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News Flash See the News page for the ruling of the High Court on unfair Agent Renewal Fees Letting your flat?Last updated: 28 November 2008 What is an EPC? See here for further information on Energy Performance Certificates and your requirement to have one. What is currently the best rental price in the block? With the current financial situation rental prices have dropped within the block. For a one bed fully furnished flat on an Assured Short hold Tenancy Agreement, the range is £375 to £400 per week. If you know different then please let us know by emailing What is a short let? This is a rental period of a few weeks, sometimes three months. The rent for these periods is much higher averaging £780 per week for a one bed and £1,200 per week for a two bed flat. However, taking this option to let your own flat on a short let basis will mean you are likely to have void periods when there is no tenant and therefore no rent. The best option is Assured Short hold Tenancy which is often with a six month break clause. Thinking of letting but not sure whether to use an agent to manage your property? The difference could save you thousands per year. The cost of a fully managed service can be as high as 20% + VAT. Managing a property like Pepys Street is quite straight forward. For the most part you need the name and number of a reliable building contractor who can offer you a good service. See here for useful contacts. What does an agent do when they manage a property? During a managed service any repairs and general maintenance are dealt with by the agent. However this entails the agent contacting a builder for which you will be charged. Often you do not have a chance to investigate works and repairs nor are you offered the opportunity to obtain comparison quotes. Agents sometimes add their own admin fee to this service too! How much is a let only fee? If you just want an agent to find you a tenant they can do this for a Let Only Fee, which is always negotiable, but you should not expect to pay more than 8% + VAT for this service. For this they will market your property and find you a suitable tenant. This cost will also include a credit check. We recommend a MARAS check. The cost of this check and the administration of it will be included in the fee that agents charge. Check before agreeing that the agent you have chosen does indeed offer this service. How do I get my rent payments? As part of the tenancy agreement be sure to include a clause which instructs the tenant to pay directly into your bank account on or before the due date each month. We strongly recommend that you do not allow the agent to collect the rent on your behalf. This is simply their way of holding on to your money, for sometimes up to six weeks or more. A rent collection service does not guarantee you will receive your rent, nor allow you any legal leverage over a non payment by your tenant. In this instance even on a fully managed service, your agent will advise you to take independent legal advice, at your own cost when pursuing a defaulting payment. The following Estate Agents handle the letting of flats in the area and offer Leaseholders at 1 Pepys Street a reduced rate on their letting and management services as follows:
John Walsh has been a landlord investor of prestige apartments in central London for nearly ten years. If you are still not sure and would like some advice then you can email him on Article written by: John Walsh, Director, Pepys Street RTM Company Limited |
