Guide to Tenant Fees
New Assured Shorthold Tenancies (ASTs) signed on or after 1 June 2019
Holding deposit (per tenancy) – One week’s rent
The holding deposit is to reserve a property. Please note, however, that this will be withheld if any relevant person (including any guarantor(s)) withdraws from the tenancy, fails a Right-to-Rent check, provides materially significant, false or misleading information or fails to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security deposit (per tenancy, rent under £50,000 per year) – 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) – 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 the rent due date until the rent is paid. This sum is in order to pursue non-payment of rent. Please note, however, that 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 for the actual cost of replacing any lost key(s) or other security device(s). If the loss results in the 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 £15.00 per hour (inc. VAT) for the time taken in replacing lost key(s) or other security device(s).
Existing Assured Shorthold Tenancies (ASTs) and all Assured Tenancies
The following ‘non-refundable’ fees will be payable in the event that the landlord has accepted your ‘subject to contract’ application to take up a tenancy agreement. These fees are preliminary fees and do not guarantee that your application will be accepted. For example, if the credit references received show that you are not a suitable candidate, or should you decide that you no longer wish to proceed with the tenancy, you will lose these fees and you will not be entitled to a tenancy agreement.
Referencing
Once the property has been secured, you will be required to complete our reference process which includes the following fees:
- Referencing fee (per adult) £40.00
- Guarantor fee (per adult) £50.00
- Holding deposit (per application) £500.00
The referencing fee includes checking your current credit status, landlord reference, employment reference and character reference.
This holding deposit is a deposit of intent and it is deducted from the initial monies paid on or before the day you move into the property. If you retract your offer or fail references for any reason, your holding deposit will not be refunded.
These fees are payable as soon as possible once you have been notified that the landlord is prepared to consider your offer to take up a tenancy agreement.
Administration Fee
Once we have received suitable references and the landlord has stated they are prepared to enter into a tenancy agreement, we will then prepare a tenancy agreement and the following fee will be payable:
- Administration fee (per adult) £140.00
The administration fee covers the cost of creating the tenancy agreement and includes holding and registering the deposit with the Tenancy Deposit Scheme (TDS) as well.
Renewal of Tenancy
In the event that you renew your tenancy for a further period, the following charge will be payable:
- Renewal tenancy agreement charge £75.00
Please do not hesitate to contact us if you have further questions regarding our fees.
NOTE – RENT DEPOSIT
Before you sign your Tenancy Agreement you will be required to lodge with us a rent deposit, which is usually equal to six week’s rent. The rent deposit is security for the landlord against non-payment of rent during your tenancy and such things as breakages or damage to the property. The monies will be held in a recognised Tenancy Deposit Scheme (TDS) and will be returnable subject to any claims that your landlord has against you.
How do we ensure our tenants are protected?
We are a registered member of the Propertymark Client Money Protection Scheme. This is a client money protection scheme to ensure your money is handled within the correct manner. Download a copy of our Propertymark Client Money Protection Certificate here.
You can review the Propertymark Conduct and Membership Rules here.
We are also members of The Property Ombudsman (TPO), which is a redress scheme for consumer complaints.