Trend For Off-Market Lettings Instructions | 01 March 2023

London is known for its prestigious neighbourhoods, such as Mayfair, Belgravia, and Knightsbridge, which are sought after by affluent individuals and families.

These areas are known for their stunning architecture, green spaces, and proximity to some of London’s finest restaurants, shops, and cultural attractions. As a result, properties in these areas are highly sought after and can command high rental prices but at the same time unwanted attention and exposure.

Luxury rental properties in the most desirable areas of London are often not publicly advertised or listed on popular property websites and portals. These properties are increasingly being marketed directly by property consultants to potential tenants through personal and corporate connections and word of mouth. Landlords of premium properties often opt to market discretely to potential tenants, bypassing the traditional public listing process.

Off-market listings can be particularly advantageous for high-net-worth individuals who are looking for a bespoke and convenient rental experience and are prepared to pay a premium for it. They provide a more exclusive and personalised approach to the rental process, attracting discerning tenants who are looking for a unique and high-end living experience. In addition to the privacy and flexibility of an off-market listing, these listings also offer exclusivity, making them an attractive option for tenants who are looking for a unique approach to the rental process.

If you require any lettings services, please get in touch with our Director of Lettings, Sylvie Harris on: 020 7381 1856, sylvie@inhous.com.

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FEES FOR TENANTS

Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department.

Permitted Charges in accordance with the Tenant Fee Act 2019

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

 

How to Rent Guides:

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.

How to rent – GOV.UK (www.gov.uk)

FEES FOR LANDLORDS

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)

Pre-Tenancy

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.

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