Letting & Management Services
This is a general guide on Letting and Management services and landlord fees should you choose to rent with Park & Bailey.
It's crucial to understand the financial aspects and obligations involved in the process. At Park & Bailey, we pride ourselves on providing transparent and professional services to both landlords and tenants.
In this guide, we will walk you through the various services, fees and charges associated with being a landlord under our management. Whether you're a seasoned property owner or considering your first investment, our goal is to ensure you have all the information you need to make informed decisions and navigate the world of property rental with confidence.
Includes taking photographs and preparing the marketing material marketing to include but not limited to Park & Bailey’s own website, Rightmove etc. We will accompany viewings and negotiate offers. On move in day we will issue keys, all relative tenancy documentation and copy of contracts to the Tenants within a move-in pack and provide a copy of the signed contracts to yourselves. The deposit will be paid into The Deposit Protection Service [DPS].
Fees: Our fee is 10%+VAT (12% incl. VAT) and is charged in advance for the agreed term (minimum term of 12 months).
*Please see additional fees and services.
This is the most popular with Landlords and includes all the services as our Introduction Service. In addition, we collect the rent on your behalf and pay into an account nominated by you, we will arrange an inventory report, protect the deposit via DPS and notify the utilities of the changeover of occupier.
Fees: Fees are collected monthly rather than in advance. Our standard fee is 12.5%+VAT (15% incl. VAT), in addition we charge an administration fee of one weeks rent +VAT to cover the cost of the inventory and additional items listed above.
*Please see additional fees and services.
Includes all items in our Introduction and Rent Collect Services. In addition, we look after all the day to day issues raised by Tenants such as blocked drains, washing machine breakdown etc. Prior to undertaking any works, we do first seek authority from you unless any problem is a potential danger to the Tenant or the property in which case whilst attempting to first contact you we would immediately stem the problem. We also inspect the property at month 3 of the tenancy and every 6 months thereafter, reporting our findings to you the Landlord in a Property Inspection Report. At the end of the Tenancy we serve the correct notices, and write to all the utility providers advising them of the change of occupier, and dealing with release of the deposit.
Fees: Fees are collected monthly rather than in advance. Our standard fee is 15%+VAT (18% incl. VAT), in addition we charge an administration fee as above
*Please see additional fees and services.
*Additional fees and services
We can arrange third party referencing and credit checks on your prospective Tenants and Guarantors at a cost of £72.00 per adult. An inventory is included within our Rent Collect service & Fully Managed service. If you would like us to arrange a check out inspection at the end of the tenancy the cost is £198.00. To undertake smoke detector and carbon monoxide testing on the first day of a new tenancy is £60.00 testing the smoke alarms and carbon monoxide detectors on the same day a new tenancy starts is a legal requirement. If a guarantor is required for the tenancy an administration cost of £120.00 will be applicable to issue the guarantor paperwork. Rent Protection Insurance may be available for your property please ask for further details.
The following are legal requirements to let your property
- Energy Performance Certificate (EPC)
This certificate is valid for 10 years and should be undertaken at point of marketing. Cost is £95.00. - Gas Safety Certificate (GSC)
If there is Gas at the property. The GSC is valid for a year and must be undertaken annually. Cost is £75.00. - Electrical Installation Condition Report (EICR)
An electrical installation inspection must be conducted before the start of a new tenancy and any issues that may be highlighted within the report must be attended to. Every fixed electrical installation at the property must then be inspected and tested at least every five years by a qualified person. A copy of the initial report must be provided to tenants prior to the commencement of the tenancy. - Smoke Detectors & Carbon Monoxide Detectors
Smoke detectors must be fitted on every floor and Carbon Monoxide Detectors wherever Solid Fuel is used, such as an open fire or wood burner. The detectors must be tested on the first day of each new tenancy and respond to simulated smoke and carbon monoxide and the audible bell must sound loudly, there must also be a ‘valid until date’ displayed on the detectors.
How do we ensure our landlords are protected?
We are a registered member of the Client Money Protection Scheme. This is a client money protection scheme to ensure your money is handled within the correct manner. Download a copy of our Client Money Protection Certificate here
We are also members of The Property Redress Scheme (PRS), which is a redress scheme for consumer complaints. Download a copy of our PRS Certificate here.
