Fees and Charges

Our fees and charges

Our standard lettings service is charged at 12% inc. VAT. This includes:

1. Extensive advertisement of the property and investment in the marketing of the property to ensure we can get you the best possible rent. You will find the property advertised on Rightmove, Zoopla and other portals in addition to our own state of the art website and advertisments on social media channels.

2. Conducting viewings of your apartment to prospective tenants.

3. Negotiating with yourself and the prospective tenant to ensure that we can get the best rent and terms that you, as the landlord, are looking for.
4. The tenants will have an employment and previous landlord reference (if applicable) and a credit check performed on them to assess their suitability for your property and to minimise risk and provide you with peace of mind.
5. Preparation of tenancy documents.
6. Agreed collection of move-in monies, including the security deposit, which then will be transferred across to the landlord after the agreed deductions and pre-tenancy invoices.

Our standard management service is charged at 7.2% inc. VAT. This includes:

1. A dedicated property manager to be your one point of contact for you and the tenant regarding any aspect of the day to day management of your apartment, which includes:     
   
   – Assisting you with any queries pertaining to your property.
   – Assisting with any queries from your tenants and reporting these directly to you.
   – Assisting with any maintenance issues within the apartment.
   – Liaising and managing contractors to attend to repairs.
   – Ensuring work is completed to a satisfactory standard.
   – Managing tenant move-ins.
   – Managing tenant checkouts.

2. A dedicated account manager to be your one point of contact in relation to all accounts related processes, which include:
   
   – Rent collection.
   – Payment of service charges and ground rent (upon your instruction to do so).
   – Payment of utilities.
   – Payment of contractor invoices.
   – Issue of monthly and/or annual statements.

3. Should you want to terminate or extend the tenancy, our dedicated property managers will arrange the service of notice on your behalf or the renewal of the tenancy agreement.

4. You will be given access to our online Landlord Portal, which provides you with an exceptional reference to your property, including photographs, tenancy status, direct links to your key points of contact and much more.

Charges in addition to lettings or management fees including VAT @ 20%:

New tenancy set up charges

1. Tenancy set up fee: £295.00
   Preparation of Tenancy Agreement including references and Right to Rent Check. This charge will also apply to Change of Tenancies.
    
2. Tenants Deposit Protection Scheme: £55.60 
   Membership Fee per Assured Shorthold Tenancy and Subsequent renewals (If LiFE receives and administers rent).
    
3. Pre-tenancy cleaning:
   Properties must be professionally cleaned prior to the commencement of the Tenancy. Should the property be vacant for 7 days or more, LiFE will arrange a pre-tenancy clean on behalf of the landlord. Prices are based on a light clean. Price may vary according to condition of the property.
    

   Studio / 1 bed	£110.00 inc. VAT
   2 bed	£130.00 inc. VAT
   3 bed	£140.00 inc. VAT
   4 bed	£155.00 inc. VAT

   
    
4. Check-in process:
   Includes inventory report, tenancy check-in and key handover. Please note that a new inventory will be required for each new tenancy.
    

   Studio / 1 bed	£228.00
   2 bed	£258.00
   3 bed	£276.00
   4 bed	£342.00

Tenancy end charges

1. Preparation of Renewal Agreement:£240.00
   Negotiation of the terms for the lease extension and preparation of any renewal memorandum.
    
2. Checkout process: Includes inventory check-out report, negotiations, dilapidation proposals and dispute guidance.
    

   Studio / 1 bed	£192.00
   2 bed	£222.00
   3 bed	£234.00
   4 bed	£252.00

Additional highly recommended services offered & their charges:

1. Handover: For brand new properties, LiFE will undertake the handover and collection of keys from the developer upon completion.

2. Snagging: LiFE will arrange a professional snagging clerk to compile a report, documenting any defects within the property at the time of inspection. They will return to the property to check all defects noted on the report once confirmation is received from the developer that they have been repaired.

   Studio / 1 bed	£300.00
   2 bed	£350.00
   3 bed	£400.00
   4 bed	subject to site survey
   Re-inspections	£100

   
   If the clients decides to instruct another agent during this process, the client will be responsible for liaising with the developer for all outstanding defects. In the event of the above, the client will still be liable to pay for the professional report to be drawn up to note the defects.
3. Rent protection and legal eviction cover: £300.00 up to 12 months cover per tenancy on rent up to £2,500 per month. If the rent exceeds this amount per month, it is £360.00 up to 12 months cover. We reserve the right to withdraw the cover at any time if the terms and conditions of the policy aren't met.
    
4. Contents Protection Scheme: 
   (an excess of £300.00 applies per claim):
    

   	Sum insured	Annual charge
   Studio	£10,000	£120.00
   1 bed	£15,000	£180.00
   2 bed	£20,000	£240.00
   3 bed and above	£35,000	£360.00

   
    
5. Tax advisors: Our partners at Fusion Consulting Ltd offer tax related services, including but not limited to: completion and submission of self-assessment tax returns, HMRC Tax Fee Investigation Insurance, Mortgage Income Requests and general tax advice. Fusion Consulting Ltd are to advise on further details of this service. For convenience purposes, as a landlord of LiFE you will be able to pay for this service with use of your LiFE account. 
    
6. Monthly property valuations: Free
   Our partner Capricorn Financial is the largest independent mortgage brokerage in London and have a wealth of experience in the property finance sector. Their advisers can explore potential financing routes suitable to all situations. They will also be able to send clients a monthly updates, showing the current value of their properties, outstanding mortgage balance and equity position, along with suggested mortgage options based on these details keeping the clients informed and updated every step of the way.
    

Compliance charges      

1. Overseas landlords without HMRC Exemption Certificates:In the event that an individual owner fails to apply for, or isn’t/hasn’t yet been granted approval from the HMRC for their non-resident landlord exemption, LiFE Residential will need to submit quarterly returns of tax withheld to the HM Revenue & Customs.
   A charge of £114.00 per owner will be charged for each quarter that no approval is held.

2. Property Licence Application: £300.00
   An application for the licence must be submitted before a tenancy can commence should this be applicable to the property.

3. Gas and boiler safety checks:
     Gas Safety Certificates: cost subject to third party quotation.     
     Gas Safety Certificate with boiler service: cost subject to third party quotation.

4. Electrical safety check:
    PAT test (Portable Appliance Testing): cost subject to third party quotation.
    EICR (Electrical Installation Condition Report): cost subject to third party quotation.

5. Smoke and heat detectors/CO alarm assessment: cost subject to third party quotation.

6. Legionella risk assessment: cost subject to third party quotation.

7. Energy Performance Certificate (EPC) survey: cost subject to third party quotation.

Other standard charges

1. Attending and waiting at the property: £72.00 first hour subsequently £36.00 per hour thereafter. We reserve the right to charge should the client require us to attend and wait at the property to meet a third party on their behalf.
    
2. Income and expenditure report: £60.00
   A summary of all funds coming into (rent income) and going out (costs and expense) of your account during a particular period of time. Typically requested for the period covering the financial year to assist with tax returns.
    
3. Court attendance:£200.00 per occasion
   We are able to appear before any Court or Tribunal on our clients' behalf and assist; however this will be by special arrangement and subject to a fee.
    
4. Addendum to contract: £90.00
   In case of a change of ownership, an addendum to contract will need to be drawn up and all documents associated with the tenancy have to be amended accordingly. The fee is not applicable upon completion of a sale.
    
5. Re-referencing due to change of circumstances:£60
    
6. Same day payment UK: £30
    
7. Landlord Registration Check:£10 to acquire a copy of clients' title deed for proof of ownership purposes. Registration at the Land Registry may take 60 days or even 6 months for newly built properties that have not been registered.