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Found 16 results

  1. Hi need some advice re agent charges... I bought my flat new build and as part of the purchase I was given 0% agency fees for the first 12months (tenant moved in in January last year). The tenant ended their tenancy early and moved out in December (after 11 months). However they did not pay their December rent. The agent therefore deducted December's rent from the deposit which they've only just released back to me now. I saw however that they'd deducted their fee from this. When I queried this they advised that because the payment was released to me now (despite it being for December's rent), they are entitled to their fee as 12months have now elapsed. Are they allowed to do this? Are they allowed to make deductions from a deposit? I'd really appreciate advice on this
  2. Hello community! When calculating returns on single lets agency fees can be quite hefty for finding tenants, renewing tenancies, taking inventories etc. What’s your view on moving to monthly rolling contracts for a period of time vs. renewing tenancies annually and trying to negotiate rent increases? Interested to weigh up the cost of renewing tenancies vs incremental rent achieved and keen to get the community view! My bias is towards longer term tenancies. Thanks in advance for any feedback :-)
  3. Hi all, Really hope someone can provide some guidance here. My greedy freeholder wants to charge me £130 for our sublet. Fortunately, I listened to episode 228 the day after receiving the letter from them and was encouraged to hear Rob thoughts that this was outrageous and a fair price would be £40. I printed off the template provided and sent it off to the freeholder. Last week, I got a response (attached). Basically they're saying they're well within their rights to charge what they want and quote some other cases where similar decisions have been made. Has anyone else been in this situation or do you have any advice on how I should proceed? From what I can say I need to pay but would love to get some feedback as this is something I know little about. Thanks so much in advance Phil
  4. So I purchased a new build flat in 2018 where the freeholder agreed to the use of the flats as 'rent to serviced accommodation' (i.e. subletting by the tenant permitted). As such, my letting agent found me a tenant who offered a 5yr 'guaranteed rent' in exchange for using the flat as a serviced accommodation.Fast forward 1yr later and the freehold has been sold to a new company who flat out prohibit subletting of any sort. Therefore notice has been served on my tenant.I've emailed my lettings agent to part ways as they have not found a replacement tenant or been very proactive/communicative at all during the whole process... To which they've responded they'll need 3 months notice.Any advice on options/ response?
  5. Hi. I am interested to know peoples views on the Modern method Auction and specifically the fees. I am looking to purchase a property that is being marketed by the Modern Method of Auction. It is a cash purchase and I have offered £65k prior to the auction. The guide price is £70k. The estate agents legally have to present this offer to the vendor. However I have noticed the auction house state that the reservation fee of a minimum of £6000 plus vat or 4% of the purchase price (which ever is higher) is still payable even if the property is sold prior to the auction. These modern auction fees seem high anyway and it seems wrong that they can charge these fees as opposed to the usual 1.5% a seller would pay if the property does not go to auction.
  6. Hi guys, I am setting up a portfolio using a ltd company - I have been quoted £300 + £95 for each additional property for reporting to HMRC and then an additional £125 for companies house reporting. Is this a normal price? Thanks!
  7. Hi guys, I've bought a residential and a BTL mortgage in the past using a broker and the broker was free for me each time (I assume they got their fees from the lender). I am now purchasing through a LTD company and a broker charges me £500. Is that normal and a good price? Thanks, Youssef
  8. Hi Everyone, I am in process of letting a flat, previously my own home, in Manchester City Centre. I wrote to the freeholder for consent to let, who requested £120+VAT to process a Notice of Underletting. Right on cue, I got Rob's Property Geek's Newsletter advising about the recent tribunal case which ruled they cannot charge more than £40+VAT. Following the advise, I replied to my freeholder, referring to the tribunal case and offering to pay £40+VAT. After a 2 week wait I finally got a response saying that as my lease states "a reasonable registration fee is to be paid" and as the tribunal case was not in relation to the development that my flat is in they are sticking to the originally requested, £120+VAT. Has anyone else had any success challenging this? Any suggestions as to what to do next, I really have no intention of taking them to tribunal over this but should I threaten this anyway or will they see straight through me? Any advise would be really appreciated as I am new to all of this! Many thanks, Becky
  9. Hi, would anyone be able to help with my current dilemma? I have bought an off plan property in the city center of Birmingham and paid 30% deposit. I am an British expat and i am currently searching for a 70% (80,000gbp) mortgage. The developer has put me in touch with a broker. However, he charges 1000gbp up front fee for his services. Is this common practice to charge upfront or should the fee not be paid when he finds the mortgages? (this if i decide to use him) Thanks, Eamon
  10. First thanks to @rob bence and Rob Dix for the awesome content of TPP228: TIPS TO SAVE AND MAKE YOU MONEY. The tips on the freeholders charge for a subletting fee was amazing. I am in the process of a re-mortgage now and have been hit by two fees; one from the leaseholder and the other from the property manager for a "Lessors notice fee". One is £48 pounds which while not ideal I can take the other is £162 which doesn't seem "reasonable" as the letter of the law states. I am wondering if anyone has any templates or court cases which are similar to the sub letting fees which I could use to dispute the fees or cut them down a little since an extra £200 on the fees is not great. Thanks in advance!
  11. Hi all, As a newbie to this, I'm busy crunching the numbers. Most of the examples I come across seem too straight forward. I've pieced together costs from several examples below, but what other costs should I be factoring in (example. 2-bed flat)? So far I have: Solicitor fees (conveyancing) Mortgage fees (application \ product \ valuation) Stamp duty Service charge Ground rent Letting fees Insurance Repairs contingency Furniture (if applicable) Refurb (if applicable) Cheers Tom
  12. Hi, I'm in the process of buying a second property (with a view to letting out my first), but when looking at solicitor quotes I get a complete mix of costs and what they include! Any advice on how much I should expect to pay and what are the essential areas a solicitor/conveyancer should cover?
  13. Hi everyone, I am selling a flat in north London - I'd be interested in a quick straw poll of estate agent fees. I know online agents are very cheap, but I'd be interested in hearing people's experience of local agent commissions. I will speak with a few agents, but would be good to get some general feedback from hubbers first. Thanks
  14. Hi everyone, Would appreciate your advice.... I am planning to sell a London flat I have owned for around 12 years. It has been rented out through a local agent for around 8 years. I am not resident in the UK, so using an internet agent is probably difficult as I would need a local agent to show people around. I am fairly experienced with letting and buying property - but I am a complete newbie when it comes to sales! So I would greatly appreciate advice on 1) whether I should ask several agents for valuations or just the current managing agent (they are local and deal with sales and lettings)? 2) how to get the best fee? 3) the property is tenanted, so should I wait until the tenants have moved out or go ahead? All advice would be very welcome! Many thanks hubbers!
  15. Hi all I am looking for a good agent for let only or rent collection service to rent out my studio flat in Bow. In the past I have done everything myself but I want to use an agent this time. I have so far got quotes from 3 of the top agents in the area. They all seem to hover around the 8-9% mark for let only service. Some charge for contract and inventory ON TOP which I find hard to swallow. And they charge 1% less for second term and so on. Is this normal or should i be getting a better deal?? anyone got any good agents to recommend that cover Bow area?? many thanks Leila
  16. Hi everyone, I am a 'long time listener, first-time user' of the Forum here. After having bought a property, I am arranging a my first AST agreement and am asking a solicitor to help do this, but I had several questions. 1) what would be an expected solicitors fee for drafting this up 2) whether you actually need a solicitor, or the agreement could be done from a template? thanks in advance for all your help!
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