Do You Rent Property/Pay Factor's Fees?

[Jambo]

I'm just looking at renting a property and I was wondering what the norm was for paying factor's fees where applicable. Do you pay them or does the landlord? I expect maybe it depends but it would be good to get an idea of what happens in the majority of cases.

Cheers.

 

[Glaucus]

What do you mean by factors fees?
If you mean agency you pay them, usually arouund 30% of one months rent.

 

[dirtydog]

Never heard of the term factor's fees before.

 

[Abraham]

google suggests it's akin to ground rent or maintenance charge

mentioned in another thread recently, I've never seen any that dont include it in the rent but they are apparently fairly common

 

[V4NT0M]

Never had to pay one myself, I think the norm is not to have one.

That is assuming you mean an extra charge each month.

 

[Jambo]

What do you mean by factors fees?
If you mean agency you pay them, usually arouund 30% of one months rent.

The factor is usually a company who manage a block of flats for example, arranging maintenance etc. All owners pay a portion of the factors bill each month but I don't know if landlords pass this on to tenants or if they include it in the rental costs.

And surely the agency fees you refer to are payable by the landlord, no?

 

[Glaucus]

And surely the agency fees you refer to are payable by the landlord, no?

Certainly not, one of payment when you sign the contract..

As for the original question, this is usually included in the rent. But it is something you need to look for in the contract to make sure.

 

[dirtydog]

The factor is usually a company who manage a block of flats for example, arranging maintenance etc. All owners pay a portion of the factors bill each month but I don't know if landlords pass this on to tenants or if they include it in the rental costs.

You can safely assume it is included in the rental costs - I've never heard of it being a separate charge to the tenant.

And surely the agency fees you refer to are payable by the landlord, no?

No, you as the tenant will have to pay agency fees, which could be £100-£200 or more, it varies.

 

[Jambo]

Cool, I thought you meant a monthly agency fee.

 

[dirtydog]

You might find they charge you a similar fee every six months if you want to renew your tenancy.

 

[Glaucus]

You might find they charge you a similar fee every six months if you want to renew your tenancy.

Do they usually charge the same as teh initial fee? This is only the second contract which has had a fixed end date, rather than a rolling month. Last one I didn't renew.

 

[dirtydog]

Do they usually charge the same as teh initial fee? This is only the second contract which has had a fixed end date, rather than a rolling month. Last one I didn't renew.

It isn't uncommon Letting agencies are legalised thieves.

 

[Glaucus]

It isn't uncommon Letting agencies are legalised thieves.

Think I'll be phoning the land lord and see if we can come to an agreement , otherwise I might as well move and find a garden.

 

[singist]

I've never understood why tenants pay agency fees; surely the landlord pays them to let/manage his property? bugger all to do with the tenant as far as I can see. I also don't understand the 'signing fee' wtf is that for?

 

[Abraham]

I've never understood why tenants pay agency fees; surely the landlord pays them to let/manage his property? bugger all to do with the tenant as far as I can see. I also don't understand the 'signing fee' wtf is that for?

the most diplomatic approach for them to take is basically use it as a non refundable part of your deposit until your credit checks are cleared/you've actually moved in

this is how it was with the first two flats I rented, but more and more seem to be going back to key charges/fees which is basically just a charge for the service they've giving you (not usually much service)