A common question from our clients is about estate agent fees when renting a property in London.
There is no cap on fees charged by estate agents to tenants. However, the expenses must be clearly communicated with the potential tenant before the process begins; this is pretty much the only legal obligation estate agents have in the UK.
Generally, estate agents charge between £300 and £500 per property for the “case”. In addition, the process of verifying an application of a potential tenant, charged per person, will often cost between £80 and £100 per person. Once again, these fees are not regulated and they vary from one agent to the next.
Finally, there are inventory fees at the start and the end of the tenancy, that also vary between agencies, costing between £80 and £160.
To conclude: make sure you are well informed in advance in order to avoid any bad surprises!