Fees

Landlord Fees:

Let only: 7% + vat (8.4% inc VAT)
Please request a copy of our terms of business for a full breakdown

Rent collection: 8% + vat (9.6% inc VAT)
Please request a copy of our terms of business for a full breakdown

Fully managed: 12% + Vat (14.4% inc VAT)
Please request a copy of our terms of business for a full breakdown

A one off administration set up fee will be charged at £300 + VAT (£360 inc VAT) for all new properties listed with Charles Richardson Ltd.

Permitted Payments:

The Rent – Tenants cannot enter into an agreement that ‘front-loads’ the rent. The amount of rent charged should normally be equally split across the duration of the tenancy. In relation to allowable upfront payments of rent please see the last question on page 26 of the Government Guidance, link to the guidance is on page 3 of this letter

Security Deposit - A Refundable Tenancy Deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or above - you may ask a tenant to pay a tenancy deposit as security for the performance of any obligations, or the discharge of any liability arising under or in connection with the tenancy. Any deposit amount above the 5 weeks’ rent (or 6 weeks’ if the annual rent is £50,000 or more) will be a prohibited payment. If a tenancy has been granted before the 1st June 2019 and renews as a periodic or fixed term contract after 1st June 2020, any deposit held over 5 weeks’ rent must be refunded to the tenant (to avoid being a prohibited payment).

Holding Deposit- A refundable holding deposit (to reserve a property) capped at no more than one week’s rent – Tenants cannot be asked for a holding deposit which is more than one week of the total rent for that property and we cannot accept more than one holding deposit for a property at any one time as these are prohibited payments.

- we must set out in writing the reason for legitimately withholding a holding deposit within a 7 days period.
(Please see the government guidance (pages 6 and 33-37) for more information on holding deposits - link on page 3).

Payments in respect of utilities, communication services, TV Licence and council tax (see government guidance page 58 – link on page 2)

Change of Tenancy agreement - £50 inc VAT

Payments associated with early termination of the tenancy – This can vary depending on how far into the tenancy and how quickly a termination is required when requested by the tenant (See Government Guidance pages 7 & 56)

A default fee for replacement of a lost key/security device or for a late payment of rent, where required under a tenancy agreement - a payment in the event of a relevant default is a permitted payment if the tenancy agreement requires the payment to be made. Relevant default means the loss of a key to, or other security device giving access to, the housing to which the tenancy relates. It also is the failure to make a payment of rent in full, before the end of the period of 14 days beginning with the due date on which the payment is required to be made according to the tenancy agreement. In relation to the loss of keys or security device a landlord or letting agent can only charge the amount that is reasonably incurred, and it must be supported by written evidence of the costs incurred. In relation to late rent, the agent or landlord can charge a fee of 3% above the Bank of England base rate, 14 days after the default

Charles Richardson Ltd are members of the client money protection scheme (CMP). Membership number CMP008630. Click here to download our Membership Certificate
Charles Richardson Ltd are members of the Property Ombudsman. Membership number D6874


Charles Richardson LTD is the trading name and our registered offices are 1029 London Road, Thornton Heath, CR7 6JF