When ending a service agreement, landlords will be charged a £240 service termination fee to cover administration costs. This applies to all customers ending their service from 1 August 2024 onwards. The following Landlord FAQ provides further information and clarification on this policy.
Landlord FAQ
What is changing?
From 1 August 2024, a fee of £240 (including VAT) will be payable by any landlord ending their service agreement. This will cover administrative costs associated with ending a tenancy and/or service plan agreement.
This fee applies to all customers whose service plan agreement with us ends, or who choose to end their service plan from this date onwards.
The fee does not apply to customers who choose to re-advertise their property and continue their subscription, but they will be subject to our standard £149 listing fee.
Why are you introducing this fee?
Tenant communication: An account manager is assigned to address all tenant queries regarding their deposit, responsibilities, and payments.
Deposit transfer: Our team facilitates the transfer of the tenant’s deposit to the landlord’s chosen deposit scheme or by return to the tenant.
Account finalisation: Our accounts team recalculates the final rent balances and landlord fees before closing the account.
These tasks require dedicated human resources and incur costs, which the new fee aims to cover. This change ensures that we can continue to offer the highest standard of service to our landlords and tenants during the critical phase of tenancy transition.
Why is the fee exactly £240?
The £240 fee covers the actual associated costs of termination, including administrative support, account management, and financial processing. This amount has been calculated based on the average time and resources required to efficiently handle these tasks.
What happens if I decide to cancel my service before the new fee takes effect on 1 August 2024?
If you choose to cancel your service before 1 August 2024, the new fee will not apply. You will be subject to the terms and conditions that were in place at the time of your original agreement, which may include other cancellation charges depending on your contract.
If I have multiple properties with you, does the fee apply per agreement or per account?
The fee is applied per service agreement, not per account. Each agreement involves individual administrative efforts, and the fee reflects the costs associated with each separate tenancy and agreement
If I end my current tenancy and start a new one with another tenant, am I still subject to this fee?
Yes. You are still required to pay this fee to cover our administration and support costs as outlined above, including tenant communication, deposit transfer and account finalisation.
What additional benefits or services can I expect with the introduction of this fee?
The introduction of this fee ensures that we can continue to provide high-quality, efficient service during the transition process. This includes dedicated support from our account managers, streamlined handling of deposits, and accurate finalisation of accounts.
What methods of payment will be accepted for this fee, and when is payment due?
The fee will be primarily deducted from the final rent payment received at the time of tenancy end. This approach ensures a smoother transaction and reduces the need for separate payments.
If the final rent payment is not sufficient to cover the fee, the remaining balance can be settled via debit card, credit card, or bank transfer. We aim to provide flexible payment options to accommodate your needs.
How will this fee be reflected in my financial statements or invoices from lettingaproperty.com?
You will receive a detailed statement showing the deduction and any balance due, allowing for clear and transparent financial tracking.
What are my alternatives if I disagree with this new fee but want to continue using your services?
We offer a variety of service plans and options that might better align with your needs. Please contact our customer service team to discuss your specific circumstances and explore alternative solutions that may be available.
If you have any questions regarding this policy, please contact us.