Professional Memberships and Fees
Mills Knight are members of a client money protection scheme through Propertymark.
Mills Knight are members of The Property Ombudsman Independent Redress Scheme.
| LANDLORD COSTS | FEE | VAT at 20% | FEE INC. VAT |
| TENANT FIND – USUAL FEE | 80% of first months rental | VAT at 20% | 100% of first months rent |
| MANAGEMENT SERVICE Monthly Management Fee Usual Fee | 10% of rent | VAT at 20% | 12% of rent |
| Set-up Fee | £200.00 | £40.00 | £240.00 |
| Inventory charge: | |||
| Up to £800 PCM | £100.00 | £20.00 | £120.00 |
| Above £800 PCM | £150.00 | £30.00 | £180.00 |
| Update Inventory charge:: | |||
| Up to £800 PCM | £55.00 | £11.00 | £66.00 |
| Above £800 PCM | £75.00 | £15.00 | £90.00 |
| Re-let fee | £150.00 | £30.00 | £180.00 |
| Inspections are optional | £40.00 | £8.00 | £48.00 |
Tenants Fees
| Service | Cost |
| Holding Deposit | One week’s rent. This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing). |
| Security Deposit (per tenancy. Rent under £50,000 per year) | Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy. |
| Unpaid Rent | Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears. |
| Lost Key(s) or other Security Device(s) | Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s). |
| Variation of Contract (Tenant’s Request) | £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents. |
| Change of Sharer (Tenant’s Request) | £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents. |
| Early Termination (Tenant’s Request) | Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy. |
Client Money Protection (CMP)
The Client Money Protection (CMP) Scheme is a compensation scheme run by Propertymark which provides compensation to landlords, tenant and other clients should an agent misappropriate their rent, deposit or other client funds.
As a professional body, raising standards and providing consumer protection are key factors; the Client Money Protection Compensation Scheme plays an integral part in this.
View our Client Money Protection certificate HERE
Propertymark Conduct and Membership Rules can be found here: https://www.propertymark.co.uk/working-in-the-industry/member-requirements.
IF YOU HAVE ANY QUESTIONS ON OUR FEES, PLEASE ASK A MEMBER OF STAFF
