Tenant Fees

Tenant Fees: Assured Shorthold Tenancies

Holding Deposit 

In order to reserve a property whilst the referencing process is completed and preparation for a tenancy agreement is undertaken, a holding deposit equivalent to one weeks rent will be payable by the prospective tenant.

If the tenancy proceeds, the holding deposit will be credited to the tenant’s rent account.

However, the holding deposit will be withheld if the tenant (or guarantor) fails a Right to Rent check, provides false or misleading information, or the tenant notifies the agent within 15 days that they have decided not to enter a tenancy agreement or if the tenant fails to make reasonable steps to enter into a tenancy agreement. 

Tenancy Deposit

A tenancy deposit equivalent to five weeks rent will be held by the landlord (or agent acting on behalf of the Landlord) as security during the tenancy and is reserved for any damages or defaults by the tenant. 

Alteration to Tenancy Agreement (at tenant’s request) 

£50 (inc VAT) per agreed alteration.

Early Termination (at tenant’s request)

If the tenant requests to terminate the tenancy early, they will be liable for the landlord’s reasonable costs in re-letting the property. These costs will be no more than the maximum amount of rent remaining on the tenancy.

Lost Key(s) or other Security Device(s)

Tenants will be liable for the cost of replacing lost key(s) or other security device(s). If the loss results in a lock needing to be changed, the costs of a locksmith, new lock and replacement key(s) for the tenant, landlord and any other persons requiring keys will be charged to the tenant.

Late Payment of Rent

A fee will be charged to the tenant at 3% above the Bank of England base rate in interest on the late payment of rent each day that the payment is outstanding. This fee will not be levied until 14 days after the full rent was due.

DPS - Deposit Protection Service   

As part of the Housing Act 2004 the Government introduced tenancy deposit protection for all assured shorthold tenancies (ASTs) in England and Wales where a deposit is taken. From April 6th 2007, all deposits paid under an AST should have been protected within 14 calendar days of receipt by the landlord.

www.depositprotection.com