Tenant Fees
BEFORE YOU MOVE IN:
Holding Deposit: Equivalent to 1 week’s rent per property
The holding deposit serves to secure the property, take it off the rental market, and cancel any booked viewings in order to commence the referencing process of the applicants. This payment will not be refunded if the applicant provides false or misleading information which reasonably affects the Landlord’s decision to let the property to them, fails the Right to Rent checks, decide not to let the property, or fail to take all reasonable steps to enter into the agreement (i.e. providing the referencing company with all required details within a timely manner and ensuring their referees respond to requests quickly). The holding fee will be deducted from the first month’s rent payment, or if the landlord decides not to rent the property (for reasons not related to the Tenancy).
Security Deposit (per tenancy, Rent of less than £50,000 per year) : Five weeks’ rent. This covers damage or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy, Rent of £50,000 or over per year) : Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
DURING YOUR TENANCY:
Unpaid Rent: Interest at 4% above the Bank of England base rate from date due. This will not be levied until the rent is more than 14 days in arrears.
Loss of keys/security devices: This is dependent on the type of key/security device given to the Tenant as well as the circumstances for the loss and will cover the Landlord’s and Agent’s reasonable costs for the replacement of such devices/keys.
Tenancy Amendment: Up to £41.67 plus VAT (£50.00) – Tenant’s Share per Amendment required
Applicable where a Tenant requests a change to the existing tenancy agreement, including (but not limited to): a change of sharer in a joint tenancy, where a tenant requests to have a pet in the property, or any other changes which alter the obligation of the original agreement.
Early Termination Charge: The rent due until the end of the Tenancy and £300.00 + VAT (£360.00)
If the Landlord accepts the early termination of a tenancy, the above fee will cover the Landlord’s and Agent’s reasonable costs of the loss. This includes loss of rent for a period which had been fixed, remarketing of the property, accompanying viewings, and the Landlord’s Set-Up Fee for the next tenancy.
Late payment fee – The Tenant shall pay interest at the rate of 4% per annum above the Bank of England’s base rate on any rent lawfully due that is paid more than 14 days after the date on which it became due. The interest shall be payable from the date the rent should have been paid until the date the rent is actually paid.
