Posted: 5th June 2023
Tenant Fees
Tenant Fees
Although tenants are no-longer required to pay for referencing, there are still some fees that are payable
Please see our permitted fees below:
TENANT FEES SCEDULE
NEW ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019
Holding Deposit (Per Tenancy):
One week’s rent. This is to reserve a property. Please Note: 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).
Five weeks’ rent (Security Deposit) {Per Tenancy. Rent under £50,000 per year}: This covers damages or defaults on the part of the tenant during the tenancy.
Six weeks’ rent (Security Deposit) {Per Tenancy. Rent of £50,000 or over per year}: 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 in order to pursue non-payment of rent. Please Note: 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 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 £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) 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) 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):
Should the tenant 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.
PERMITTED FEES
The Permitted Fees under the Tenant Fee Act are:
- Rent
- A refundable Tenancy Deposit (capped at five weeks rent for rent not exceeding £50,000 per annum or six week’s rent if greater)
- A refundable Holding Deposit to reserve a property (capped at one week’s rent)
- Novation, Variation of Assignment of Contract capped at up to £50 including VAT (or agents reasonable cost incurred if higher (which must be evidenced)
- Surrender of Tenancy (covering the landlord’s costs in reletting the property, all rent outstanding until a new tenant is found (up to the maximum outstanding rent on the tenancy)
- Default Fees (lost keys or other respective security devices; late rent payment after 14 days rent was overdue capped at 3% above the Bank of England Base Rate (currently at 0.75%)
- Utilities (water, gas or other fuel, electricity, sewerage); Communication Services (phones other than mobile phones, Internet, Satellite television); Council Tax; Green Deal charge (or any subsequent energy efficiency scheme)
You can find out more about permitted fees HERE.
Please ask a member of staff if you have any questions or concerns about our fees, or renewal fees.
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