Permitted payments & fees
Please find details of applicable costs below.
Equivalent to one week’s rent (rounded down to the nearest pound). If the tenancy proceeds then the holding deposit becomes part of the tenancy deposit.
Please note that you may forfeit your Holding Deposit if:
- You fail to return completed referencing paperwork within 48 hours;
- Your application is unsuccessful due to false information;
- You withdraw your application more than 48 hours after reserving the property;
- You fail to pay your check-in balance when due and/or sign the Tenancy Agreement on time/as agreed - usually within 15 days of paying the Holding Deposit unless otherwise agreed.
Ist Month’s Rent
Unless specifically agreed otherwise the rent is payable calendar monthly in advance. The 1st month’s rent must be paid before the start of the Tenancy.
Equivalent to one month’s rent unless otherwise stated (maximum 5 weeks rent). The Tenancy Deposit must be paid before the Tenancy begins and is registered with the Tenancy Deposit Scheme or other approved scheme.
Please note any balance due must be paid in full in cleared funds prior to the commencement of the Tenancy, this should be bank transfer.
Mr X views a one bedroom property on 20th June and wishes to start a Tenancy on 1st July. He makes a payment of £144 as his Holding Deposit. He then completes referencing paperwork. He has not rented a property before so his mother acts as his Guarantor. His credit check and references are satisfactory as are his Guarantor’s and the landlord approves his proposed Tenancy.
On 28th June Mr X transfers the balance of the first month's and Tenancy Deposit and then comes to Tennants office to sign the Tenancy Agreements on 1st July and goes to the property afterwards to complete the check-in at the property accompanied by one of our team.
- 1st month’s rent - £625
- Balance of Tenancy Deposit - £481
TOTAL PAYABLE PRIOR TO CHECK-IN
£1106 (+£144 Holding Deposit paid previously).
The following fees apply during your tenancy as appropriate:
The tenant shall pay to the landlord interest, at the rate of 3% per annum above the Bank of England base rate, on any rent remaining unpaid for more than 14 days after the day on which it became due.
Lost Key(s) or other Security Device(s)
Tenants are liable for 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 and any other persons requiring keys will be charged to the tenant.
If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of tenancy (Tenant’s Request)
£50 (inc. VAT) per agreed variation, or any reasonable costs incurred if higher, to cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents; as applicable to: change of tenant(s), new tenant referencing, Right-to-Rent checks, deposit registration.
Early Termination (Tenant’s Request)
Should the tenant wish to end the tenancy before the end of a fixed term, or end date of a valid notice, (and only if the landlord agrees that a replacement tenancy may be entered into), then the tenant agrees to be liable for the landlord’s costs in re-letting the property; and to pay all rent due until the start date of the replacement tenancy, or the end date of a valid notice. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
All fees comply with the Tenant Fees Act 2019
Client Money Protection provided by ARLA
Independent Redress provided by TPOs
Not found what you were looking for?
If you would like more information, please contact Miles on 01323 726687 or at [email protected] and he will do his best to help.
Lettings Manager - MARLA