Tenant Fees
For Assured Shorthold Tenancies (AST).
- Holding deposit:
A one week holding deposit of the agreed weekly rental value of the property is paid to take the property off the market, stop conducting any further viewings and withhold entertaining any other offers while the tenancy agreement is being drafted, the references being prepared and the professional cleaning and inventory make being booked.
- Security Deposit:
This is the equivalent of 5 weeks’ rent (if the annual rent is less than £50,000) or 6 weeks’ rent (if the annual rent is £50,000 or more), payable prior to the start of your tenancy and registered with ‘MyDeposits’, a tenancy deposit protection scheme provider, authorised by the UK Government. This covers any damages or defaults on the part of the tenancy during the tenancy.
- Advance rent:
Rent is usually payable in advance throughout tenancy. You will therefore need to pay, as a minimum, the first months’ rent prior to the start of your tenancy.
During the tenancy:
- Late rental payment:
Interest on late payment of rent will be charged at a rate of 3% per annum over The Bank of England’s base lending rate. This will not be levied until the rent is more than 14 days late.
- Lost key (s) or other security devices:
Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £30 per hour for the time taken replacing lost key(s) or other security device(s).
- Variation of Contract (Tenant’s Request):
Changes to the parties of the tenancy agreement at the tenant’s request: In the event that you wish to make amendments to the parties of the tenancy agreement, a new tenancy agreement will be required. A tenancy swap fee of £50 (inc. VAT) plus any reasonable costs incurred if higher, will be payable by the tenant. Please note that Tenancy Swaps are subject to the landlords consent and reference approval.
- Change of Sharer (Tenant’s Request):
To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents. This will be charged at £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher.
- Payments in respect of utilities, communication services, TV licence and council tax:
Tenants are responsible for paying bills in accordance with the tenancy agreement, which includes council tax, utility payments (gas, electricity, water) and communication services (broadband, TV, phone). Tenants are also responsible to provide a ‘close of account’ bill of all of their utilities at the termination of their tenancy.
- Early Termination (Tenant’s Request):
Should the tenant(s) wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
For Non-Assured Shorthold Tenancies (AST).
- Tenancy agreement fee:
£350 (inc. VAT) payable by the tenant. This is payable after your offer has been accepted and we have proceeded to draw up the tenancy agreement.
- Reference fee for each Tenant: £80 (inc. VAT)
This is payable when you have agreed to undergo the independent referencing process. References are carried out by an independent Third Party and include a credit check.
- Reference fee for each Guarantor: 80 (inc.VAT)
This is payable when you have agreed to undergo the independent referencing process. References are carried out by an independent Third Party and include a credit check.
- Right to rent check only: £50 (inc.VAT)
This is payable by each tenant or permitted occupier in circumstances where a full reference (as above) is not required.
- Advance Rent: As above.
- Tenancy Deposit: This is usually the equivalent of 6 weeks’ rent, payable prior to the commencement of your tenancy.
- Inventory charges: In most lets, the tenant will be responsible for paying the inventory check in costs prior to the commencement of a tenancy. The cost is approximately £200- £450 depending on the size of the property.
During your Tenancy:
- Tenancy renewal agreement fee: £190 (inc. VAT) payable by the tenant. This is payable upon renewal, should you and your landlord mutually agree to renew the tenancy for a further term.
- Late rental payment or unpaid cheques: £30.00 (inc. VAT) will be payable by the tenant in respect of late rental payments or cheques that are returned unpaid. Interest on late payment of rent will also be charged in accordance with the terms as stated in the tenancy agreement, usually at a rate of 5% per annum over The Bank of England’s base lending rate.
Other fees that may apply:
- Changes to the parties of the tenancy agreement at the tenants request (Tenancy Swap): In the event that you wish to make changes to the parties of the tenancy agreement, a new tenancy agreement will be required. A tenancy swap fee of £480 (inc. VAT) will be payable by the tenant, together with a reference fee of £80 (inc. VAT) per tenant and / or Guarantor. Please note that Tenancy Swaps are subject to the landlord’s consent and reference approval.
- Variation of Contract at the tenant’s request: In the event that you wish to make any changes to the terms of the tenancy agreement, an addendum will be required. A variation of contract fee of £80 (inc. VAT) will be payable by the tenant. Please note that a variation of contract is subject to the landlords consent.
Any payments
Should you have any queries regarding the charges and costs associated with renting a property, please do not hesitate to contact one of our lettings consultants who will be happy to explain these in further detail.