Our Fees

Tenant Fees

Refundable Holding deposit - Capped at 1 weeks rent

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000.

Changes to tenancy - Capped at £50 inc VAT (this does not include variation of contract at tenant request)

Early termination charge - If the tenant requests to terminate their contract early, they will be liable for costs to the landlord when re-letting the property including all rent due under the contract until the start date of the replacement tenancy. These costs incurred will be no more than the maximum amount of the rent outstanding on the contract.

Late payment of rent - Interest of 3% above the Bank of England base rate for each day the rent is late, once it is 14 days overdue.

Replacement keys - Tenants are responsible for all costs for replacement keys that have been either lost or damaged.

Utilities, council tax, communication services, TV Licence etc - Tenants are responsible unless otherwise stated in their contract

Client Money Protection Scheme Membership details - Abacus Estates are part of UKALA.

Property Redress Scheme Membership details - Abacus Estates are part of the PRS – www.theprs.co.uk

Landlord Fees

Let Only Fees to landlord (non-managed)

10% plus VAT of annual rent - sole agency

12% plus VAT of annual rent - multiple agency

£100 plus VAT per inspection for Property checks

£50 plus VAT per annum for holding keys per property

£75 plus VAT reference fee per applicant

£20 plus VAT right to rent checks

£150 plus VAT tenant set up fee

£60 plus VAT guarantor reference fee (per applicant)

£50 plus VAT per annum deposit registration fee

£50 plus VAT per hour deposit dispute claims

£60 plus VAT to undertake a statutory declaration

£50 plus VAT per hour chargeable if a member of Abacus needs to attend a property with a contactor

£75 plus VAT per HMO license chargeable to landlord if we are to make the application

1 weeks rent is chargeable to the landlord should they choose to withdraw mid tenancy progression

 

Fees to be taken upfront

Creating Tenancy Agreement only Fee -£150 plus VAT

Renewal of Tenancy Fee

8% plus VAT of annual rent - sole agency

 

10% plus VAT of annual rent - multiple agency

£150 plus VAT for the Renewal admin tenancy fee

Fees to be taken upfront

Rent Collection

£50 plus VAT per month

£50 plus VAT if Abacus is to serve a Section 8 or Section 21 notice on the Landlords behalf

£150 plus VAT if Serving of Section 8 or Section 21 Notice to Tenant by Landlord action due to non-payment of rent

£200 plus VAT for any Court attendance per Abacus staff member in attendance

£30 plus VAT for sending Additional copies of Statements

Should it be necessary to take a tenant to court on a Landlords behalf due to non-payment of rent, we will instruct Landlord action, and the relevant legal and court costs will be payable by the Landlord.

Fee to be taken as the rent is paid i.e. monthly/quarterly etc

Property Management

7% plus VAT of the monthly rent as and when collected

£75 plus VAT for any additional managed property checks (not included in our standard management visits)

£250 plus VAT If we do not rent collect your managed property, we will hold a float for any miscellaneous items needed.

Fee to be taken as the rent is paid i.e. monthly/quarterly etc

Short Lets

23% plus VAT of total rent for term – Letting & Management

18% plus VAT of the total rent for term Let Only Service

Vacant Property Management

£50.00 plus VAT per month

£70 plus VAT for any additional Property Inspections at the Landlords request

Refurbishment Service/Project Management

15% plus VAT of total expenditure

Non-Payment of Commission and Fees

Should we refer any unpaid commission and fees to our debt collection agents, costs of 18% inclusive of VAT of the debt will be incurred along with interest at the relevant rate provided for under the Late Payment of Commercial Debts (interest) Act 1998.

IF YOU HAVE ANY FURTHER QUESTIONS REGARDING OUR FEES OR WOULD LIKE TO SEE A COPY OF OUR TERMS OF BUSINESS CONTAINING REGULATIONS AND OBLIGATIONS OF A LANDLORD AND ANY OTHER MISCELLANEOUS OPTIONAL FEES AND CHARGES THEN PLEASE SPEAK TO A MEMBER OF STAFF.

This guide is intended to help readers navigate their way through the letting process under the estate agency systems in England and Wales. Readers take any advice at their own risk. Abacus Estates accept no responsibility for any action taken, or loss occurring, as a result of any advice and/or information in this guide.