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Costs to Consider

  • Your solicitor for the purchase.  We have details available for a solicitor that most of our buyers use (approx. £700+VAT+ disbursments).  
  • Stamp duty surcharge of 3% for ‘additional’ properties over £40,000
  • Selective Licence fee for some properties - One off charge of up to £500 for the 5 yrs period 1 April 2022 to 31 March 2027  (discounts available) please click on the following link for more details   https://www.readylet.co.uk/pages/selective_licensing

Annual costs

  • Landlord’s buildings insurance approx. £150 a year (we can also put you in touch with someone to organise this for you)
  • Following the 1st gas service which is included in the price of the property, all tenanted properties require an annual cp12 gas certificate.  We will arrange this and keep the records.  The charge for this is approx. £80+VAT per year

Monthly costs

  • Following the purchase, we charge the greater of £45+VAT per month for a full management service, or 10% of rent + VAT

Ad-hoc costs

  • The properties are refurbished by our builders before you complete your purchase, so there is no charge to fix snagging issues for 6 months from your completion date, after that date any maintenance issues will be rechargeable but our maintenance team resolve any issues swiftly and are very competitive. The tenants bring their own white goods so you are not responsible for fixing these.
  • All tenanted properties require an EPC, and there will be one in place when you purchase the property but this will need to be renewed 10 years following the date the EPC was carried out.  The charge for this is approx £80+VAT
  • All tenanted properties now require an electrical report, again there will be one in place when you purchase the property but it will need to be renewed 5 yrs after it was first done.  Again we arrange this and keep the records. The charge for this is approx £225+VAT.
  • As part of the price of the property we find, vet, and appoint a tenant to the property, paying close attention to applicant history and references.  The majority of our tenants are long term tenants, however if the tenant does decide to move out there is a charge of £200 to appoint a new tenant.  This charge will not apply for the first 6 months of ownership.

Disclaimer

There are many responsibilities of being a property owner and a landlord and although the list above does give you a good idea of what can be expected, it should not be interpreted as comprehensive.