By law, from 1st June 2019, Landlords and Agents are no longer allowed to charge a tenant an agency fee in order to secure a property. Instead, should you wish to proceed with an application to let one of our properties, a holding deposit will be payable on completion of a tenancy application form.
Our holding deposit amount is equal to one week’s worth of the annual rent for the property you wish to let and is payable via internet, or bank transfer only.
If you are successful in your application, this holding deposit will be returned to you, or by mutual agreement, “repaid” by deducting the equivalent sum from the payment towards the first month’s rent.
Your holding deposit will not be returned in the following circumstances:
• The tenant fails a Right to Rent check regardless of when the deposit was accepted.
• The tenant provides false or misleading information to the landlord or letting agent, which the landlord is reasonably entitled to consider in deciding whether to grant the tenancy because this materially affects their suitability to rent the property.
• The tenant notifies the landlord or letting agent before the deadline for agreement that they have decided not to enter into a tenancy agreement.
• The tenant fails to take all reasonable steps to enter into a tenancy agreement
This new legislation also clarified what monies can be charged to tenants, referred to as permitted payments. Permitted payments are as follows: Rent Utilities and Council Tax Security Deposits Holding Deposits Default Fees Fees for changing a tenant, or ending a tenancy early.
Default Fees
Lost Keys, or other 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. 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)
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.
Variation of Contract (Tenants 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 (Tenants 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 (Tenants 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.