Agency Schedules
This Schedule sets out the fees and services for Letly's Placement and Management tiers. It forms part of your agreement with us when read alongside our Terms of Business and your engagement confirmation. We may update this Schedule from time to time; the version applying to your instruction is the version published at letly.ai on the date of your engagement confirmation.
Defined terms used here have the meanings given in our Terms of Business.
Indicative pricing for each tier is shown at letly.ai/pricing. The rate applicable to your instruction is confirmed in your engagement confirmation, which may differ from the standard rates below where a bespoke rate has been agreed.
Section 1 — Fees
Commission rates
Tier | Standard rate |
|---|---|
Placement | 6% of Rent + VAT (7.2%), charged monthly |
Management | 10% of Rent + VAT (12.0%), charged monthly |
Commission is charged as a percentage of the Rent received in each month. It is deducted automatically from Rent received into our Client Money account before the balance is remitted to you, in accordance with clause 13 of the Terms of Business.
How Commission applies over time
Commission is payable for a Commission Period determined by how the tenancy came about. The detail is set out in clause 13.4 of the Terms of Business; in summary:
Where we introduce the Tenant: Commission is payable for as long as that Tenant remains in occupation of the Property, including during any renewal, extension, statutory periodic tenancy, or period of holding over with the same Tenant.
Where we take on a tenancy that was already in place (an Onboarded Tenancy): Commission is payable for 6 months from the date we begin providing the Services. After 6 months, Commission ceases unless the tenancy is replaced by a new tenancy with a Letly-introduced Tenant, in which case Commission continues under the rule above.
You can move the Property to a different Letly tier at any time; the new tier's Commission rate applies from the point of change.
Annual decline in Commission
Commission declines by 30% at each tenancy anniversary, with no floor. The decline continues to apply for as long as Commission remains payable.
The tenancy anniversary depends on how the tenancy came about:
For tenancies we introduced, the anniversary is the anniversary of the Tenancy Commencement Date.
For Onboarded Tenancies, the anniversary is the anniversary of the date we began providing the Services. If the Onboarded Tenancy is later replaced by a new tenancy with a Letly-introduced Tenant, the anniversary resets to the commencement date of that new tenancy and continues from there.
Worked example. You instruct us at the 6% Placement standard rate on a new tenancy we find for you:
Tenancy year | Commission rate |
|---|---|
Year 1 | 6% + VAT |
Year 2 | 4.2% + VAT |
Year 3 | 2.94% + VAT |
Year 4 | 2.06% + VAT |
… | continues declining by 30% each year |
Where a bespoke rate has been agreed in your engagement confirmation, the decline applies to that rate on the same schedule.
VAT
All Commission and other Fees are stated exclusive of VAT unless otherwise indicated. VAT is charged at the prevailing rate and shown separately on your monthly statement.
Add-ons
The following services are available at additional cost. Indicative prices are shown below; exact fees are confirmed before the service is provided. Third-party certificate costs are passed through at the rate charged by the contractor; we do not mark up.
Add-on | Placement | Management | Indicative price |
|---|---|---|---|
Rent Guarantee Insurance | Available | Available | ~£250/year |
Check-out inventory | Available | Available | ~£200 |
Gas Safety Certificate | Available on request; you arrange renewal | Arranged and coordinated by us; invoiced separately | £50–200 |
Energy Performance Certificate | Available on request; you arrange renewal | Arranged and coordinated by us; invoiced separately | £60–200 |
Electrical Installation Condition Report | Available on request; you arrange renewal | Arranged and coordinated by us; invoiced separately | £150–300 |
Portable Appliance Testing | Available on request; you arrange renewal | Arranged and coordinated by us; invoiced separately | £50–150 |
On Management, we handle the logistics of booking certificates with vetted contractors through our vendor network at negotiated rates. The certificate cost itself is the landlord's — we do not absorb it — but the tracking, booking, coordination, and serving of the certificate on the Tenant are included in the Commission.
Other payment terms
Commission is payable monthly, deducted from Rent received into our Client Money account before remittance to you.
Where Rent is insufficient to cover Commission and other Fees due, or where Rent is not received, we invoice you directly; invoices are payable within 14 days.
Interest on overdue sums accrues at 4% above the Bank of England base rate in accordance with the Terms of Business.
We retain any interest earned on Client Money.
Cancellation rights under the Consumer Contracts Regulations 2013 are set out in the Terms of Business.
Section 2 — Services
Services are grouped below by stage of the tenancy lifecycle. A ✓ means the service is included in the tier at no additional charge. Services marked "Add-on" or "Not included" are described in Section 1.
At a glance
Placement | Management | |
|---|---|---|
Best for | Landlords who want us to find the tenant and handle rent and compliance, but who keep direct control of maintenance and tenant relationships. | Landlords who want us to run the tenancy end-to-end, including maintenance, inspections, and day-to-day tenant contact. |
Tenant's point of contact | You (for day-to-day) | Letly |
Maintenance and repairs | Platform provided; you coordinate | Handled end-to-end by Letly |
Compliance | Tracked; you arrange renewals (PAYG add-ons available) | Tracked and arranged by Letly; certificate costs passed through |
Mid-tenancy inspections | Not included | ✓ |
Rent reviews | Served by Letly; number decided by you | Recommended by Letly; you approve; served by Letly |
Rent collection | ✓ | ✓ |
Arrears management | ✓ | ✓ |
Legal notice service | ✓ | ✓ |
End-of-tenancy | Rent and deposit handled | Handled end-to-end |
Marketing and letting
Service | Placement | Management |
|---|---|---|
Digital appraisal of the Property based on photographs and submitted information (we do not visit the Property to appraise) | ✓ | ✓ |
Professional photography and marketing materials | ✓ | ✓ |
Drafted listing and syndication to Rightmove, Zoopla, and Letly's portal | ✓ | ✓ |
AI-handled enquiries 24/7 with pre-qualification of leads | ✓ | ✓ |
Accompanied viewings 7 days a week, hosted by our licensed partners | ✓ | ✓ |
Offer reporting and negotiation of tenancy terms | ✓ | ✓ |
Full in-house referencing: affordability, credit, employer, previous landlord | ✓ | ✓ |
Right to Rent checks on UK and foreign tenants under the Immigration Act 2014 | ✓ | ✓ |
Customer due diligence under the Money Laundering Regulations 2017 | ✓ | ✓ |
Liaise with guarantors and arrange guarantor agreements (where applicable) | ✓ | ✓ |
Tenancy setup
Service | Placement | Management |
|---|---|---|
Draft and arrange signature of the tenancy agreement | ✓ | ✓ |
Serve tenancy compliance documentation (EPC, Gas Safety Certificate, EICR) | ✓ | ✓ |
Arrange the move-in inventory and schedule of condition and supply to all parties (if applicable — you may opt out and arrange your own) | ✓ | ✓ |
Collect the Deposit | ✓ | ✓ |
Protect the Deposit with a government-authorised scheme and serve prescribed information within 30 days | ✓ | ✓ |
Arrange for collection of keys | ✓ | ✓ |
Hold keys securely | Not included | ✓ |
Notify utility providers and the local authority of the change in occupancy | ✓ | ✓ |
Rent and accounts
Service | Placement | Management |
|---|---|---|
Collect Rent on your behalf into our Client Money account | ✓ | ✓ |
Deduct Commission and Fees and remit the balance to you by bank transfer within 5 Working Days of cleared receipt | ✓ | ✓ |
Monthly statements of account by email, with tax-ready reconciliation | ✓ | ✓ |
Non-resident landlord tax handling and annual HMRC certificate | ✓ | ✓ |
Inform you promptly if the Tenant is in Arrears | ✓ | ✓ |
Chase the Tenant for payment of Arrears via reminders and correspondence | ✓ | ✓ |
Manage escalating arrears sequences (automated and human) and the statutory arrears process | Not included | ✓ |
Issue legal proceedings for recovery of Arrears | Not included — requires your separate written instruction | Not included — requires your separate written instruction |
Compliance
Service | Placement | Management |
|---|---|---|
Track expiry dates of compliance certificates (Gas Safety, EICR, EPC, alarms, PAT) | ✓ | ✓ |
Remind you in advance of certificate expiry | ✓ | ✓ |
Book certificate appointments with vetted contractors and coordinate access | Add-on (PAYG) | ✓ (certificate costs passed through) |
Review and log the certificate; serve on the Tenant as required by law | ✓ | ✓ |
Tenant management and inspections
Service | Placement | Management |
|---|---|---|
Act as the main point of contact for the Tenant | Not included — you are the Tenant's primary contact | ✓ |
Triage and categorise maintenance issues logged by the Tenant | Platform provided for you to manage | ✓ |
Coordinate and oversee day-to-day repairs and maintenance | Platform provided for you to manage | ✓ (up to the authorised cost limit agreed in your engagement confirmation) |
Seek your approval for works exceeding the authorised cost limit | Not applicable | ✓ |
Respond to emergency repairs and take action to safeguard the Property and occupants | Not included | ✓ |
Arrange access for contractors, inspections, or emergencies | Not included | ✓ |
Periodic mid-tenancy property inspections with structured report (photos, condition notes, flagged issues) | Not included | ✓ |
Legal notices and compliance correspondence
Service | Placement | Management |
|---|---|---|
Advise you of any breaches of the tenancy agreement coming to our attention | ✓ | ✓ |
Notify you of any notices we receive in relation to the Property | ✓ | ✓ |
Notify you of changes to laws and regulations affecting residential lettings | ✓ | ✓ |
Prepare and serve legal notices on your behalf — possession, rent increase, breach — under the Renters' Rights Act and other applicable law, for the duration of the tenancy | ✓ | ✓ |
Attend court or tribunal proceedings | Add-on — by separate agreement, with costs payable by you | Add-on — by separate agreement, with costs payable by you |
Rent reviews and renewals
Service | Placement | Management |
|---|---|---|
Recommend a rent adjustment at each tenancy anniversary based on our valuation model | Not included | ✓ |
Serve the statutory notice to increase rent under the Renters' Rights Act | ✓ (you decide the figure) | ✓ (we recommend; you approve) |
Negotiate and document tenancy renewals or extensions | ✓ | ✓ |
End of tenancy
Service | Placement | Management |
|---|---|---|
Manage the deposit return process, including proposing deductions | ✓ | ✓ |
Handle deposit disputes under the relevant scheme rules | ✓ | ✓ |
Coordinate checkout inventory | Add-on | Add-on |
Coordinate end-of-tenancy cleaning and minor repairs | Not included | ✓ |
Coordinate re-listing and new tenant onboarding ahead of the void | Not included | ✓ (targeting a one-day void) |
Remit any cleared rent held (less Commission and Fees) to you on termination | ✓ | ✓ |
On termination of our engagement, transfer Client Money balance and deliver a final statement of account | ✓ | ✓ |
Return keys and documents belonging to you that are held by us | ✓ | ✓ |
Transfer the Deposit (where held by us) in accordance with scheme rules | ✓ | ✓ |
What's excluded on both tiers
Physical branches. We operate online-by-default and do not have customer offices or branches.
Physical appraisal visits. We do not visit the Property to appraise it before listing; our appraisal is carried out digitally based on your photographs and information.
Redirecting your post delivered to the Property.
Managing the Property when it is not let. Each new tenancy is a new instruction.
Responsibility for latent (hidden) defects in the Property.
Supervision or management of major building works or refurbishment, other than by separate written agreement.
Guaranteed rent. If you want fixed monthly income and void cover, ask us about our Guaranteed tier.
How this Schedule works with your agreement
Authorised cost limit for repairs (Management only). We will agree this figure with you in your engagement confirmation. Emergency works required to protect the Property, comply with legal obligations, or ensure tenant safety are excepted from this limit.
Deposit holder. We will confirm at onboarding whether we or you will hold the Deposit post-let. Where we hold the Deposit, we protect it through a government-authorised scheme and serve the prescribed information on the Tenant within 30 days.
Property-specific services. Where your Property has specific characteristics (for example, a garden or outbuildings), additional property-specific services can be agreed in writing and recorded in your engagement confirmation, in accordance with clause 5 of the Terms of Business.
Changes to this Schedule. We may update this Schedule from time to time in accordance with clause 20.5 (Variation) of the Terms of Business.
Conflict. In the event of any conflict between this Schedule and the Terms of Business, the Terms of Business prevail except in respect of fees and service scope, where this Schedule prevails.
Letly Ltd • Company No. 16256509 • VAT No. 491922076 • Henry Wood House, 4–5 Langham Place, London W1B 3DG • legal@letly.ai
