Letting Agent Services and Charges

Letting Agent Services and Charges

For clients who are new to the Buy to Let (BTL) market, and those who have multiple properties, using a reputable letting agent can remove much of the administrative burden. They are also a source of valuable advice. Letting agents can:

  • Market the property.
  • Select tenants according to the landlord’s instructions
  • Take up tenant references and credit checks
  • Compile a full property inventory and condition report for signature by landlord and tenant
  • Draw up a tenancy agreement
  • Collect an initial deposit and monthly rent from the tenant
  • Periodically inspect the property, check that the tenant is happy and alert the landlord to any major problems that need attention
  • Manage the property, if required

Typical letting agent charges are around 10-15% of the monthly rental. In addition there can be a one-off set up fee. These charges vary from agent to agent so you should shop around. They should also ensure that all charges are clearly set out in a Terms of Business agreement. This should also specify the services that the letting agent is responsible for.

For letting agents we act as introducers only.

Your property may be repossessed if you do not keep up repayments on your mortgage.