Landlord service fees and levels

A simple breakdown of all the costs of being a landlord

We understand that when it comes to looking at letting your property and choosing a letting agency, one service does not fit all. You might only need help finding a good tenant; you might want help with everything.

Whether you want to be hands on with your investment, or sit back and allow someone to manage your property on your behalf, Prospect has the solution for you. We offer four tiers of Property Management service, covering everything from just finding you a tenant to our most popular service, Premier Managed, where we take care of everything from rental payments to maintenance.

Our Property Management services are award-winning, so regardless of which tier you opt for, you can rest assured you and your property will be well looked after.

Discover what is included in each of our different service levels on the handy chart below. If you’re ready to speak with your local lettings expert, then click one of the buttons below to give us a call or arrange your free, no obligation lettings valuation.

Landlord service fees

In addition to the fee we charge to manage your property portfolio, there are a few additional set up fees for you to be aware of. There are also additional costs that could be incurred throughout the tenancy, which are also detailed below.

Setup fee

£420 inc. VAT per property

Includes:

• Agree market rent and find a tenant suited within the landlord guidelines.
• Advise on refurbishment.
• Provide guidance on compliance with statutory provisions and letting consents.
• Erect board outside property in accordance with Planning Act 1990.
• Advise on non-resident tax status and HMRC (if relevant).
• Register Tenants deposit with TDS and prepare tenancy agreement.

Inventory service fees

Inventory reports, check in reports, midterm inspections and check out reports are essential to protecting you and your investment from unnecessary costs. See our property report price list below or call your property manager for a quotation.

Additional property visits

£90 inc. VAT

To attend for specific reasons such as neighbour disputes, more visits to monitor the tenancy or for any maintenance issues.

Additional references(2 references included)

£36 inc. VAT

The first 2 applicants are included in set up fee. After this, any additional applicants are chargable.

Guarantor reference fee

£60 inc. VAT

Guarentor references are available upon request.

instruction of an Energy Assessor for an EPC

£120 inc. VAT

Legal requirement if the property does not already have one. Valid for 10 years.

Renewal fee

£275 inc. VAT (Let Only)

£199 inc. VAT (Partially and fully managed)

Renewal fee charged to Landlords for renewing a tenancy agreement on our Portfolio Service

Periodic fee

£120 inc. VAT

Annual charge for administration and preparation of documentation

Delayed move in fee

£90 inc. VAT

If the move in date is delayed due to the property not being ready, a delayed move in fee is charged to cover the contract adjustments.

Amendment fee

£50 inc. VAT

Contract negotiation, amending terms and updating the tenancy agreement during the term of the current tenancy.

5 yearly electrical installation condition report fees

Landlords of privately rented accommodation must:

• Ensure national standards for electrical safety are met. These are set out in the 18th edition of the ‘Wiring Regulations’, which are published as British Standard 7671.
• Ensure the electrical installations in their rented properties are inspected and tested by a qualified and competent person at least every 5 years.
• Obtain a report from the person conducting the inspection and test which gives the results and sets a date for the next inspection and test.
• Supply a copy of this report to the existing tenant within 28 days of the inspection and test.
• Supply a copy of this report to a new tenant before they occupy the premises.
• Supply a copy of this report to any prospective tenant within 28 days of receiving a request for the report.
• Supply the local authority with a copy of this report within 7 days of receiving a request for a copy.
• Retain a copy of the report to give to the inspector and tester who will undertake the next inspection and test.
• Where the report shows that remedial or further investigative work is necessary, complete this work within 28 days or any shorter period if specified as necessary in the report.
• Supply written confirmation of the completion of the remedial works from the electrician to the tenant and the local authority within 28 days of completion of the works.

For more information on the government guidance surrounding Electrical Installation Condition Reports, please click here.

Includes up to 5 Portable appliance tests. Additional Items in need of a PAT will be charged at £11 (Inc VAT) per item.

Landlord gas safety certificate

£112 inc. VAT

Combined gas safety and EICR

Additional Items in need of a PAT will be charged at £6 (Inc VAT) per item

Other service fees and services

Out of hours visit

£50 per hour inc. VAT plus costs incurred

Where actions of the tenant results in the agent (or nominated contractor) attending the property, time to remedy the situation is charged at the hourly rate.

End of tenancy administration

If when moving out of the property the checkout report details work that needs to be be done, a 10% administration fee based on the total value of works order will be charged for arrangement and administration.

Submit non-resident landlord's reciepts to HMRC

£90 inc. VAT

A quarterly charge to remit and balance the financial return to HMRC quarterly – and respond to any specific query relating to the return from the landlord or HMRC

Subsquent protection of the tenancy deposit with TDS

£60 inc. VAT (Let Only)

£5 PCM inc. VAT (Partially and fully managed)

Register landlord and tenant details and protect the security deposit with a Government-authorised Scheme. Provide the tenant(s) with the Deposit Certificate and Prescribed Information within 30 days of start of tenancy.

Documentation support for TDS arbitration claim

£198 inc. VAT

To prepare documentation to be used in supporting evidence in the event of the opening of a TDS arbitration case.

Progressing insurance claim charge

10% of total claim value

Obtain three or more contractor quotes

£60 inc. VAT PER QUOTE

Two quotes are provided on most property maintenance work that is required. Where three or more quotes are requested by and obtained for the landlord, a charge of £60 for each quote after the initial two quotes will apply.

Rent Protection Service

£36 inc. VAT

Issuing of a Section 21 notice

£180 inc. VAT

Includes the issuing of a Section 21 notice and the supporting documentation.

TDS adjucdication service

£175 inc. VAT

Includes the documentation support for TDS Arbitration claim or court attendance fee.

Court attendance fee

£90 inc. VAT per hour

HMRC overseas tax submission

£360 inc. VAT