Lockwood Lettings

Find a Tenant

For finding a tenant our fees are charged at a maximum of 12% (10% + VAT) of the gross contracted or agreed rent. Any renewal or continuation of tenancy, either periodically or contracted, is charged at a maximum of 10% (8% + VAT) of the gross contracted and agreed rent.

This service may be cancelled at any time prior to a new tenant being found or introduced. Fees are only payable once a new tenant that we have been instrumental in introducing takes occupation.

Illustration of Fees

Based on an agreed rental of £1,000.00 pcm for an initial 12-month period:

Period	Rate	Fee (inc. VAT)
Year one	12%	£1,440.00 (£1,200.00 + VAT) — payable in advance
Each 12 months thereafter	10%	£1,152.00 (£960.00 + VAT) — payable in advance

Rent Collection

Rent collection services are charged at 3.6% (3% + VAT) of the gross contracted and agreed monthly rent, deducted from the rent received.

Example: Monthly rent of £1,000.00 pcm — fee charged at £36.00 (£30.00 + VAT) per month.

This service may be cancelled at any time by serving 3 months' written notice.

Property Management

Property management fees are charged at 6% (5% + VAT) of the gross contracted and agreed monthly rent, deducted from the rent received.

Example: Monthly rent of £1,000.00 pcm — monthly fee of £60.00 (£50.00 + VAT).

This service may be cancelled at any time by serving 3 months' written notice.

Other Fees

Referencing (per tenant or guarantor)	£30.00 (£25.00 + VAT)
Check-in / Check-out Reports (dependent on property size)	£150.00 – £300.00
Rental Warranties (per year)	£350.00

Commissions We Receive from 3rd Parties

Sometimes we receive commissions from companies or businesses for services arranged that are paid for by the landlord. These are as follows:

Gas safety certificates (per certificate issued)	£30.00
Insurance companies (per policy purchased)	£25.00 – £50.00
Referencing companies (per policy purchased)	£25.00 – £50.00

Tenant Fees

Tenants do not pay any fees. However, deductions from holding deposits paid may be made if it is discovered that false information has been provided by the prospective tenant that prevents a proposed tenancy from commencing.

Permitted Payments & Tenant Protection Information

As well as paying the rent, you may also be required to make the following permitted payments.

England — Tenant Fees Act 2019

Holding deposits (maximum 1 week's rent)
Deposits (maximum 5 weeks' rent for annual rent below £50,000, or 6 weeks' for £50,000 and above)
Payments to change a tenancy agreement e.g. change of sharer (capped at £50 or any reasonable costs if higher)
Payments associated with early termination (capped at the landlord's loss or agent's reasonably incurred costs)
Where required: utilities, communication services, TV licence
Council tax
Interest for late payment of rent (up to 3% above Bank of England base rate)
Reasonable costs for replacement of lost keys or security devices
Contractual damages in the event of the tenant's default
Any other permitted payments under the Tenant Fees Act 2019

Wales — Renting Homes (Fees etc.) (Wales) Act 2019

Holding deposits (maximum 1 week's rent)
Security deposits
Where required: utilities, communication services, TV licence
Council tax
Payments for the late payment of rent (where required under the tenancy agreement)
A breach of a term of the contract (where required under the tenancy agreement)
Any other permitted payments under the Renting Homes (Fees etc.) (Wales) Act

Tenant Protection

In addition to publishing relevant fees, lettings agents are required to publish details of:

the redress scheme they are a member of; and
the name of the approved or designated Client Money Protection scheme they are a member of (if any).

Please note that lettings agents are required by law to publish on their websites information for potential tenants about relevant fees, redress schemes, and client money protection schemes. Relevant fees must also be published on third party websites such as Rightmove. It is the agent's responsibility to ensure that all relevant information is provided to Rightmove and is up to date and accurate.