Outrageous Letting agent fees!!!!!!!!!!!!

Helen224488

Hi,

My LL sold house (only moved in 6 months ago!) so I have to move again! I am looking for properties but there are very few thro private LL's. Why do letting agents charge so much? 35% + V.A.T of 1 months rent. Just short of £300 for what? I am sure it does not cost £300 to run a credit check, fax my employer for reference etc. I am fed up of having to move all the time & the costs involved. Removal company is £300, agency fees £300 + 1.5 months rent as a deposit + first month up front. Also you don't get your deposit returned for 10 days so you have to go in debt to be able to afford to move. Also letting agents say it's a long term let but you have no real secutity. It's almost like you need to put away £100 per month into a 'just in case you have to move house' savings account but who can afford to do that! Also I always get the snotty woman from agency ask me "who is the house for?" & when I say myself & children they immediately judge me & ask me if I work. Then I have to tell them my job title (which sounds posh!) & justify myself because I am a lone parent.:mad: I do wish I could afford to buy my own house. What also annoys me is I can afford £700 per month rent so I could afford a mortgage but I can't get a mortgage because mortgae companies don't accept W.T.C as part of your income. I can't even afford a half buy half rent property so I'll be renting until the day I die. Unless I meet a nice man with their own house!

How much is the average price or % to charge for letting agent fees?

Sorry for the rant!

clutton_2

have you ever thought of putting an advert in the local paper "Private Rental Property Wanted" - and make yourself sound the best tenant on earth .. landlords will then come to you

not all good landlords use letting agents - many use local paper ads

ILW

Helen224488 wrote: »

Hi,

My LL sold house (only moved in 6 months ago!) so I have to move again! I am looking for properties but there are very few thro private LL's. Why do letting agents charge so much? 35% + V.A.T of 1 months rent. Just short of £300 for what? I am sure it does not cost £300 to run a credit check, fax my employer for reference etc. I am fed up of having to move all the time & the costs involved. Removal company is £300, agency fees £300 + 1.5 months rent as a deposit + first month up front. Also you don't get your deposit returned for 10 days so you have to go in debt to be able to afford to move. Also letting agents say it's a long term let but you have no real secutity. It's almost like you need to put away £100 per month into a 'just in case you have to move house' savings account but who can afford to do that! Also I always get the snotty woman from agency ask me "who is the house for?" & when I say myself & children they immediately judge me & ask me if I work. Then I have to tell them my job title (which sounds posh!) & justify myself because I am a lone parent.:mad: I do wish I could afford to buy my own house. What also annoys me is I can afford £700 per month rent so I could afford a mortgage but I can't get a mortgage because mortgae companies don't accept W.T.C as part of your income. I can't even afford a half buy half rent property so I'll be renting until the day I die. Unless I meet a nice man with their own house!

How much is the average price or % to charge for letting agent fees?

Sorry for the rant!

Not surprised. Tories are going to get rid of it if and when they get in.

Helen224488

I have put a wanted ad in trade it & gumtree with no response!

sdooley

Newsagent's windows for private landlords (or is that only a northern thing).

Jowo_2

Helen224488 wrote: »

Why do letting agents charge so much? ... I am sure it does not cost £300 to run a credit check, fax my employer for reference etc.!

Because they are profit driven businesses and not charities - they have high overheads to adminster and manage their business - rent, energy bills, insurance, advertising, tax, staff pay, transport. It doesn't cost them much to do the credit check but its not cheap to market a property.

Helen224488 wrote: »

What also annoys me is I can afford £700 per month rent so I could afford a mortgage but I can't get a mortgage because mortgae companies don't accept W.T.C as part of your income.

That's a scary attitude. WTC isn't classed as income because its not your income, it's a state given allowance or benefit and can get canned at the drop of the hat.

On a more productive note, have you registered for housing with local housing associations or the local council? Yes, there is huge demand and little availability but if you don't apply, you will never get considered.

Pepzofio

Jowo wrote: »

Because they are profit driven businesses and not charities - they have high overheads to adminster and manage their business - rent, energy bills, insurance, advertising, tax, staff pay, transport. It doesn't cost them much to do the credit check but its not cheap to market a property.

Which surely the LL is paying them to do? Agency fees take to p*** sometimes - my LA wanted £46 to renew tenancy, which I didn't think sounded too bad - until they mentioned that they automatically put a break clause in from month 1, so I'd effectively be paying to go periodic! (I realise this would be unenforceable for 6 months, but it would be a PITA disputing it, especially if I needed a reference.)

Since I questioned it they've agreed to take it out, but as it's their standard renewal terms presumably a lot of people who sign without question are not getting the 12 months security of tenure they think they are.

PasturesNew

I am waiting to view a flat, what I'll have to pay is £200 agency fees (inc credit checks), then because of the date it's available it's out of sync with my periodic tenancy so worst case scenario is I'll end up paying double rent for 8 weeks. Then there's the £800 new deposit needed, cost of removals (say £100). A potential £2000 just to move.

In a perfect world, with just credit checking at cost and a nice back to back meshing of the dates and no new deposit required it'd only be £125 or so.

brownbabygirl

I agree OP. Our letting agent is charging £150 just for credit check. He also would not agree to allow us to start the contract from Sept ending as this would coincide each month with payday. Not very happy. Can they force us to do this?

moromir

brownbabygirl wrote: »

He also would not agree to allow us to start the contract from Sept ending as this would coincide each month with payday. Not very happy. Can they force us to do this?

Simply - yes if you want to take the flat (if he isnt prepared to negociate).
The Landlord may be able to find another tenant who can start the tenancy much earlier, they are business men, what sense is it to lose almost one months rent waiting for you to start at the end of Sept if you are prepared to take it earlier? Until all the agreements are signed there is also no legal obligation for you to proceed, and a month is plenty of time for you to find another flat you like and decide you arn't going for this one anymore, which means the Landlord could potentially lose a months marketing time and potential tenants, it is sensible of him to push the earlier move in date to get the documents signed so that he has the financial security.

brownbabygirl

moromir wrote: »

Simply - yes if you want to take the flat (if he isnt prepared to negociate).
The Landlord may be able to find another tenant who can start the tenancy much earlier, they are business men, what sense is it to lose almost one months rent waiting for you to start at the end of Sept if you are prepared to take it earlier? Until all the agreements are signed there is also no legal obligation for you to proceed, and a month is plenty of time for you to find another flat you like and decide you arn't going for this one anymore, which means the Landlord could potentially lose a months marketing time and potential tenants, it is sensible of him to push the earlier move in date to get the documents signed so that he has the financial security.

errr.........actually the difference between what he wanted and what we wanted was like only a week! only needed the extra time to plan the move etc. it is no biggie now anyway, as if we get the keys earlier we can move gradually!