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  • Property-a-holics

    Letting fee

    Hi all.

    I am trying to secure a studio flat for my daughter in birmingham as she starts uni there in september this year,

    we will rent for now, with a view to buying a small place to live in as she plans to be there for at least 3 years !

    I have found an agent who requires £330.00 agency fee to secure the property,  with the first month rent payable before she moves in.

     What is this for ?, and is it refundable  -  if we decide Not to go ahead with the rental for any reason.

    ( I dont want to ask the agent about this just yet, for   my own reasons )

    Thanks for any help.

    George

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    Hi George,

    It is now a legal requirement for all agents to display their fees both in their premises and on-line on their website.

    Therefore, you should be able to find out this information.

    The agent also has a mandatory requirement to be a member of an Ombudsman scheme.  They should display which scheme on their website.

    If the agent is not doing either of these things, then my advice would be to walk away, as they are not adhering to compliance or professional standards and you will have no route of redress if things go wrong.

    The fees are typically for referencing, inventory, etc. but these should be clearly displayed, both on and off-line, as I mentioned above.

    ​Hope that helps?

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    Hi George,

    What would you do with the studio once your daughter graduates?

    With the new SDLT rates and other purchase costs, would it be worthwhile?

    The recent tax changes and Brexit make investing much less attractive than 12  months ago.

    In addition, would your daughter not prefer to live in a student house share?

    Certainly all the students I've talked to prefer to house share due to the social aspects.

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