Letting agent fees

TheSurface

Someone has said to me that letting agent fees have a cap set by the body they are a member of and they aren't supposed to charge more than this.

However they do but then reduce it if someone points this out to them!

Is this correct? Where can I find more info? I was under the impression that most were unregulated.

G_M

There is no compulsory regulation, though some agents choose to sign up to, for example, ARLA or the property ombudsman.

Never heard ofthis cap - check the sites for the various bodies.

Werdnal

Are you renting in Scotland by any chance? Rules for letting are different up there.

In England/Wales as far as I know, there is no cap.

If you are looking to rent, ask upfront what fees they charge and get a breakdown of what they cover and their terms (ie if something goes wrong and property falls through, what do you get back?).

Remember, as well as the initial fees, you will need to stump up full month rent in advance and a month's deposit before you get the keys!

Sycorax

I'm looking into renting out an my apartment should it not sell by the end of the summer, so have been talking to various agencies.

The monthly management fee is on a sliding scale dependant of the level of service you want and the amount of rent the property will attract and this is exclusive of VAT.

There will also be the following charges:
set up (for marketing, photos etc)
gas certification
EPC
electric certification

usually exclusive of VAT.

I haven't read anything about a mandatory cap on agency fees.