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For the use of mortgage intermediaries & other professionals only

Letting Agent Services and Charges

For clients who are new to the Buy to Let (BTL) market, and those who have multiple properties, using a reputable letting agent can remove much of the administrative burden. They are also a source of valuable advice. Letting agents can:

  • Market the property
  • Select tenants according to the landlord's instructions
  • Take up tenant references and credit checks
  • Compile a full property inventory and condition report for signature by landlord and tenant
  • Draw up a tenancy agreement
  • Collect an initial deposit and monthly rent from the tenant
  • Periodically inspect the property, check that the tenant is happy and alert the landlord to any major problems that need attention
  • Manage the property, if required

Typical letting agent charges are around 10-15% of the monthly rental. In addition there can be a one-off set up fee. These charges vary from agent to agent so your clients should shop around. They should also ensure that all charges are clearly set out in a Terms of Business agreement. This should also specify the services that the letting agent is responsible for.

For the use of mortgage intermediaries & other professionals only

If you do not have professional experience, you should not rely on the information contained on this site. If you are a professional and you reproduce any part of the information contained on this site, to be used with or to advise private clients, you must ensure it conforms to the Financial Conduct Authority's advising and selling rules. These pages are for the use of those people who are resident and ordinarily resident in the UK and should not be regarded as an offer or invitation to sell Mortgage products in any jurisdiction other than the UK.

Birmingham Midshires is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered office; The Mound, Edinburgh, EH1 1YZ

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