heebs Posted May 8, 2009 Report Share Posted May 8, 2009 hello all I would really appreciate it if I knew how much you charge for tenancy agreements and inventory if not using an agent...i have used foxtons in the past and they charged me 12% if the annual rent and £450 for the contract and £420 for the inventory...and they also charged the tenants aswell...i thought this was extortionist ...i am now deciding to do the contract and inventory myself but have no idea what to costs to pass onto the tenants. Any info would be welcome many thanks in advance Link to comment Share on other sites More sharing options...
CH1 Posted May 8, 2009 Report Share Posted May 8, 2009 When I've used LA's in the past their fee has included the tenancy agreement so I have no idea of it's individual cost and some agents included an Inventory, others charged £50 for this. I personally, do the Inventory myself and the tenancy agreement and only charge the tenant £25, this includes referencing, this is probably on the low side and have sometimes charged an additional £10 for contracts, inventory. I think you can assess the situation based on the interest from T; keep it low enough that it won't hurt them and not so high that would make them turn away. I would also say if it's a property that lets easily every time then you can charge higher but if it's one you struggle with I'd aim to keep costs and rent competitive to avoid voids. Good Luck CH1 Link to comment Share on other sites More sharing options...
Selkirk Posted May 8, 2009 Report Share Posted May 8, 2009 I think you can certainly cut down these costs. AST - on this site - free just make sure the contents of it reflect your needs. Inventory - do it yourself - take loads on pictures on a digial camera and make notes, search internet for ideas as to how to make the package look professional for your T. Bit of time is all that's required really. cheers Selkirk Link to comment Share on other sites More sharing options...
kerbut Posted May 9, 2009 Report Share Posted May 9, 2009 I do my own inventory and tenancy agreement which I download from Landlord Law, I charge a fee of £30 for this as a service charge which just happens to be the exact fee My Deposits charge me to lodge the deposit with them. Link to comment Share on other sites More sharing options...
Chestnut Posted May 9, 2009 Report Share Posted May 9, 2009 Charge the tenant? Since I see the agreement and inventory as a benefit mainly to me as d.i.y. landlord (no agent involved) rather than to the tenant, I don't charge anything for this. Link to comment Share on other sites More sharing options...
partrim Posted May 11, 2009 Report Share Posted May 11, 2009 I'm with Chestnut on this. The rent I charge covers my costs and any 'inconvenience' plus gives me a little return too! I don't expect Tesco to charge me for the electricity used by their till when I buy my family sized pot of banana yoghurt! Link to comment Share on other sites More sharing options...
heebs Posted May 11, 2009 Author Report Share Posted May 11, 2009 Many thanks for all your responses....I was right in thinking that Foxtons are making a killing on both sides...I will surely make it less painful for the tenants as much as i can. thanks again Heebs Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted May 14, 2009 Report Share Posted May 14, 2009 I charge £95 (as i am Vat reg 82.61 +Vat) £30 to cover dep pro £25 to cover referencing (which is what it costs to get the job done properly- www.tenantref.co.uk ) £25 for inventory, check in/out time and effort which leaves me 2.62 for petrol and phone/ fax calls. As you can see not a profitable exercise in any way ! Link to comment Share on other sites More sharing options...
heebs Posted July 9, 2009 Author Report Share Posted July 9, 2009 I think you can certainly cut down these costs. AST - on this site - free just make sure the contents of it reflect your needs. Inventory - do it yourself - take loads on pictures on a digial camera and make notes, search internet for ideas as to how to make the package look professional for your T. Bit of time is all that's required really. cheers Selkirk Hi Selkirk...when you take the pics...do you print them out and get tenant to sign the back or do you just take them for your own reference...just asking as I know this will escalate my costs re processing pics etc Link to comment Share on other sites More sharing options...
Selkirk Posted July 10, 2009 Report Share Posted July 10, 2009 Hi All I do is put them on two CD's, label the front with date and signature and give one copy to the T with the inventory. Cheers Selkirk Link to comment Share on other sites More sharing options...
cardifflandlord Posted July 10, 2009 Report Share Posted July 10, 2009 The only sure way of ensuring you get your money back in case of dispute is to have an independent company do the inspections. There has been some evidence on other sites that in case of dispute the tenant has won because the photographs taken by the landlord (irrespective of whether they have been signed and accepted by the tenant) have been thrown out. JPEG images (taken by most cameras) are easy to alter using photshop etc. Only RAW files can be used as evidence. Link to comment Share on other sites More sharing options...
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