Tenants Information and Fees
After you have viewed one of our rental properties, If you wish to make an application to rent please be aware of the following costs & fees involved:
From the 01st June 2019 tenants will not be required to pay the Letting agent / Landlord any administration or application fees to secure a property, the only fees applicable to the tenant are detailed below:
Capped at the equivalent of 1 weeks rent – This will be deducted from the first month’s rent once the application is agreed and moving in dates are confirmed with the tenant and landlord.
Common Question asked by Tenants regarding a Holding Deposit:
Question: Can I lose my Holding Deposit? Answer YES – for the following reasons:
- If the tenant decides not to proceed with the tenancy after referencing has begun.
- Tenant withholds or provides misleading or incorrect information on their application form.
- Fails a Right to Rent check
- Tenant dragging feet or taking longer than 15 days after paying the Holding Deposit to supply the referencing agent relevant information to complete referencing.
Equivalent of 5 weeks rent – Held by The Deposit Protection Service (DPS) for our Fully Manged properties and will remain within this scheme until the end of the tenancy and possession of the property is returned to the agent / landlord.
Let Only Service or Advertisement Only Service
It will be the Landlords responsibility to place within a registered tenants deposit scheme and to PROVIDE the tenant with details of the scheme.
Possible other Fees.
- Late payment fee = £10
- Lost keys = £25 (Call Out Charge)
EXAMPLE OF COSTS FOR TENANTS:
Rent £400.00 per calendar month
Security Deposit £461.50 (5 weeks rent)
Tenant has already paid 1 week HOLDING DEPOSIT of £92.30 to secure the property and begin referencing
Therefore, the required amount left to pay will be: £769.20
Amount based on calculation:
£400.00 rent less Holding Deposit of £92.30 = £307.70
£461.50 Security Deposit (5 weeks rent)
Total left to pay before move in: £769.20
Information we will require with your application
- ID (Passport or Driving Licence)
- Utility bill (with name & address)
- Latest Bank Statement
- 3 Months payslips
- 1 years accounts if self employed
We will carry out a credit check and will require landlord / employers references where applicable