Service
Fee
Permitted payments, Default Fees and Damages Payments which may apply to your tenancy as defined by the Tenant Fees Act 2019
See below a list of fees applicable to this branch.
Variation of Contract (Tenant’s Request)
To cover the costs associated with seeking approval from the Landlord and the preparation and execution of new legal documents.
£50 inc VAT per agreed variation.
Change of Sharer (Tenant’s Request)
To cover the costs associated with seeking approval from the landlord, tenant referencing and right-to-rent checks, deposit registration and the preparation and execution of new legal documents. In cases where a change of sharer is particularly complex, the Agent reserves the right to charge more than £50.00 but this will be agreed with the tenant(s) in advance.
£50 inc VAT per replacement tenant
Rent Arrears
Interest at 3% above the Bank of England’s base rate is payable for each day that a rent payment is outstanding and applied when the rent has been outstanding for 14 days or more, and the amount calculated will be backdated to the rent due date. Payment of outstanding interest must be made at the same time as any outstanding rent.
Replacement or additional keys or entry/ security devices
Tenants are responsible for the actual cost incurred when replacing any lost key(s) or other security device(s). The Landlord or Agent will be entitled to charge £15 per hour (inc. VAT) for the time it takes to facilitate the replacement of the lost key(s) or other security device(s).
£15 per hour inc VAT.
Early Termination Fees
Should the tenant request early termination of their tenancy, the Landlord / Agent will be entitled to recover the Landlord’s letting fee as detailed in the Terms of Business between the Landlord and Agent, from the Tenant. The tenant is responsible for paying all rent up until the commencement date of the replacement tenancy, or until the date the tenancy or tenant’s notice period runs out, whichever is soonest. Early termination of the tenancy and this procedure is subject to the Landlord’s consent.
£354 inc VAT.
Company Lets
To cover the costs in respect of referencing and the preparation of the tenancy agreement. To secure the property subject to referencing, and for their application to proceed, the tenant (company) will be asked to pay a minimum of £200 of the deposit. After the expiry date of an agreed fixed term, should both parties wish to extend the tenancy, £120 inc vat will be payable for renewing or extending the tenancy agreement on each occasion, irrespective of the length of the extended period or the type of agreement. The full cost of any extension is £240 (inc.VAT), however this cost will be shared with the landlord.
£600.00 inc VAT.
Application Process
It’s important that you return your application form(s) quickly. On occasions, the Landlord may also request a guarantor. Upon provisionally being accepted by the landlord (subject to receipt of satisfactory references), the holding deposit will become payable.
Affordability Assessment
To qualify, your annual income must be at least equal to:
2.5 x the annual rent (or the individual’s proportion of the annual rent), or
3 x the annual rent where a guarantor is also required
Holding Deposit
The holding deposit is the equivalent of one week’s rent, which once paid, is offset against the total first rent due before the tenancy commences. The holding deposit is non-refundable should following referencing, it is discovered that key material facts have been omitted or prove false which then leads to the Landlord declining your application.
By paying the holding deposit, the property you have reserved will be taken off the market and all future viewings cancelled, and it is therefore deemed fair that the tenant will receive no refund should they later decide not to take up the tenancy or fail to move in on the agreed proposed check in date. The agreed first month’s rent and bond is required in advance and in cleared funds before your tenancy commences.
If the Landlord decides against proceeding with the tenancy, the tenant will receive a full refund of all monies paid.
Credit Worthiness
County court judgements (CCJs), court decrees (CCD), bankruptcies and individual voluntary arrangements (IVA) will impact the outcome of an application. Failure to declare any adverse credit history may lead to your application being declined.
Referral Fees
PML Property Services Ltd earn supplementary income from various sources relating to the provision, referral and introduction of services and products to our clients and customers. This may be in the form of a fixed fee or a percentage of a premium, fee or invoice. This is not done in all cases and use of these providers/ suppliers is not mandatory. Clients are entirely free to choose their own products, services and providers.
We declare this intention within our Terms of Business and Application Forms and by signing these documents our clients and customers confirm their agreement to us doing so.
Tenant examples are:
Between 20% and 30% commission on landlord and tenant insurance "premiums" / warranties. A typical average per property would be £30pa
Small individual one-off commissions (typically between £10 and £40) for introducing customers to utility suppliers
Up to 25% commission from financial services introductions, and up to £250 for conveyancing introductions.
Service
Fee
Marketing and Tenancy Creation
To market the property, introduce the tenant, and create the tenancy.
£354 inc VAT
Ongoing Management Service
Our standard ongoing management fee, which includes handling tenant queries, maintenance requests, periodic inspections, and compliance.
14.4% inc VAT
Let Only Service
To market the property, introduce the tenant, and create the tenancy.
75% of first month's rent subject to min fee of £720
Inventory with Fully Managed Service
Included in our fully managed service.
Free
Inventory with Let Only Service
For up to three bedrooms, and larger properties by negotiation.
From £180 inc VAT
Referral Fees
PML Property Services Ltd earn supplementary income from various sources relating to the arrangement, referral and introduction of services and products to our clients and customers. This may be in the form of a fixed fee or a percentage of a premium, fee or invoice. This is not done in all cases and use of these providers/contractors is not mandatory. Clients are solely free to choose their own products, services, and providers. Our clients and customers confirm their agreement to this arrangement by signing our terms of business and application forms. Examples are:
• Small one-off commissions (typically between £10 and £40) for introducing customers to utility suppliers though Vouch.
• Between 20% and 30% commission on landlord and tenant insurance "premiums" / warranties. A typical average per policy would be £30 per annum for tenants and £65 per annum for landlords.
• 10% or up to £10 commission from providers of energy performance certificates, gas safety certificates and EICRs.
• We may charge a commission of 5% to 12% to certain contractors who are on our preferred panel, but this commission does not affect the cost to landlords as it is a profit-sharing agreement with the contractor, which is governed by a service level agreement.