Paul Lee & Co - Lettings in Primrose Hill

Paul Lee & Co

 
Celebrating
20
Years

Lettings Fees Information for Landlords

This is a summary of the commission fees that you as the Landlord agree to pay us for providing our Letting Service and/or our Management Service.

For a detailed explanation of what is included in our Letting and Management Service, please refer to our Landlords Guide found under the Landlords tab on this website.

If we are successful in introducing a Tenant that enters into an agreement to rent the property, our commission fees remain due for initial term of the tenancy and if the Tenancy is renewed or extended for a further term and subsequent terms thereafter. Commission fees will be charged as follows:

Letting Service.

Letting commission Fees for Sole Agency: For the introduction of a Tenant who enters into an agreement to rent the property for more than six months, at 8% plus VAT (9.6% inclusive of VAT) of the gross rental for the initial term of the Tenancy Agreement. Sole Agency is on the basis that no other agents are instructed to market the property for letting. If during the time of our Sole Agency instruction you instruct another agent our fee will revert to our Multiple Agency rates as listed below.

Letting commission Fees for Multiple Agency: For the introduction of a Tenant who enters into an agreement to rent the property for more than six months, at 10% plus VAT (12% inclusive of VAT) of the gross rental for the initial term of the Tenancy Agreement.

The commission will be invoiced in advance on a six monthly basis if there is an agreed break clause, otherwise annually from the commencement of the Tenancy with any balance of invoiced commission becoming due. In the event a Tenant exercises an agreed break clause in accordance with the terms of the tenancy agreement, we will return a proportion of the commission paid, on a pro rata basis for the unexpired term.

Tenancy Renewals and Extensions.

If the Tenancy is renewed or extended for a further term and subsequent terms thereafter (even if terms and conditions are changed) with the original Tenant(s) or with any associated party of the original Tenant, then commission is payable.

Letting commission Renewal Fees for Sole Agency: At 6% plus VAT (7.2% inclusive of VAT) of the gross rental for the renewed term and subsequent terms of the Tenancy Agreement.

Letting commission Renewal Fees for Multiple Agency: At 8% plus VAT (9.6% inclusive of VAT) of the gross rental for the renewed term and subsequent terms of the Tenancy Agreement.

The commission will be invoiced in advance on a six monthly basis if there is an agreed break clause, otherwise annually from the commencement of the renewed or extended Tenancy with any balance of invoiced commission becoming due. In the event a Tenant exercises an agreed break clause in accordance with the terms of the tenancy agreement, we will return a proportion of the commission paid, on a pro rata basis for the unexpired term.

Sale of the Property.

If the Landlord sells the property subject to the tenancy during the initial term or if the tenancy is renewed or extended for a further term and subsequent terms thereafter they will continue to be liable for our commission fees. The Landlord may assign his obligations to the Purchaser, but must first obtain the prospective owners agreement in writing before they complete the sale. If the Purchaser agrees to take over the Landlords obligation to us, we will require their name, address and signed agreement with their undertaking to be responsible for our commission fees otherwise the Landlord will remain liable for the commission fees until such time as the Tenant (or any person or company connected with this Tenant) vacates the property.

We do not charge a fee if the Landlords sells the property to the Tenant.

Management Service.

Combined with our Letting Service at an additional 5% plus VAT (6% inclusive of VAT) of the gross rental for the full term of the Tenancy Agreement to include any Renewals and/or Extensions. The commission for the Letting Service will be deducted as detailed in the section above titled Letting Service. Our management commission will be invoiced in advance and deducted either monthly or quarterly from rents received or invoiced in advance if we do not collect the rent.

 

Additional services, Short Term Letting Service and a Refurbishment & Furnishings Service - commission fees and charges for these services are available on request.

Full details for all of our services and charges are included in our Terms and Conditions of Business for Residential Lettings and Management. A copy is available on request.

Fees example.

12 month letting service on our Sole Agency basis at a rental of £1,000.00 per calendar month, Total commission fees at 8% will equal £960.00 plus VAT (£1,152.00 inclusive of VAT).

12 month letting and management service on our Sole Agency basis at a rental of £1,000.00 per calendar month, Total commission fees at 13% (8%+5%) will equal £1,560.00 plus VAT (£1,872.00 inclusive of VAT).

VAT (Value Added Tax). Please note that all commission and fees are subject to VAT at the prevailing rate.

Paul Lee & Company VAT Reg. No: 719 0206 57.

 

 





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