Letting only

This is where an agent markets the property, advises on rent levels, finds a tenant, undertakes reference checks if required, and provides a tenancy agreement.

Once the tenancy has started, the owner (landlord) undertakes all management of the property. The agent charges the landlord a one-off fee for this. The amount will vary but is usually based on the rent, often it will be one month's rent. They may also charge the tenant an administration fee. The landlord needs to agree with the agent what deposit is to be collected, and ensure it is held in accordance with statutory tenancy deposit protection measures if it is taken after 06 April 2007.

Resource 2 of 15 in Using an Agent
© National Landlords Association : 2nd Floor, 200 Union Street, London SE1 0LX