Oscar Knight
Oscar Knight

020 3909 0888

property@oscarknight.co.uk

Landlord Guide and Costs

Like most of our landlords, you'll have peace of mind in the knowledge that someone is available 24 hours a day, seven days a week to handle any property maintenance or emergency issues which may arise. This is especially important if you are too busy or live too far away to deal with such issues yourself. Either way, knowing that you won’t get a call at 3am about a plumbing problem is a wonderful thing.  
 
We take our responsibilities to our landlords seriously. As a property company offering a professional service, we work hard to ensure we retain reliable, happy tenants who pay rent regularly, and respect your property. A part of this means looking after their needs.

 

Our property management team will make sure your property is well-looked after. They will also make sure your tenants are familiar with everything there is to know about your property, while handling any day-to-day issues and are experienced at resolving any complex issues that may arise.  

We’ve established a network of trusted local contractors who, because of the volume of work we supply them, carry out any work promptly, to a high-quality standard, and for a fair fee.


No Hidden Fees

We understand that one of the things that irritate landlords is a constant string of unforeseen fees! With Oscar Knight, the fees we quote are the fees you pay. No additional ‘agreement fee’, fees for drawing up the tenancy, check in/out fees, inventory fees, overseas admin fees – they’re all included in our simple fee structure:

  • Managed properties: 14.4% (12% + VAT) plus £200 float for minor maintenance
  • Let only: 9.6% (8% + VAT)

Any other optional extras are listed here:

 

Letting only serviceProperty Management service
Arrange energy performance certificate (EPC)optional: £84 inc vat
Professional photography & floorplan??
Extensive marketing on our own website, on Rightmove, Zoopla & Primelocation??
Accompany viewings??
Provide regular feedback??
Informal, no-obligation “meet the tenants” approval meeting??
Extensive reference checks including affordability & credit checks & credit score??
Prepare tenancy agreement??
Take advance rent & deposit??
Prepare inventory??
Check-in tenant??
Gas safety check??
Standing order set up for rental payments, Direct card debit for managed properties??
Gas, electricity, water & council tax notified??
Register tenant’s depositoptional at £30 inc vat (we will do this automatically for you if we don’t receive confirmation from you that you have done so)
Review rent annually ?
Ongoing customer support ?
Collect rent – pay you by BACS ?
Monthly e-statements ?
Handle any maintenance and repairs ?
Manage repairs with tenants and contractors ?
Administer overseas tax (NRL Scheme) ?
Arrange annual gas checksReminder sent to landlord£120 inc vat
Deal with Block Management companies on your behalf; pay service charges, ground rent ?
Dedicated management team is the only point of contact for tenants ?
Regular property inspections using thorough 50-point check-list ?
End of tenancy check out ?

 

Renewal fees
Unlike some agents, we’re upfront about our costs for renewing a tenancy (when existing tenants decide to stay beyond the initial term of the tenancy).

And unlike some agents, who charge the initial rental fee all over again, we charge just 3.6% (3% + VAT).

Example: a tenancy of £1000pcm, renewed for 12 months, costs just £360 + VAT = £432.

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Letting Fee Information

Tenant Fees & Charges

There are various fees and charges associated with renting a property that you should be aware of when considering making an offer on a property available through us; some are mandatory and some are possible additional fees. They are as follows:

Property Reservation

We ask for a property reservation payment of £500 before we put forward any offer to the landlord as confirmation of your intent to proceed with the proposed tenancy. This will ensure that no other applicant of Oscar Knight Agents will be shown the property (although bear in mind that landlords sometimes instruct other agents, over whom we of course have no control). Should the Landlord decide not to proceed with the tenancy, the payment will be refunded IN FULL unless the Landlords decision is as a result of you failing the referencing procedure (see reference charges below) or by you attempting to alter the initial terms of the proposed contract. The property reservation payment is non-refundable in any part for any other reason. Payment of this sum does not constitute the granting of a tenancy


Security Deposit

A security deposit equivalent to 6 weeks' rent (8 weeks if you are a student) must be paid in cleared funds when you sign the tenancy agreement and is held by the landlord or Oscar Knight Estate Agents as Stakeholder for the duration of the tenancy in accordance with the terms of the tenancy agreement.


Admin Fees

Oscar Knight will typically charge a one off tenancy administration fee of £350 inclusive of vat on a per property basis at tenancy start. This fee covers the cost of drawing up a legally binding contract for the tenancy aswell as the costs associated with referencing each applicant inclusive of checking credit status, current employer, current or past landlords, and taking into account any other information to help assess the affordability of a tenancy application. It also covers the cost of conducting a check-in at tenancy start.


References

You are responsible for any administration charges levied by your own bank in relation to obtaining a reference

Should you fail reference checks the £500 property reservation payment shall be refunded less a referencing charge of £99.00 inclusive of vat per tenant applicant and or guarantor.

A reference may be requested by a tenant at any time. The cost for this service is £24 inclusive of VAT per reference and is payable upon request.


Renewals

You will be contacted approximately 90 days in advance of the tenancy end date to ascertain if you wish to extend your tenancy or to confirm the date you will be vacating the property. If the tenancy is renewed, no fee is payable by the tenant to cover our administration for this.


Change of occupancy

In the event that one or more tenant(s) wishes to be replaced during the tenancy, consent will need to be obtained by the landlord first. It is usual practice that the landlord will require a suitable replacement tenant to be found prior to allowing the tenant(s) to be released from the obligations of the tenancy. The replacement tenant will need to provide suitable references and take over the tenancy from a relevant date i.e. the rent due date. The exiting tenant will need to 'surrender' the tenancy and upon receipt of written landlord consent Oscar Knight will draw up a new tenancy agreement for signature by the new tenant along with all the remaining parties. The deposit and check-in for the original tenancy will apply to the new tenancy. An administration fee of £120 inclusive of VAT will be charged for this.


Change of identity

Upon receipt of written landlord consent Oscar Knight will draw up a new tenancy agreement for signature by all parties. An administration fee of £84 inclusive of VAT will be charged for this.


Arrears

An administration fee of £54 inclusive of VAT will be charged for each letter sent by Oscar Knight regarding late or non-payment of rent for administration charges.

Should any fees or charges remain outstanding at the end of the tenancy, Oscar Knight will deduct the total amount due from the security deposit.


Debit/Credit Card Payments

There are no charges for payments made to Oscar Knight via EU debit card or EU Credit card.


Stamp Duty Land Tax

This tax is payable on tenancies where the rent exceeds £125,000. Please contact HMRC for further information.


Amendments

Oscar Knight reserves the right to change the schedule of fees and these terms of business upon providing reasonable notice in writing.