June 17, 2024

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Understanding Additional Fees When Buying a Home in the UK

Buying a home is one of the most significant financial commitments many people will make in their lives. While the price tag on the property is the most obvious cost, several additional fees can significantly impact the overall expenditure. Being aware of these fees is crucial for effective financial planning and ensuring a smooth home-buying process. This blog will explore the various additional costs...

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Landlord Fees

One Months Rent plus VAT (of the achieved monthly rent)

  • Advertising and marketing
  • Arrangement of required safety and compliance certificates
  • Accompanied viewings
  • Negotiating tenancy offers
  • Full credit/reference checking of potential tenants
  • Collecting first months rent and deposit from the tenant
  • Arranging signature of the tenancy agreement by the tenant
  • Provide copy documentation to landlord and tenant
  • Provide tenant with method of payment information for future rents

Set-up fee 60% inc VAT (of the achieved first first months rent)

Rent Collection Fee 8% inc VAT per calendar month, gross rents due.

  • Advertising and marketing
  • Arrangement of required safety and compliance certificates
  • Accompanied viewings
  • Negotiating tenancy offers
  • Full credit/reference checking of potential tenants
  • Collecting first months rent and deposit from the tenant
  • Arranging signature of the tenancy agreement
  • Collect and remit the monthly rent received
  • Deduct commission and other works
  • Pursue non-payment of rent and provide advice on rent arrears actions
  • Make any HMRC deduction and provide tenant with the NRL8 (if relevant)
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