Fees
Tenants Fees & Deposits
A holding & Referencing charge equal to the one weeks rent is payable upon application for a tenancy. This stops the property from being viewed by others but will still be advertised and marked as “Let Agreed”. The holding & Referencing charge is refunded to the successful applicant upon the granting of a tenancy.
Failure to pass your referencing or withdrawing from the application will result in the holding charge being retained by the agent to cover the cost of referencing.
The Deposit is normally equal to five weeks rent. This may vary by negotiation.
First Month’s rent is to be paid in advance. This may vary by negotiation.
Landlord Fees
Our landlords fees are charged in a percentage format so that we get paid an ongoing management charge when you are receiving rent.
No hidden charges, hidden commissions or double charging. For example on: Repairs, Safety Certificates, Energy Performance Certificates etc. Our landlords fees are linked only to the letting and management of the property and tenancy. Paying for repairs, reports and other services are not included in our service. Our full terms of business are available on request.
6% (including VAT) of total costs of any single repair or project costing over £2,500 as a project management charge.
Guarantors – Where a guarantor is required we charge £200 (including VAT) for the referencing of a guarantor and creating a guarantor agreement.
Permitted Occupiers – We charge £50 (including VAT) for the addition of a permitted occupier.
VAT
We are VAT registered and all fees charged are inclusive of VAT
| Full Management Service | Rent Collection | Let Only | |
|---|---|---|---|
| Charge | £300 to Create Tenancy + 12% (inc. VAT) of rental income per month | £300 to Create Tenancy + 9.6% (inc. VAT) of rental income per month | First Month’s Rent (inc. VAT) |
Client Money Handling Procedures
Click to see RDR Estates’
Client Money Scheme certificate
RDR Estates preserves the security of clients’ money entrusted to its care in the course of its practice or business.
Our aim is to ensure that clients’ money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times and in particular, in the following circumstances:
- Insolvency
- Misappropriation by any party
- Transfer of client money to another organisation
Should clients’ money be misappropriated, the firm will inform our governing body, the RICS and, where appropriate, the police and our insurers.
More information on RICS Client Money protection scheme can be found here.
General controls
We ensure:
- employees have clear segregation of duties and responsibilities and that a Principal or appropriately qualified individual oversees the client accounting function.
- that we employ competent and knowledgeable staff who are responsible for processing clients’ money and who are familiar with RICS Rules.
- that our accounting systems and client data are securely controlled and protected.
- that our computer systems are adequately protected for access, firewalls, backups and disaster recovery.
- there is adequate cover for holiday and long term absence.
- Principals cannot and do not override controls surrounding the accounting systems.
- all departments and branches apply the same level of controls in relation to the client accounting function.
Client bank accounts
We ensure:
- that our clients’ money is held in one or more client bank accounts separate from all other monies and that client money is available on demand.
- any client bank accounts are correctly titled to distinguish the accounts from an office or any other account.
- we have obtained written confirmation from the bank of the client account conditions.
- we advise clients in writing of the bank account details and agree the terms of the account handling, including arrangements for interest and charges.
- we have obtained written consent from our clients regarding retention of interest.
Client accounting systems and controls
We ensure that:
- accounting records and systems are appropriate to the nature and volumes of client account transactions. We use a suitable software package to manage client money effectively.
- our systems provide details of all money received into and paid from all client accounts and show a running balance of all client money held in that account.
- our systems identify all receipts and payments to the client to which they relate; for example by means of client ledgers showing cash balances held on behalf of clients at all times.
- accounting records are completed chronologically and promptly.
- the current balances at the total and client levels are always available.
- all ledgers have the client name and an appropriate description, e.g. the property address.
- overdrawn balances on client ledgers are prevented by the systems or controls in place and where they do occur are investigated and rectified immediately.
- all accounts are reconciled monthly
- reconciliations are reviewed and signed off by a Principal or an appropriate independent senior member of staff.
- client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.
Controls over the receipt of client money
We ensure that:
- only a Principal or appropriate staff independent of accounting staff open incoming post.
- procedures exist to ensure all clients’ money is banked promptly.
- all cash and cheques received by post or by hand are promptly recorded.
- procedures exist to identify and distinguish between clients’ and office money.
- any mixed monies are initially paid into the client account and the office element paid in the office account as appropriate
- unbanked client money receipts are kept secure.
Controls over the payment of client money
We ensure that:
- checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made.
- a copy of the bank mandate is held and is up to date.
- adequate authorisation and supervision procedures are in place for payments made by cheque, bank transfer and electronic methods.
- insurance and adequate Principal supervision is in place where payments are made by non-principals.
- all payment requests have supporting evidence and that documentation has been authorised in advance by a Principal or other appropriate person.
- blank cheques are not signed, and unused cheques are kept securely.
- effective controls are in place over the setting up of new supplier accounts on the system.
- cash payments are avoided.