Lettings – Client Money Protection Insurance (CMP) & Additional Fees
From 27 May 2015 letting and management agents will be required to display a list of all fees, charges or penalties (however expressed) payable by landlords and tenants for any letting agency or property management service. This includes any additional fees, charges or penalties which may be incurred during a tenancy as well as fees, charges and penalties which are referenced in Tenancy Agreements and in Terms of Business.
The only exceptions to Section 83 of the Act are tenancy security deposits (not holding deposits), rent payable to a landlord and fees, charges or penalties which the agent receives from a landlord under a tenancy on behalf of another person.
We must also display whether we are a member of a client money protection scheme.
1) Tenants are charged £330 for the 1st tenant and then £90 for each subsequent tenant for the tenancy set up and referencing. This is the only fee payable by the tenant to the agent. The landlord pays for the inventory and check in. The check-out report is payable by the tenant, however it’s at the tenants discretion who they use (unless otherwise stipulated).
2) Guarantors are charged £90 for referencing and documentation.
3) Landlords are charged £42 for each deposit that is entered into a deposit protection scheme.
4) Tenants and landlords may incur individual fees for additional services offered by Vesper Homes. These services are displayed within our tenancy agreement for tenants and terms of business for our landlords.
5) We are members of the ARLA Propertymark Client Money Protection Scheme. Clients monies are protected in specific client accounts within Barclays Bank Plc. Link to rules here http://www.propertymark.co.uk/media/1045366/conduct-and-membership-rules.pdf
6) A copy of our latest Client Money Protection certificate can be found here http://www.vesperhomes.co.uk/wp-content/uploads/Client-Money-Protection-2018-to-2019.pdf
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