Tenancy Costs

January 9, 2023

NEW ASSURED SHORTHOLD TENANCIES (SIGNED ON OR AFTER 1 JUNE 2019):

BEFORE YOU MOVE IN:
Holding Deposit –One weeks rent (Paid by you to reserve the Property)
This will only be retained by us if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days.

Deposit (per tenancy)
Capped at 5 weeks rent where the annual rent is under £50,000 and 6 weeks rent where the annual rent is £50,000 or higher. This will cover damages and defaults by the tenant as detailed in the AST during the tenancy.
OR
Deposit-Free option which means that instead of paying a traditional security deposit, you pay a fee of one week’s rent + VAT to become a member of flatfair (a deposit-free renting scheme) which significantly reduces the upfront costs. This fee is non-refundable and is not a deposit so cannot be used towards covering the cost of any future damage. More details available at flatfair.co.uk.

DURING YOUR TENANCY
Late payment of Rent
Interest will be charged at 3% above the Bank of England Base Rate from Rent Due date until paid in full. This will not be levied until the rent is more than 14 days in arrears with the interest calculated back from the first day of the arrears.

OTHER FEES AND CHARGES:
Lost Keys or 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.

 

Variation or changes to an existing tenancy agreement – £50 (inc. VAT) per change.
This charge will cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents. This also covers costs in ‘change of sharer’ situations and covers the landlords costs in securing a new sharing and associated legal requirements in processing that new sharers application.

Early Termination as requested by Tenant
Should you wish to leave the property before the end of your tenancy agreement, and should the landlord agree to this, then you will be liable to cover the landlord’s costs of re-letting the property as well as any rent due under the terms of your tenancy agreement up until the point the replacement tenancy commences.

Utility Payments
Tenants will remain responsible, unless agreed otherwise, for all utility payments, TV licence and Council Tax accounts. Please refer to your AST for full information.

ASSURED SHORTHOLD TENANCIES (SIGNED BEFORE 1 JUNE 2019):

BEFORE YOU MOVE IN:
Holding Deposit –Half of one months rent of £500 (whichever is greater)
This will only be retained by us if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement before move in.

Deposit (per tenancy)
One and a half months rent. This will cover damages and defaults by the tenant as detailed in the AST during the tenancy.

Set up fee (tenants share) – £150 (inc VAT) per tenant
Referencing (identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers / landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the tenancy and agreement.

Guarantor Fee – £150 (inc VAT) per guarantor
Covering credit referencing and preparing a Deed of Guarantee as part of the Tenancy Agreement £ (inc VAT) per guarantor (if required).

Pet Deposit – additional half months rent
To cover the added risk of property damage. This will be protected with your security deposit in a Government authorised scheme and may be re- turned at the end of the tenancy.

DURING YOUR TENANCY
Late payment of Rent – £90 per late payment (inc VAT).

Amendment Fee – £150 (inc VAT)
Contract negotiation. amending terms and updating your tenancy agreement during your tenancy.

Renewal Fee (tenants share) – £150 (inc VAT)
Contract negotiation, amending and updating terms and arranging a further tenancy and agreement  £ (inc VAT).

ENDING YOUR TENANCY:
Check out Fee (tenants share) – from £102 to £198 (inc VAT)
Attending the property to undertake an updated Schedule of Condition based on the original inventory and negotiating the repayment of the security deposit(s).

OTHER FEES AND CHARGES:
Lost Keys or security devices
Obtaining necessary permissions, sourcing providers and travel costs £ (inc VAT) plus item cost.

 

Unpaid Rent
Returned Payments Interest at 5% above Bank of England Base Rate from date due.

Professional Cleaning (if required) – UPON QUOTATION
Only charged where professional cleaning is necessary to return the property to the same condition as at the start of the tenancy.

Early Termination as requested by Tenant
Should you wish to leave the property before the end of your tenancy agreement, and should the landlord agree to this, then you will be liable to cover the landlord’s costs of re-letting the property as well as any rent due under the terms of your tenancy agreement up until the point the replacement tenancy commences.Utility Payments
Tenants will remain responsible, unless agreed otherwise, for all utility payments, TV licence and Council Tax accounts. Please refer to your AST for full information.
IF YOU HAVE ANY QUESTIONS ON OUR FEES, PLEASE ASK A MEMBER OF STAFF

Redress: This firm is a member of the Property Ombudsman

Get in Touch