At Novus Residential, we pride ourselves on transparency and that’s why we publish a full list of associated costs when you’re considering renting through us, either as a Tenant or as a Landlord. Novus Residential are members of the Client Money Protection Scheme and the Property Redress Scheme.
Please read on for more information on our Tenant and Landlord fees.
TENANT FEES
Depending on the agreement we have with the Landlord the tenancy charges may vary so we always recommend asking the Agent managing your offer for a full breakdown of costs that would be relevant for you. That being said to avoid any unwanted surprises when it comes to signing the contract here is a list of what you can typically expect to pay:
Novus Residential Tenant charges for Assured Shorthold Tenancy Agreements:
- One weeks rent paid as a holding deposit
- The first month’s rent paid in advance
- Five week damage deposit
- Deed of assignment/change of sharer £50.00 Inc VAT
- Lost keys or fob as per the receipt supplied by the Locksmith/Managing Agent
- Late rent – Interest will be charged at 3% above Bank of England base rate, when the rent is 14 days late.
Novus Residential Tenant charges for Non-Housing Act Tenancies and Company Agreements:
- Tenancy agreement and set up fee £240.00 Inc VAT
- Inventory check out fee Variable From £150.00
- Referencing £60.00 Inc VAT per person
- Guarantor £60.00 Inc VAT per person
- Tenancy renewal £108.00 Inc VAT
- Deed of assignment/change of sharer £100.00 Inc VAT
- Deed of Guarantee £100.00 Inc VAT
- Late rent – Interest will be charged at 3% above Bank of England base rate, when the rent is 14 days late.
Throughout the tenancy and at the end of the tenancy there are other costs that must be covered on top of the rent by the Tenants, these might include:
- Utilities (gas, electricity, water and telephone)
- Council Tax
- Television licence
- Installation of cable/satellite
- Insurance (for your own contents)
- Garden maintenance
- Professional cleaning of the property
- Dilapidations
LANDLORD FEES
All Landlord fees shown are exclusive of VAT which will be charged at the prevailing rate unless stated otherwise
Our Landlord Fees are as follows:
- Let Only Introduction Service: 75% of the first months rent
- Rent Collection Service: 10%
- Full Management Service: 12%
- Tenancy Arrangement Fee: £300.00 (AST Agreements)
- Tenancy Renewal Fee: £250.00
- Deposit Registration: £50.00
- Check Out Inventory Fee: Variable
- Legal Notice: £75.00 (any notice served unless under Full Management Service agreement)
- Legal Appearances: £360.00 per day (plus expenses & additional charge for representation)
- Arbitration Dispute Management: £150.00 (non-managed properties)
- Transfer of Tax to HMRC: £60.00 per quarter (Non-resident Landlords)
Other Associated Landlord Costs:
All costs are exclusive of VAT which will be charged at the prevailing rate unless stated otherwise
- Gas Safety Certificate: £90.00
- NIC Electrical Safety Certificate: Variable from £150.00
- PAT Test: Variable from £100.00
- Energy Performance Certificate: £85.00
- Smoke Alarm Installation: Variable
- Carbon Monoxide Alarm Installation: Variable
- Legionella Risk Assessment: £85.00
- Right to Rent Checks: £60.00
- Serving of Notices: £90.00
- Formulating Deposit Claim (Let only/rent collection): £150.00
- HMO Licence Application: £120.00