Mainstay Lettings Tenants’ Guide to Charges

Mainstay Lettings is a member of and covered by the ARLA/Propertymark Client Money Protection Scheme. Here’s a copy of our Client Money Protection Certificate and our Code of Conduct.

Mainstay Lettings is also a member of a redress scheme provided by The Property Ombudsman www.tpos.co.uk. Copies of the TPO Code of Practice plus our complaint handling procedure are available from our offices or the link above.

ASSURED SHORTHOLD TENANCY

Permitted Charges in accordance with the Tenant Fee Act 2019 Under the terms of the Tenant Fee Act if you enter into an ASSURED SHORTHOLD TENANCY, payments which may apply will be as follows:

First month’s rent in advance Tenancy Deposit 5 or 6 weeks depending upon the rental amount.

Holding Deposit maximum one week’s rent.

Early termination when requested by the tenant a charge not exceeding the financial loss experienced by the landlord.

Utilities, communication services, TV licence and council tax.

Default charge for late payment of rent limited to interest charged at 3% above Bank of England base rate, when rent is more than 14 days late.

Default charge for replacement of lost key or security device Equivalent to cost incurred.

Changing the tenancy documents £50.00 inc vat

A Non Housing Act Tenancy is formed when one of the following criteria is in place:

  • The annual rent exceeds £100,000
  • The property is occupied by an entity (Company let) rather that an individual
  • The property is not used as a main or primary home
  • There is a Resident Landlord If you are in any doubt as to the type of tenancy which will apply to you, please speak to a member of our staff

NON HOUSING ACT TENANCY

Under the terms of the Tenant Fee Act if you enter into a NON HOUSING ACT TENANCY, payments which may apply will be as follows:

Inclusive of VAT Tenancy Setup Fee drafting and execution of tenancy agreement if supplied by us, collecting and holding the Security Deposit as Stakeholder, issuing protection certificates, if applicable, individual or company referencing £195.00

Check-in Fee checking into the property and reviewing inventory minimum of 160.00 Enhanced Reference Fee (per person or company) £65

Tenancy Continuation negotiating and drafting extension to the fixed term £120

Change of Sharer - Deed of Assignment £195

Early Termination - Deed of Surrender £125

Late payment of rent Interest will be charged at 3% above the Bank of England base rate

If there are any guarantors for the tenancy: Guarantor Referencing Fee inc verification of details, credit check, employer and accountant reference (if available) £50 per guarantor £60 per guarantor Deed of Guarantee Fee drafting Deed, negotiating clauses and executing document

Mainstay Lettings Landlord Fees: All fees unless otherwise stated are inclusive of VAT

Lettings only 7.2% (6% + VAT)
- Renewals on 1st 2 years' 7.2% (6% + VAT)
- Continuation period after renewals 7.2% (6% + VAT)

Management service (fees apply per property)

Per property 8% (9.6% inc VAT)
Tenancy Agreement £200
Additional Property Inspection including mail & heating £120
Carbon Monoxide Alarm Installation £75 plus
£20 per alarm
Combined Gas and Portable Appliance Test £204
Court Appearance (charged per day or part thereof) £300
Deposit Protection Registration £50
Energy Performance Certificate £118.80
Fire Blanket £20
Gas Safety Certificate £150
HMRC Return for Non-Resident Landlords £145
Income &Expenditure Report £145
Legionella Risk Assessment £120
Licensing Application Service Fee £299
Portable Appliance Test £150
Section 21 £120
Smoke Alarm Installation £75 plus
£20 per alarm
Smoke &Carbon Monoxide Test (on start of Tenancy) £60
Works over £1000 supervision fee (optional) 8% (9.6% inc VAT) of invoice total

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