By Carmel Waller
A walk through Mayfair
The world renowned location of Mayfair, London, is known for its glamorous boutiques, spectacular hotels and chic restaurants. There’s a reason it is the most expensive street on the Monopoly board! Mayfair is synonymous with affluence and luxury. Mayfair is an area of Central London, within the borough of the City of Westminster. It is located in the West End, neatly bordered by Hyde Park to the west, Oxford Street to the north, Piccadilly and Green Park to the south and Regent Street to the east.
Similar to the history of South Kensington and other central parts of London at the time, Mayfair was once a village surrounded by farmlands. In particular, the introduction of the Landlord the Grosvenor family in the 17th-18th century, they were instrumental in transforming Mayfair into the modern beauty it is today, starting at Grosvenor Square. Mayfair’s meaning is that of a May fair, a two week fair which was granted by Kings James II during the month of May….a bit of trivia for you.
In terms of architecture you can’t help but wonder at the glorious buildings, red brick mansion blocks and the Georgian architecture that dominates the area, this period saw the expansion of London into what was then the undeveloped west. Development focussed on the construction of terrace housing and garden squares, Grosvenor Square being a prime example of this. Architectural style and flare take precedence in Mayfair.
Typical of London and the villages within it, you are never far from beautiful green spaces and Mayfair is no exception. Hyde Park, Green Park and St. James’s Park surround the beautiful area and right in the centre of it all are the pristine lawns of Grosvenor Square. In recent years crowds have flocked to these areas for Queen Elizabeth the II Platinum jubilee, for the very sad occasion for her recent state funeral and for King Charles III coronation in 2023.
What to do in Mayfair
How to get around
Mayfair events
The three-week long Summer in the Square includes free fitness classes, funky gigs and family fun
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Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department.
The following payments may apply when entering an Assured Shorthold Tenancy:
First month’s rent | In advance |
Tenancy Deposit | 5 weeks, or 6 weeks if annual rent is over £50,000 |
Holding Deposit | One week’s rent, put towards your first rent due |
Early termination when requested by the tenant | A charge not exceeding the financial loss experienced by the landlord |
Default charge for late payment of rent | A maximum of 3% above Bank of England base rate, charged when rent is more than 14 days late |
Default charge for replacement of lost key or security device | Equivalent to cost incurred |
Changing the tenancy documents after the commencement of the tenancy, including change of sharer | £50 incl. VAT |
The following payments may apply when entering a Non-Housing Act Tenancy:
A Non-Housing Act Tenancy is formed when the annual rent exceeds £100,000 or the property is occupied by a Company rather that an individual.
Inclusive of VAT | |
Tenancy Setup Fee drafting and execution of tenancy agreement if supplied by us, collecting and holding the Security Deposit as Stakeholder, issuing protection certificates, if applicable, Open Banking type referencing of tenant and initial Right to Rent Checks | £360 |
Check-in Fee checking into the property and reviewing inventory | minimum of £130 |
Tenancy Continuation negotiating and drafting an extension | £150 |
Change of Sharer – Deed of Assignment | £120 |
Early Termination – Deed of Surrender | £120 |
Guarantor Referencing Fee (each): | £30 |
Deed of Guarantee Fee: | £50 |
Late payment of rent | 3% above the Bank of England base rate |
This guide is for tenants and landlords in the private rented sector to help them understand their rights and responsibilities. This guide includes a checklist and further detail on each stage of the rental process.
Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department for a full breakdown of costs. Here’s a list of what you can typically expect to pay:
Lettings Service Only: | 10%+VAT (12% inc. VAT) – Including rent collection |
Letting and Management Service: | 16%+VAT (19.2% inc. VAT) |
Short Let (less than 6 months): | 24%+VAT (28.8% inc. VAT) |
Lettings Renewals Service: | 8%+VAT (9.6% inc. VAT) |
Lettings and Management Renewal: | 14%+VAT (16.8% inc. VAT) |
Short Let Renewal (less than 6 months): | 24%+VAT (28.8% inc. VAT) |
Additional non-optional fees and charges
We will not be charging clients fees for referencing, tenancy agreements or deposit registration.
The costs of a clean, EPC, gas safety, EICR, PAT and inventory are set by third party suppliers and prices may vary. The below schedule is to give you an idea of what you would typically pay.
All fees stated are inclusive of VAT (calculated at 20%):
During the tenancy (if required
INHOUS is a member of and covered by the ARLA/Propertymark Client Money Protection (CMP) Scheme.
We are also a member of a redress scheme provided by The Property Ombudsman www.tpos.co.uk.