Landlords Fees

Full Management Package

For landlords who want the stress taken out of letting their property, Leapfrog offer a comprehensive ‘Full Management’ package.   The fees for this service are as follows:-

Setup fee: 50% of rent or £300

This set up fee includes the following:-

● Agreeing the market rent and finding a tenant in accordance with the landlord guidelines

● Provide guidance on compliance with statutory provisions and letting consents

● Advise on refurbishment

● Carrying out marketing of the property & advertising on relevant portals

● Accompanied viewings (as appropriate)

● Erect a ‘pad to let’ board outside property in accordance with Town and Country Planning Act 1990

● Advise on non-resident tax status and HMRC (if relevant)

● Inventory Fee (landlord’s share) £75 upward depending on number of bedrooms and/or size of the property & additional rooms & outbuildings may be dependent on the number of bedrooms and/or size of the property and outbuildings

Fully managed fee: 10%

This is a monthly commission calculated as a percentage of the monthly rent and includes the following:-

● Collection and remit the monthly rent received

● Deducting commission and other works

● Supplying monthly statements

● Pursuing non-payment of rent and providing advice on rent arrears actions

● Advise all relevant utility providers of tenancy changes

● Undertake quarterly inspection visits per annum and notifying the landlord of the outcome

● Arrange routine repairs and instruct approved contractors (with written quotes)

● Holding keys throughout the tenancy term

Additional non-optional fees and charges (irrespective of level of service)

Deposit Registration Fee £15

All tenants’ deposits must be registered by law with a Governmentauthorised Scheme. This fee is for registering the landlord and tenant details and protecting the security deposit; then providing the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of the start of the tenancy. The scheme used by Leapfrog Lettings is The Deposit Protection Service.

Inventory Fee from £75 upwards

It is important to have a thorough inventory enabling both parties (landlord and tenant) to be treated fairly. The inventory documentation serves a number of vital functions – including providing a catalogue of the let property, an unbiased record of its condition and any items included in the tenancy. It forms part of the legally binding contract that is set out in the tenancy agreement between the tenant and the landlord. The cost of the inventory also varies dependent on the number of bedrooms in the property and whether or not the property is furnished or unfurnished.

Renewal Fee (Landlord’s Share) 25% of rent

It is important to negotiate a contract that may determine some security both for a Landlord and a Tenant. This includes amending and updating terms and arranging a further tenancy agreement, grounds notices and agreements.

Check Out Fee £40 + VAT

When it is time for the tenant to leave the property, this fee covers agreeing with the tenant(s) a check out date and arranging an appointment; instructing the inventory provider to attend; negotiating with the landlord and tenant(s) any disbursement of the security deposit. Then to return the deposit as agreed with the landlord and tenant to the agreed parties. Remit any disputed amount to Scheme for final adjudication. Unprotect the security deposit and to instruct contractors, obtain quotes, organise repairs/replacement of any broken or missing items. The tenant also pays a share of this fee.

Additional Property Visits £15

If a visit (over and above the quarterly visits included in the monthly fee) is required – for example at the specific request of the Landlord, or to resolve a neighbour dispute a fee is charged.

Gas Safety Certificate £70

The Gas Safety (Installation and Use) Regulations 1998 state that all let and managed properties must be tested annually for safety. Leapfrog Lettings appoint a Gas Safe Engineer to do this and this fee covers arranging access and retaining the certificate. This charge includes the cost of the certificate.

Court Attendance £50/hour

In the unfortunate event where Leapfrog Lettings might need to represent you in court – for example if a tenant requires eviction, these fees apply.

Arrangement fee for Works over £600 – 6% of net cost

Arranging access and assessing costs with contractors ensuring work has been carried out in accordance with the specification of works, retaining and warranties or guarantees as a result of works.

Leapfrog Lettings reserve the right to make a commission charge to any contractor instructed on behalf of the landlord of up to 12% (10% + VAT) of the net cost of the work.

Withdrawal Fees

Please remove amend all 3 paragraphs to read as follows:-

Scale 1 : £100 – When a Landlord dis‐instructs us before a tenant’s application has been processed, or when a property is removed by the Landlord or let by another agent.

Scale 2: £200 plus the Landlord agrees to additionally refund the tenant’s holding fees – when a Landlord dis‐instructs us after a tenant’s application has been processed.

Scale 3: £250 – When a Landlord withdraws from a fully managed service and wishes to retain the tenant.

Right to Rent checks £20 + VAT (per applicant or guarantor)

From 1st February 2016 all private Landlords in England will have to make Right to Rent checks. This means checking that the tenants have a right to be in the UK. Landlords need to check that a tenant or lodger can legally rent your residential property and as an Agency, we carry out these checks on behalf of you. Landlords who don’t make the checks could be fined up to £3,000 if they rent out a property to someone who’s in the UK illegally. Right to rent checks have been introduced as part of the government’s ongoing reforms to the immigration system.

 

Inland Revenue Administration and reporting £35 + VAT

Depending on your circumstances, income from property in the UK must be declared to the Inland Revenue. Landlords can claim personal allowances against income from property. Expenditure incurred in connection with letting including interest paid on a mortgage can be offset against your tax liability and a wear and tear allowance in the case of furnished property may be granted. We will provide an annual statement itemising rental income received and all expenditure to enable your tax computation be completed. (We would advise you to take independent advice from a professional body with regard to your tax affairs). The cost for this statement to the HMRC will be £35.00 + VAT.

Overseas Landlords £50 + VAT

Overseas landlords are classed as Non-Resident Landlords and all income from property is subject to tax. To enable rental income to be paid gross, you can apply for an exemption certificate from the Inland Revenue. We can supply you with the necessary forms and guidance notes and would recommend that these are completed as a priority. Our fee for sending this information off annually is £50.00 + VAT.

Tenant Finder Service

For landlords who wish to manage their rental property themselves, but who wish for help in securing a tenant and the stress free taken out of setting up their rental property, Leapfrog offer a comprehensive ‘Tenant Finder’ package with fees as follows:-

 

Tenant finder setup fee:  75% of rent or £450 min fee

● Agreeing the market rent and finding a tenant in accordance with the landlord guidelines

● Provide guidance on compliance with statutory provisions and letting consents

● Advise on refurbishment

● Carrying out marketing the property & advertising on relevant portals

● Accompanied viewings (as appropriate)

● Erect a To Let board outside property in accordance with Town and Country Planning Act 1990

● Inventory Fee (landlords share) £75 upward depending on number of bedrooms and/or size of the property & additional rooms & outbuildings may be extra Dependent on the number of bedrooms and/or size of the property and outbuildings

● Advise all relevant utility providers of tenancy changes

● Holding keys throughout the initial marketing term

● Advise on non-resident tax status and HMRC (if relevant)

Additional optional fees and charges (irrespective of level of service)

 Deposit Registration Fee £15

All tenants’ deposits must be registered by law with a Governmentauthorised Scheme. This fee is for registering the landlord and tenant details and protecting the security deposit; then providing the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of the start of the tenancy. The scheme used by Leapfrog Lettings is The Deposit Protection Service. If a landlord wishes for us to register the bond and transfer over to him, this fee would be charged.

Inventory Fee from £75 

It is important to have a thorough inventory enabling both parties (landlord and tenant) to be treated fairly. The inventory documentation serves a number of vital functions – including providing a catalogue of the let property, an unbiased record of its condition and any items included in the tenancy. It forms part of the legally binding contract that is set out in the tenancy agreement between the tenant and the landlord. The cost of the inventory also varies dependent on the number of bedrooms in the property and whether or not the property is furnished or unfurnished.

Renewal Fee (Landlord’s Share) £99

It is important to negotiate a contract that may determine some security both for a Landlord and a Tenant. If the Landlord requires a new tenancy agreement once the fixed term has elapsed then this includes amending and updating terms and arranging a further tenancy agreement, grounds notices and agreements.

Gas Safety Certificate £70

The Gas Safety (Installation and Use) Regulations 1998 state that all let and managed properties must be tested annually for safety. Leapfrog Lettings appoint a Gas Safe Engineer to do this and this fee covers arranging access and retaining the certificate. This charge includes the cost of the certificate.

 

Landlord Periodic Electrical Inspection Certificate £70 inc VAT

These Regulations require that any person supplying electrical equipment must ensure that it is safe and will not cause danger and that it satisfies the safety requirements of the above Regulations. The Owner agrees to allow Leapfrog to arrange all necessary inspections and reports to comply with the Gas Safety (Installations and Use) and the Electrical Equipment (Safety Regulations 1994) as amended and to spend any necessary monies to ensure compliance thereof.

If a certificate is not already in place, we will arrange the Landlords Periodic Inspection Report valid for at least 12 months (usually valid for 1-3 years) at a cost of £70 inc VAT.

Legionella Risk Assessment £70 inc VAT

New regulations in respect of The Approved Code of Practice L8 and “reducing the risk of Legionnaires disease” requires that all rental properties have a Legionella Risk Assessment completed on all rented properties, of which is carried out by a competent person and that all relevant recommendations be immediately complied with. If an assessment is not already in place, we will arrange one for every new occupier moving into your property (or every 2 years if a long term tenant resides) at a cost of £70 inc VAT.

Service of Section 21 or Section 8 notice – £15 + VAT

Withdrawal Fees

Withdrawal Fee £75 – When a Landlord disinstructs us before a tenant’s application has been processed.

Withdrawal Fee £200 – When a Landlord disinstructs us before a tenant’s application has been processed. PLUS refund of Tenants Applications Fees already paid by the tenant upon reservation – Due when a Landlord dis‐instructs us after an application has been processed.  (Tenant’s application fees include full individual referencing, credit checks, stability and affordability assessments including financial, fraud and employment references, preparation of paperwork and administration etc.,)

 

IF YOU HAVE ANY QUESTIONS ON OUR FEES – PLEASE ASK A MEMBER OF STAFF.

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