Nearly £1000 letting agent fees?

PurpleCat89

Today we viewed a property (2 bedroom house) for rent, and the landlord is happy to go ahead with us. The letting agent's fees we've been quoted seem extremely high, though.

We moved to this area about 8 months ago and the fees for the property we are currently in were higher than we were used to in our previous city, but these are even higher again. The letting agency have just quoted us fees of:

• £499 admin/referencing
• £199 additional tenant referencing
• £146 check in
• £112 liability insurance

I queried both the additional tenant referencing and the insurance. I asked if we could just have the tenency under one name and save the additional tenant fee but no, they say everyone in the property is included in this no matter what. The liability insurance they say isn't a legal requirement but is something they insist on as a company (The company is Romans) and we can get this elsewhere as long as we ensure it's included as a lot of contents insurance policies don't include this.

Is this just the norm now? We are in the South East. Houses to rent round here seem to be very sought after, it took us a long time to get this one. Three other couples viewed the house today but we got our offer in first, I have no doubt it'll just go to someone else if we don't have it.

These fees just seem so high, it's a hell of a lot of money on top of the rent and deposit (£900 and £1350)

What do you think, MoneySavers?

Cakeguts

What is the liability insurance? I don't think a tenant has to pay for this. Are you sure that this isn't the landlord's fees?

PurpleCat89

Yes, I queried this as it sounded wrong to me.

They told me it's something they need the tenant to pay, but I can get it elsewhere from another insurance company.

csgohan4

Sounds like London Prices, but whether you query it or not, if you don't pay it or not willing, you could try and haggle, but ultimately you may have to go elsewhere

PurpleCat89

Yes it is I think that's the case. We are not in London, but it's certainly a place people commute from, it is just over an hour train to Waterloo. We moved from not far away but not a commuter town so that is probably why it seems so steep.

From Googling, Romans seem to be the most expensive. For this house we paid about £500 in fees which was more doable.

Cakeguts

Find a house with a different agent. Those fees are ridiculous.

bugzie92

No I don't think thats normal. We are in the south east / London and ours is £500, which is a lot higher then we paid for the house were in (also in London) i would walk away if I were you. Outrageous amount of money.

butterfly72

Wow, that it extortionate! I'm based in London and paid £150 approx. Never any mention of insurance. Also with the current agent I've never paid an annual tenency renewal fee. Ring round a few agents and ask what their fees are to give you an idea.

juniordoc

Find another property and let the landlord of this property know that the reason you are pulling out is because they have chosen a letting agent with ridiculous fees.
Money grabbing letting agents ripping off renters yet again.

[Deleted User]

Three years ago I looked at a 600pcm rental. It was small but fairly smart and well presented. However when the LA told me the fees were over £500 I just walked away.., even though I had problems finding a property to rent in the area. If they were charging three times as much as other agents in fees I felt I had small chance of getting my deposit back.

00ec25

deannatrois wrote: »

If they were charging three times as much as other agents in fees I felt I had small chance of getting my deposit back.

that makes no sense, why do you think the size of letting agent fee has anything to do with the fate of the deposit, given it is the LL not the agent who gets any deposit deductions

there is no financial incentive for the agent to be harsh or soft over deposit deductions since the agent does not gain from either stance