What do I need to pay?

Before you move into a rental property you will need to pay the following.

• Rent in advance

• Deposit

When do I pay my holding deposit?

Once the landlord has accepted your offer, you will be required to pay a reservation deposit equal to one week’s rent.

This deposit is only due when the criteria below is agreed upon.

Once we receive this deposit, we shall begin preparing the tenancy agreement, reference applications, and other tenancy administration required before the tenancy. Again, these fees are covered by the landlord.

Once your offer is accepted, we will not take any further offers to the landlord or take any more holding deposits.

Is my holding deposit refundable?

Your holding deposit is refundable if

• The landlord withdraws from the offer.

• The property does not meet the criteria mentioned above in “When do I pay my holding deposit?”

If you withdraw your offer, you may lose your holding deposit if

• We cannot find a replacement tenant to meet your intended move-in date.

• The landlord has incurred costs due to your offer being accepted. Cost of referencing may be a cost, buying additional items at your request etc.

We try to avoid this wherever possible and work with you if there is a problem.

Rent

Your rent will be agreed upon in advance when making your offer. It is normal for employed tenants to pay rent monthly in advance. However, if you study or have no credit history in the UK, we may advise the landlord to request an advance payment. This is very common for overseas students and individuals who have irregular incomes.

Deposit

Your deposit or security deposit is held against damages to the property. It may include cleaning, replacement of furniture, lightbulbs etc. Sometimes outstanding rent is deducted from the deposit.

The deposit will be the equivalent of five (5) weeks of rent if the annual rent is below £50,000 per annum. For rents above £50,000 per annum, we charge six times the weekly rent as a deposit.

Charges during your tenancy

Charges are made to an existing tenant if there are additional costs for us to change the contract, change of tenants, or make other irregular arrangements.

Below is a list of costs incurred during an active tenancy.

• Change of tenant £60 inc VAT.

• Change of contract £60 inc VAT

• Late payment charges of 3% over the bank of England base rate

Charges for terminating your tenancy

As a tenant, your primary responsibility is to pay the rent until the end of the contract. However, we understand that sometimes circumstances can change unexpectedly. Should you need to break your tenancy early and your landlord agrees to re-market the property, your liability for the payment of rent and terms of the contract will end once a new tenant is found. However, you will still need to cover the landlord’s costs and fees for the remainder of the original contract, calculated on a pro-rata basis for the unexpired term of the tenancy.

What is the Tenant Fees Act (2019)

The Tenant Fees Act came into force on 1 June 2019.

All payments are prohibited unless the amount is permitted under the Tenant Fees Act.

The Tenant Fees Act prevents landlords and their agents from requiring tenants to make any payment as a condition of granting, renewing or continuing a tenancy apart from:

The Secretary of State can amend the list of Permitted Payments but cannot remove rent from the permitted categories of payment.

IF YOU HAVE ANY QUESTIONS RELATING TO OUR FEES, PLEASE ASK A MEMBER OF STAFF