/government/publications/how-to-rent.