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Fees

Tenant Fees

It is always our aim to be transparent and reasonable when it comes to fees and in light of the recent ASA (Advertising Standards Authority) ruling regarding tenant fees, we have set out a full list of charges made to a tenant of Bay Estate & Letting Agents.

Tenancy Administration Fee

£234 (inc. VAT) for a single applicant. £90 (inc. VAT) for each additional applicant).

Once you have chosen your property, you will be asked to complete a Tenant Application Form. The Administration Fee is payable in advance by cleared funds (cash or card payment) and covers the cost of taking up references, credit checking, preparing the tenancy documentation and any lost advertising time should there be a delay between paying the administration fee and completing the tenancy documentation. We are therefore, unable to return this fee if you withdraw from the letting or if your references prove unsatisfactory. Neither are we able to transfer this to the letting of another property. Although, discretion may apply in certain circumstances.

Keep an eye on our property listings for promotions as we do occasionally have reduced Administration Fee offers on certain properties.

Our fees include the provision of references for your next move.

Guarantor Application Fee

£60 (inc. VAT)

Rent

Rents are payable on a calendar monthly basis, in advance, by standing order. The first months rent is to be paid, in cleared funds, on the day of or prior to you signing your tenancy agreement.

Security Deposit (Bond)

The security deposit  is the equivalent to one and a half times the monthly rent (twice the monthly rent for student rentals). The security deposit is held for the landlord as security for: any shortfall of rent due to the landlord; any monies payable by the tenant under the tenancy agreement which remain unpaid; any damage to the property for which the tenant may be responsible including landlord’s labour and costs, subject to an allowance for fair wear and tear; missing inventory items; unpaid accounts e.g. utilities; any breach of obligation under the tenancy agreement; any sum repayable by the landlord to the local authority; any costs incurred by the landlord in enforcing the terms of the tenancy agreement.

The deposit will be held by us as Agent and registered with the deposit protection scheme, The Dispute Service (TDS) for the duration of the tenancy and will be returned at the end of the tenancy following check out.*

*This applies only for managed tenancies. the Landlord will retain the deposit and be responsible for deposit protection registration in the case of a Let Only rental.

Company Let Application Fee

£360 (inc. VAT)

Mid Tenancy Fees (charged as required)

Cash handling charge - £1 per hundred pounds on any amount paid in cash

Call-out charge where the Tenant has locked themselves out of their property - £60 (inc. VAT)

Commercial or International Card Surcharge – 3%

Duplicate Tenancy Agreement – £12.00 (inc. VAT)

Returned cheque or Standing Order - £24.00 (inc. VAT)

Late chasing late rent payment- £30.00 (inc. VAT) we will request late rent via email & telephone and will only write if there is no response or payment after seven days

Cash or card processing fee – £12.00 (inc. VAT) where a rent payment is made in cash or on a card rather than by Standing Order

Extension Fees  – £90 (inc. VAT) is payable per property for the paperwork and admin costs of extending your tenancy for a fixed term contract.

Early Termination Fee

£420 (inc. VAT) if it is mutually agreed between landlord and tenant that the tenancy is ended early. This is contingent on finding a suitable replacement tenant.

Fees on Vacation (charges as required)

Non-cancellation of Standing Order/Rent Refund Admin Fee - £24.00 (inc. VAT) per refund



Landlord Fees

Landlord – Managed Service

Management Fee

12.5% (Inc. VAT) for the first six months. 15% (Inc. VAT) thereafter. This can be negotiable for a multi-property portfolio. This will be confirmed on the date of the appraisal.

One-off Tenant Set-up fee

42% of first month’s rent (inc. VAT) [Minimum £300 (inc. VAT)]

Tenancy Renewal fee

Arrangement of Tenancy Renewal: £36 (Inc. VAT) applies on the extension of a Tenancy Agreement [£90 (inc. VAT) payable by tenant(s) for paperwork]

Deposit Protection

Tenancy Deposit Scheme Annual Subscription fee of £90 (Inc. VAT) covers all deposit registrations within the year and dispute management. This is applied every April (or pro rata until following April if property is listed mid-way through the year.

Early Termination Fee

A fee of £420 (Inc. VAT) applies if the Agency Agreement is terminated during the currency of a tenancy.

Maintenance

An administration charge of 18% (Inc. VAT) and a minimum of £12 (Inc. VAT) is added to any contractor invoice for maintenance work overseen by Bay Estate & Letting Agents.

Inventory

If requested, an inventory can be produced for £180 (Inc. VAT).

Landlords – Let Only Service

For a six month tenancy agreement

60% of the first months’ rent (Inc. VAT). The minimum charge is £420 (Inc. VAT).

Tenancy agreement over six months

An additional 30% of the first months’ rent (Inc. VAT).

Vendor – Sale Fees

1.2% (inc. VAT). Minimum of £1680 (Inc. VAT)

A Minimum Fee of £300 (Inc. VAT) is applicable if the Sole Selling Rights Agreement is terminated by the vendor before the Minimum Period (12 weeks) is completed.

If you have any queries regarding our Fees, please call us on 01792 645566.

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