£700 admin fee for renting?

happinesssam

My girlfriend and I are supposed to be renting a property in a few weeks time and we just got the initial bill for deposit, first 6 weeks rent etc. This also includes a charge of over £700 for admin fees.

We've rented multiple times before and never had to pay more than £250 so for us this is ridiculous. Unfortunately we just assumed the fee would be reasonable and didn't check before handing them our holding deposit.

While I can see the need for a fee £700 is obviously excessive in disproportionate. Are there any rules or can letting agents just charge what they want?

Jowo_2

No rules or regulations to control fees for letting agents, other than an old one from the 50s which forbids them from charging upfront fees just to receive listings or be shown a property.

poppysarah

Shocking.

What have you signed? What fees does it state?

Rossy.

Most Estate Agents in my area all use the 6 week rule when renting

I paid £1,400 for my 6 week rent deposit plus my agreements and credit check and to top it off a month upfront.. Needless to say i was brassic lol

I can understand the need for a deposit but the amount required usually is way too excessive IMO

custardy

I would walk away
they can olny charge that level of fee if folks pay it
go to another LL charging market rates

moromir

Have you asked exactly what this fee covers?

G51shopaholic

I would ask for they fees cover. Are they ARLA registered?

I worked for letting agent for over 7 years. Referencing costs a letting agent no more than £50 for individual and £100 for a couple.
That included rent guarantee.

If you walked away they would still charge you for the Admin fees.

sequence

Best treat letting agents as a convicted fraudster you must unfortunately deal with, check everything then check again, the check once more. Not much use to you now though...

Can you tell I dislike lettings agents ?

G_M

we just got the initial bill for deposit, first 6 weeks rent etc. This also includes a charge of over £700 for admin fees.

Since this is a 'bill' I assume you've already signed an agreement with them, been credit checked, etc? If so, did you not read the agreement (and costs therein) before signing?
If you've not signed anything - don't! It's exhorbitant.

Unless of course the £700 includes the security deposit or 1st months rent or something else other than 'admin'.

sooz

Sounds like standard F*xtons fees for a 2 people.

drc

happinesssam wrote: »

My girlfriend and I are supposed to be renting a property in a few weeks time and we just got the initial bill for deposit, first 6 weeks rent etc. This also includes a charge of over £700 for admin fees.

We've rented multiple times before and never had to pay more than £250 so for us this is ridiculous. Unfortunately we just assumed the fee would be reasonable and didn't check before handing them our holding deposit.

While I can see the need for a fee £700 is obviously excessive in disproportionate. Are there any rules or can letting agents just charge what they want?

It's excessive to say the least. Even for London.