It is important that everyone is aware of the costs associated with letting a property. A list has been given below to give an idea of what is involved.
Initial Let:
- Agency Set Up Fee (Advertising of property and arrangement of tenancy or advertising only, Our Services & Fees)
- Health & Safety (including EPC, PAT, EICR, Legionnaire’s Risk Assessment, Gas Safety Certificate, Boiler Service Certificates, Smoke and Heat alarms, CO Detectors, Fire Extinguisher and Blanket, Chimney Sweep, Emptying Septic Tank)
- Repairs, Replacement Furnishings & Decoration (to bring to minimum Repairing Standards as well as to make property competitive in the rental market)
- Permission to Let from Mortgage Provider
- Landlord’s Insurance
- Buildings & Contents Insurance for a Tenanted Property
- Landlord Registration Fee’s
- Utility Bills and Mortgage Payments (until property is tenanted)
Subsequent Let:
- Agency Re-Advertising Fee (Our Services & Fees)
- Renewal of Health & Safety Services and Certificates as required
- Repairs, Replacement Furnishings & Decoration (to bring to minimum Repairing Standards as well as to make property competitive in the rental market)
- Utility Bills and Mortgage Payments (until property is tenanted)
Recurring Costs:
- Agency Management Fee (Our Services & Fees)
- Renewal of Health & Safety Services and Certificates (annually or as required)
- Renewal of Landlord Registration (every 3 years)
- Renewal of Insurances (annual)
- Maintenance, Repairs, Redecoration and Replacement Furnishings (ongoing)
- Tax Implications on Income
- Accountancy Fee’s (annual)
To cover for legal fees, emergency repairs, larger items that need replacing or the cost of a void period between lets, it can be prudent for a landlord to keep a contingency fund to aid with any unforeseen costs.
Islands & Highlands Lettings do not receive either financial gains nor incentives through appointing third party contractors.
Please note: this list is not exhaustive, there may be other costs in addition to those listed above.