TENANT FEES

THIS APPLIES TO ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019

 The Holding Deposit (per tenancy)                                       

This will be equal to one week’s rent and is payable to reserve a property. It’s important to note that this will be withheld 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 (or other Deadline for Agreement as mutually agreed in writing).

A Security Deposit (per tenancy. Rent under £50,000 per year)

Equal to Five weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

Security Deposit (per tenancy. Rent of £50,000 or over per year)

Equal to Six weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

Unpaid Rent

Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid will be charged in order to pursue non-payment of rent. This will not be levied until the rent is more than 14 days in arrears.

Lost Key(s) or other Security Device(s)

Tenants are also 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 needing 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 Contract (Tenant’s Request)

£50 (inc. VAT) will be charged per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.

Change of Sharer (Tenant’s Request)

£50 (inc. VAT) will be charged per replacement tenant or any reasonable costs incurred if higher.

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.

Early Termination (Tenant’s Request)

In the event that the tenant wishes to leave their contract early, they will be liable to the landlord’s costs to re-let the property, and also for 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.

Companies seeking to rent a property will be required to pay £210 including VAT (£175 plus VAT) for the completion of a Company Reference carried out by an independent referencing agency.

 

Please contact us if you need more information or have any questions about our fees.

We are here to help and guide you.

 

CLIENT MONEY PROTECTION:                                                         INDEPENDENT REDRESS:

RICS Client Money Protection Scheme 047838                                  Property Redress Scheme PRS012603

www.rics.org                                                                                  info@theprs.co.uk