Is it legal to charge a prospective tenant an administration fee to cover all the costs involved in setting up a tenancy ie credit check, drawing up an AST, together with any other general paperwork and the LL's time in setting-up the tenancy?
Also, if I opt for one of the Insurance based deposit protection schemes, is it reasonable to build the cost of this into the administration fee also (fees are currently £58.75 joining fee, £30 deposit protection fee per tenancy agreement and £14.70 annual membership renewal fee for the TDSL scheme or £95 for the TDS scheme, according to both of their websites)
Has anyone used the DPS 'free' scheme and what are the pro's and con's of this for the LL against the other two chargeable schemes?
What amount would be a reasonable Administration fee to charge? I had two letting agents round today. One had an upfront cost of £450, the other £350 to secure and vet a suitable tenant. After that, they have no further involvement and I look after things.