Scale of Fees for Landlords
We do not charge VAT
Isca Bay is a Member of the Client Money Protection Scheme through Money Shield.
Set up fees and charges irrespective of service level
Set up fee – Landlord’s share
Initial set up £150 (No VAT charged) which includes referencing, Right to Rent checks, the drawing up of the Agreement and associated paperwork, signing the Agreement and registering the deposit with the TDS Scheme (Custodial).
Full Management Service 10% of the rent received (No VAT charged), deducted by the Agent
• Collect and remit monthly rent received;
• Pursue non-payment of rent and provide advice on rent arrears actions;
• Deduction 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 if over agreed spend limit);
• Hold keys throughout the tenancy term;
Tenant Find Service to collect and remit initial months’ rent received.
• Up to £650 pcm – £400 (No VAT charged)
• Between £651 pcm /£800 – £450 (No VAT charged)
• Over £800 pcm – £500 (No VAT charged)
• Deduct any pre-tenancy invoices;
• Provide Landlord with NRL8 if based overseas for more than 6 months in a year.
Our Service includes:-
• Agree the market rent and find a tenant in accordance with the landlord guidelines;
• Give advice on the Market and refurbishment;
• Provide guidance on compliance with statutory provisions and letting consent;
• Carry out accompanied viewings (as appropriate);
• Market the property locally and relevant portals;
• Advice on non-residence tax status and HMRC if relevant;
• Future Tenant set up £50 (No VAT charged)
• Inventory fee – at Landlord’s cost from £50 (No VAT Charged) depending on inventory provider and relating to number of bedrooms and or size of property/outbuildings
Additional fees irrespective of service level
Additional property visits – £50 (No VAT charged)
• To attend for specific requests such as neighbour disputes; more visits are required to monitor the tenancy; or any maintenance linked visit.
• Submission of non-resident landlords accounts, on the basis we do not have an Approval Number to HMRC – £30 (No VAT charged) quarterly.
Arranging fee for refurbishments over £2,000 – 5% of net cost (No VAT charged)
We are required to:
• Arrange access and accessing costs with contractor;
• Ensure work has been carried out in accordance with the specification of works;
• Retain any warranty or guarantee as a result of any works
Rent renew fee – £50 (No VAT charged)
We are required to:
• Review rent in accordance with current prevailing market condition and advise the Landlord;
• Negotiate with Tenant – direct Tenant to make payment change as appropriate;
• Draw up and serve new Agreement or Section 13 Notice if tenancy is on a rolling monthly basis
Check out fee – from £50 (No VAT charged)
We are required to:
• Agree with tenant check out date and time of appointment;
• instruct inventory provider to attend;
• negotiate with Landlord and Tenant any disbursement of a security deposit;
• Return deposit as agreed with Landlord and Tenant to relevant parties;
• Remit any disputed amount to scheme for final adjudication;
• Arrange with TDS (Custodial) to release security deposit;
• Instruct Contractors, obtaining quotes and organising repairs/replacement/cost of any broken or missing items
• Instructing Consultant for the Issuing of Notices-£25 (No VAT charged) (Section 8 rent arrears, Section 13 Rent increase and Section 21/6a accelerated possession proceedings)
Eviction costs – £200 (No VAT charged)
• Instructing Consultant to prepare file; fill in court papers; Obtain landlord’s signature on said papers; Monitor progress; Accompany Bailiff
Void Property inspections £20 (No VAT charged)(per visit) to be carried out at Landlord’s request to comply with insurers requirements, once the property has been vacant beyond the insurers stated term
Notes relating to Tenant Fee Ban
• If a holding deposit from a Tenant for the property is taken and the Tenant subsequently fails referencing, this fee would be retained for works carried out in relation to this application
• If a Tenant falls into rent arrears, the Landlord is entitled to charge interest at a maximum of 3% over Bank of England base rate and this charge cannot be sought until after the 15th day of arrears but can be backdated to the start and continue until the full arrears are paid off.
• In relation to the Tenant indemnifying the Landlord for damages caused to the property (as per the AST), the costs initially will be sought direct from the Tenant and failing that will be held to be deducted from the deposit at the end of the tenancy or could be used in a Court action.
• In the event of a Tenant requiring a replacement key or entry device, the Tenant will be liable for the cost of either, the replacement lock if required and the Contractors costs, so long as reasonable. No further costs are allowed unless there are exceptional circumstances where a charge can be made of £15 per hour.
• The Green Deal charge is an allowable expense so long as it is fully explained and understood by the Tenant.
• Change of sharer (at the Tenant’s request). There is a maximum charge allowable for all work required to legally satisfy this change up to £50 which the Tenant is liable for. Any charges above this are unlikely to be borne by the Tenant and will be deemed a prohibited payment if requested. Variation, novation or assignment of Tenancy. This relates to the request for pets, redecoration, running a business from the property or sub-letting of the property.
• Tenancy ending early (at the request of the Tenant). The Tenant is liable for all reasonable costs (with evidence of bills) for the remarketing, drawing up the new Agreement and potential new Inventory. They are also liable for the rent and utilities until the tenancy ends or until a suitable replacement Tenant is found and is ready to sign a new Agreement – every effort must be made to locate a new Tenant rather than penalise the one leaving.
If you have any questions on our fees don't hesitate to contact us.