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| Below,
we compare the annual fees and charges that are likely to be incurred
on a property being let through B.T.C Residential for £150 per
week at the different level of service. This is only meant as an indication,
as the percentage fees and additional charges can vary quite substantially.
The additional costs, such as those incurred in relation to the inventory or the inspection reports are usually optional but advisable costs. Remember that you will have to pay VAT on everything including the fees and all of the optional extras. |
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| The fees for a let-only service usually run at 6% of the annual rent. There is normally a minimum threshold, below which a flat fee is charged regardless of the rental value. If the tenant stays in occupation after the initial letting, you will have to pay the B.T.C Residential a second and subsequent fees, though this will drop to 6% of the annual rent. | |||||||||||||||||||||||||||||
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The fees for a letting and rent collection service will run at 10%. This may seem quite steep, especially when there are no problems with the tenants paying rent. However, administrative costs can quickly build up in the cases of problem tenants, and therefore, we are covering ourselves moderately against this risk. As with the let-only service, there is normally a minimum threshold, below which a flat fee is charged regardless of the rental value. If the tenant stays in occupation after the initial letting, you will have to pay B.T.C Residential second and subsequent fees of 8%. |
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Fees for property management will be 12% of the annual rent, again with a minimum threshold. Unlike with the other levels of service, the fee usually stays the same if the tenants renew. This fee is taken on a monthly basis as the rent is collected. B.T.C residential will bank the rent minus 12% + v.a.t in to your account every month. |
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