Costs & Compliance
Tenants: typical costs for tenants are outlined below:
- Rent – before a tenancy commences, the agreed initial rental payment must be received in full and in cleared funds prior to the tenancy commencement date. In most cases this is a sum equal to 1 months’ rent however, if a higher additional payment has been agreed, the higher sum must be received in full.
- Holding Deposit – a sum equal to weeks’ rent is payable to hold your desired property pending references. If you chose to withdraw your application, this amount is refundable to you. If you (or any joint applicant) fail your reference/credit checks, this amount is not refundable to you.
- Deposit – a security deposit equal to 5 weeks’ rent must be received in full and in cleared funds prior to the tenancy commencement date.
- Default Fees – late or unpaid rent will incur default fees. These fees will be payable once the rent is 14 days late and will be equal to an amount of 3% above the Bank of England base rate.
- Early Termination Fee - If a Tenant wishes to vacate the Property prior to the end of the Term, upon receiving written permission from the Landlord (such permission does NOT have to be granted by the Landlord), the Tenant will remain liable to pay Rent until the Term expires or the Property is re-let, whichever is earlier. Should the Property be re-let during the fixed Term, the Tenant will also be responsible for the repayment of any marketing and inventory fees that have been or will be incurred by the Landlord for finding a new Tenant (usually equal to one months' rent per year or part year of Tenancy remaining) AND if the new Tenancy is for a lesser Rent, an amount equal to the difference between the original Rent and new lower rental figure up to the end of the original Term. The Tenant is also responsible for any other reasonable costs e.g. telephone lines, satellite television contracts, TV licences, cleaning, administration fees etc) incurred from that point until the end of the Term. For the avoidance of doubt, this clause shall not take effect where the Tenant is operating a break clause contained in this Agreement.
Landlords: our costs to landlords is dependant on the level of service required. The fees quoted below are the maximum costs you can expect to pay.
Introduction Only Service:
- Introduction Only – 83.33% + VAT (100% inclusive of VAT) of the first month’s rent per year of initial tenancy term plus £185.00 + VAT (£222.00 Inc VAT) Tenancy Setup Fee.
- Introduction Only renewal to existing tenant(s) – 40% + VAT (48% inclusive of VAT) of the first month’s rent per year of renewed tenancy.
Full Management Service
- Full Management – 83.33% + VAT (100% inclusive of VAT) of the first month’s rent per year of initial tenancy term plus 10% + VAT (12% inclusive of VAT) of the monthly rent for the duration of the tenancy.
- Full Management renewal to existing tenant(s) – 40% + VAT (48% inclusive of VAT) of the first month’s rent per year of renewed tenancy plus 10% + VAT (12% inclusive of VAT) of the monthly rent for the duration of the tenancy.
- “0 Excess” Rent & Legal Guarantee – 3% + VAT (3.6% inclusive VAT) of the monthly rent for the duration of the Tenancy term. Please note: this can only be provided in addition to our Full Management service.
Palmer & Partners are proud members of the following bodies and redress schemes and protection schemes:
Client Money Protection
The Property Ombudsman (TPO)
Tenancy Deposit Scheme (TDS)
Our Company Registration Details are:
Registered Address: Palmer & Partners Estate Agents Limited, 43, Crouch Street, Colchester, Essex CO3 3EN
Company Registration Number: 5049101 / VAT Number: 839491877