Lettings Agency Fee List for Landlords and Tenants
This Lettings Agency Fee List for Landlords and Tenants is designed to help Lettings Agencies comply with their obligations in the Consumer Rights Act 2015 (CRA) to publicise their fees. The relevant sections of the CRA came into force on 27 May 2015.
The obligations apply to lettings and property management agents. The list of fees must be complete and clearly explained. It must include all fees, charges and penalties payable to the agent by the landlord or tenant (not including rent or tenancy deposit). Amounts should be expressed inclusive of VAT. If the exact amount cannot be determined, the agent must give details of how the amount is calculated (e.g. a specified percentage of the monthly rent).
This template document contains a list of services an agent might provide, a description of what the service entails, an indication of the cost and details of whether the landlord or tenant (or both) is to pay for the service. The list must be edited by the user to reflect the services actually provided by the agency.
The document also includes a statement as to whether the agent is a member of a client money protection scheme. This statement must be included if the agent holds money on behalf of landlords or tenants.
There is also an optional statement regarding membership of a redress scheme (i.e. an ombudsman scheme). This statement must be included if the agent is required by law to belong to a redress scheme.
The List must be displayed in a prominent place at each of the agency’s premises and also on the agency’s website (if it has a website). There are financial penalties for agents who do not comply with the rules.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Lettings Agency Fee List for Landlords and Tenants is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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