Below are the typical tenant costs involved in renting a property, all fees are published inclusive of VAT.
Rent: At least the first month's rent must be paid in advance, prior to the commencement of your tenancy.
Holding Fee & Deposit: Upon acceptance of an offer by the landlord, a holding fee of £250.00 will be taken; this amount is then offset against the total deposit which is payable in full before your chosen move in date. Should you fail a credit check or withdraw from the offer for any reason, this amount is non-refundable. Should the landlord withdraw from the offer, this amount will be refunded to you. The total security deposit is often equivalent to one month's rent + £100.00. However, some landlords require a higher deposit. Your negotiator will inform you of any specific deposit requirements relating to your preferred property.
Administration Fee: A non-refundable administration fee of £72.00 per person will be payable upon the landlord's acceptance of your offer.
Referencing Fee: We use an independent, third party referencing agency to confirm your identity, salary, credit information and previous rental history. The non-refundable cost of this referencing is £120.00 per adult.
Guarantor Fee: A non-refundable charge of £120.00 for each guarantor to be referenced is payable upon acceptance of your offer. No administration fee is payable for the use of guarantors.
Change of Occupancy: It is the tenant's obligation to obtain written consent from the landlord for any change in the identity of the tenants. Upon receipt of this consent from the landlord, Palmer & Partners will draw up a new tenancy agreement to be signed by all parties. An administration charge of £72.00 will be charged for this service. Any new tenant may be required by the landlord to be referenced at a cost of per new tenant.
Rent Arrears: An initial charge of £30.00 will be made for the administration involved in dealing with any rent arrears with an additional £6.00 charged for each subsequent day of arrears.
Missed Appointments: Palmer & Partners reserve the right to charge a minimum charge of £30.00 for any appointments not kept by the Tenant. The fee will be dependent on the costs incurred as a result of any appointment not being kept.
Renewal Fee: Should you wish to renew your tenancy; it is important that you contact us no later than 2 months prior to the expiration of your current tenancy agreement. An administration charge of £72.00 is payable by the Tenant up signing of the renewal paperwork.
Check-Out Fee: In some instances, your landlord may employ Palmer & Partners or an independent inventory company to check you into and out of your property. In most cases the landlord will pay for check-in and the cost of compiling the inventory. If this is the case, you will be charged a check-out fee at the end of your tenancy. If Palmer & Partners being asked to carry out this check-out, the cost to the tenancy is £120.00
Break of Tenancy: Should a tenant wish to terminate the tenancy outside the terms of the contract, upon written acceptance from the landlord, the tenant will remain liable for all rent and bills payable under the contract until the expiry of the Term or until the day before a new tenant moves in, whichever is the soonest. The tenant will also be liable for any remarketing costs incurred by the landlord - usually equivalent to one months' rent including VAT.