Consumer Rights Act 2015
YATES and The Consumer Rights Act
The Consumer Rights Act has made it a legal requirement for all Estate Agents in England to display details of all fees and charges (to both landlords and tenants) on websites and in offices.
Tenant Find 6% of the annual rent
Managed Service 15% plus set up fee for each new tenancy 15% based on monthly rent
Tax (NRL) accounting charge – No fee
Yearly tax statement requested by landlord – No Fee
Renewal fee upon increase of rent or change of tenants £120.00
All above fees are inclusive of VAT
For all tenancies before 1st June 2019
This is a fixed cost fee that can cover a variety of works depending on the individual circumstances of each tenancy, including but not limited to conducting viewings, negotiating the tenancy, verifying references and drawing up contracts. This charge is applicable per applicant(as detailed below), and not per property.
First Applicant £120.00* plus a further £100.00* for each applicant or guarantor.
Administration Fee for Company Letting £300.00*
*Inclusive of VAT
Arrears Letter £18.00 per letter
Copy Tenancy Agreement £30.00
Missed Inspection Appointment £18.00
Tenancy Amendment Fee £125.00
Charge for providing reference to a new Landlord, Bank or Building £30.00
Failure to pay by standing order i.e cash or cheque payment £18.00
Refund of overpaid rent after termination of tenancy £30.00
A minimum deposit equal to 1 months rent plus £100.00 will be charged for each tenancy
Inventory and check in fee £120.00
Check out fee £60.00
All above fees are inclusive of VAT
New assured shorthold tenancies (ASTs) signed on or after 1st June 2019
Holding Deposit (per tenancy) – One week’s rent. This is to reserve a property.
Please note: this will be withheld if any relevant person (including and guarantor(s) withdraw from the tenancy, fail a Right to Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement within 15 calendar days.
Security Deposit (per tenancy) – one month’s rent. This covers damages or defaults on the part of the tenant during the tenancy.
Unpaid Rent – Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent.
Please note: this will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s) - Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc.VAT) for the time taken replacing lost key(s) or other security devices.
Variation of Contract (Tenant Request) - £50 (inc.VAT) per agreed variation. To cover the costs associated with taking landlords instructions as well as preparation and execution of new legal documents.
Change Of Sharer (Tenant Request) - £50 (inc.VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlords instructions, new tenant referencing and Right to Rent checks, deposit registration as well as the preparation and execution of a new legal documents.
Early Termination (Tenant Request) - Should the tenant wish to leave their contract early, they shall be liable to the landlords costs in re-letting the property as well as the rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
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