Tenant Fees

Tenant Fees

Holding Deposit

A holding deposit fee of one week’s rent is payable to reserve a property whilst reference checks and preparation of tenancy are being undertaken.
This will be withheld if any relevant person (including any guarantors 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)

Security Deposit

5 Weeks rent is payable per tenancy if the rent is less than £50,000 per year. This covers damages or defaults on the part of the tenant during the tenancy.
6 Weeks rent is payable per tenancy if the rent is over £50,000 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 the 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 Keys 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 locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord or 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 substitution Policy

A request for tenant substitution may be considered at the landlord’s discretion, subject to the following conditions being fully met:

  1. Minimum Tenancy Period: All existing tenants must have resided in the property for at least 6 months at the time of the request.
  2. Remaining Term: There must be a minimum of 6 months remaining on the current tenancy agreement.
  3. Occupancy Change Limit: A maximum of two changes of occupancy are permitted during the term of any single tenancy.
  4. Payment History: The request will not be considered if there is a history of late rent payments or if any rent arrears are currently outstanding.
  5. Referencing Requirement: The proposed new tenant must successfully pass all standard referencing checks.