Letting Agent crazy 'credit search fee'

jimbob_too

That isn't a fair analogy though - it's easy for me to find the price of bread at Tesco and compare it online with Sainsbury's, Asda etc (should I want to do that). It should be the same with rental properties - I want to be able to compare and contrast the prices during my initial research and the profit for the agency should either be factored into the rent or quoted explicity in the rental advert online. Anything else is dishonest.

If Tesco's suddenly started charging every customer a compulsory £100 'receipt printing' fee but only telling you about it AFTER you've done all of your shopping I can guarentee they would lose all of their business. The only reason Letting Agents can get away with this is that they know that by the time you get to signing the contract you will be tired out of flat-hunting, and that their business model don't rely on you coming back to sign a new contract every week.

roses

Is the £117 only for credit searches? Is there an additional admin fee once you sign a contract?

If this includes a contract signing fee then £117 seems normal. If you have to pay another admin fee on top once you see the property then perhaps put a note through the door for the landlord and go to him directly.

MTDancer

I have just looked at a flat for £500 per month.
The reference checks are £350. Admin £25. To move in is one and a halves month rent as deposit and one month in advance.
£75 for tenancy and £75 on exit for them to check the inventory (next to nothing on it).
I am on a very low income and can't afford this. The LA charges the landlord 10% plus v.a.t. and a finders fee of £275 plus v.a.t. so the LA makes a LOT OF MONEY from one rental