STANDARD MANAGEMENT SERVICE

Goodwin Fox provides a property management service to owners wishing to let out their property. The standard fee for the management is taken as a percentage of the gross rents due for the period of the tenancy and a set-up fee will be levied at the outset for taking references and arranging the tenancy pack.

The Standard Management Service is 12% plus VAT of the gross rents collected and includes:

  1. Advising as to the likely rental income.
  2. Advertising and generally marketing the Property.
  3. Interviewing prospective tenants and taking up full references including obtaining bank statements, and employer or previous landlord character reference or obtaining reference checks through a third party referencing supplier. Where necessary, additional security would be requested by means of a guarantor. In cases where a company occupies as the tenant, a full reference or credit check would be taken.
  4. Carrying out the initial right to rent checks in accordance with the Immigration Act 2014. Sanction checks as per 14/5/25 will be carried out. Anti money laundering checks will also be carried out.
  5. Providing a suitable tenancy agreement for the Property.
  6. Arrange and prepare a full inventory which will be both written and photographed.
  7. Reading the meters (principally electricity, gas & water) to obtain readings and advising the tenant and landlord.
  8. Taking a deposit from the Tenant, dealing with this deposit under the requirements of the chosen deposit protection scheme until the end of the tenancy when the Property and contents have been checked for unfair wear and tear and handling any termination issues with the Tenant and the tenancy deposit scheme provider.
  9. Collecting the Rent and paying over to the Landlord (normally sent within 15 days of collection) less any fees or expenses due or incurred for the period. Payments will be made by direct bank transfer and a detailed rent statement will be forwarded to the Landlord
  10. Regular inspections of the Property are carried out – we discuss how often with you but all properties are inspected at least once a year. Responsibility for and management of empty property is not normally included, and will only be carried out by special arrangement agreed in writing between the Landlord and the Agent.
  11. Co-ordination of repair or maintenance including arranging for tradesmen to attend the Property and obtaining estimates where necessary, supervising works and settling accounts from rents received.
  12. Making payments on behalf of the Landlord from rents received for costs in managing the Property.
  13. Carrying out a full property inspection and inventory check at the end of the tenancy and, if necessary, preparing and agreeing a schedule of costs relating to any damage or unfair wear and tear prior to releasing the Deposit.

Additional items and other expenses will be charged according to the scale of fees defined below.

Scale of Fees
(All fees are plus VAT)

  • Standard Management Fee (Items 1 to 13 above): 12% of rent due (subject to a Minimum Fee of £40.00) plus VAT (£48.00 total)
  • Letting Only Service Fee: (Items 1 to 7 above): a months rent (subject to a Minimum Fee of £500.00 plus VAT (£600.00 total))
  • Letting Only Plus Deposit Protection (Items 1 to 8 above): a months rent (subject to a Minimum Fee of £500.00 plus VAT (£600.00 total)) plus Tenancy Deposit Service Fee of £75.00 plus VAT (£90.00 Total). Sanction and anti money laundering checks will be carried out on all landlords, tenant and guarantors will be carried out and the charge will be £40.00 plus £8.00 VAT (£48.00 total).

Additional Charges:

  • Tenancy Set-Up Fee & Preparing Inventory/Schedule of Condition: £275.00 plus VAT (£330.00 total)
  • Tenancy Renewal Fee: £125.00 plus VAT (£150.00 total)
  • Administration of NRL tax returns: £75.00 plus VAT (£90.00 total)
  • Redirection of mail overseas: cost of postage
  • Gas safety check: from £70.00
  • Energy Performance Certificate: £75.00 plus VAT (£90.00 total)
  • Electric safety condition report: from £140.00 plus VAT (£168.00 total)
  • Hourly rate for other work: £40.00 per hour plus VAT (£48.00 total)
  • Pre-letting Regulation Check (see Clause 4.1) £50.00 plus VAT (£60.00 total) if required. Included in management.
  • Tenancy Deposit Service Fee: £75.00 plus VAT (£90.00 total) but is included in management set up fee.
  • Inventory/Schedule of Condition £200.00 plus VAT but is included in management set up fee.
  • Duplication and testing of extra keys: £20.00 plus VAT (£24.00 total) plus costs
  • Issuing Notice of Seeking Possession: £30.00 plus VAT (£36.00 total)
  • Obtaining estimates and supervision of major works: 10% of cost of work over £500.00.
  • Issuing Rent Increase notice: Included in management
  • Right to Rent Check: Included in management