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  • Buy-to-Let

    Charging for lost keys, payment reminders...

    I have recently purchased my first BTL property and have now found a tenant who will move in within the next 10 days.

    I about to issue the Tenancy Agreement for tenant`s signature and it occurred to me I need to define more in detail the management aspects of the tenancy.

    In light of recent changes in legislation I was wondering whether I still can charge tenant for the following services:

    1. Lost keys;

    2. Late payment reminder;

    3. Late payment charge;

    If the answer to the above is yes, could you please advise what are "industry average" charges for the above services?

    Thanks,

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    You can charge for lost keys but if it's more than £50 it must be the actual cost and you will need to provide it.
    Late rent is only chargeable on the basis of interest at 3% above base rate. You cannot charge anything else
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    David Smith
    Landlord & Tenant Solicitor
    Anthony Gold Solicitors

    Find me on LinkedIn: uk.linkedin.com/in/dsnsmith

    All opinions are my own and do not reflect those of my firm. No comment made should be taken as legal advice and you should consult a solicitor or other legal professional for advice on your specific situation.
    Also think about whether you want to charge them. 

    If it was me I wouldn’t charge them for lost keys, as only going to annoy them. I would rather keep them happy to ensure they stay longer and are more likely to pay rent on time. 

    Depends on the amount of time and money it costs you I guess.
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    I just give mine multiple keys, if they lose one they I guess get another cut and I'm non the wiser.
    I guess if you have some specialist keys it may be different.

    I dont charge late payments but I do check just in case, I have one tenant who we have agreed payment dates moving due to change of job, she now pays on 21st when it was 7th so i guess every payment is late.
    But she has been there for 7 years and is on a SP as old agreement expired years ago.
    I just document via email or whatsapp
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    Slowly working towards financial freedom

    Thanks everyone for your responses. That helped making up my mind - no admin fees.

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    Based on news coverage of the last day or two it seems that supplementary Pet Rents are being charged. Guardian is frothing about it, but have limited their assault to Private Landlords.

    The Build to Rent setups like Legal and General also seem to charge several hundred for the 'approval' of each pet the last time I checked, which was after the act came in.

    I have no idea where that stands wrt the Tenant Fees Act, because I don't think anybody at all understands it, including the people who write the Guidance.

    David iirc had a half way through series of very good articles, which I may need to revisit, but that seemed to be sumamrisable as "wtf?" when I read it back in June or so.

    ML

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