References
References are taken up on all prospective tenants using an approved referencing company, in order to satisfy landlords that their property is likely to be well looked after and that the rent will be paid on time. Each prospective applicant is liable to pay an administration charge of £150 (includes VAT at 20%). The administration charge is non-refundable in the event that references prove unsatisfactory or the tenant withdraws the application before completion. If inconclusive information has been obtained on the prospective tenant it will be necessary to provide a guarantor to act as security for the term of the tenancy. Additional references for the guarantor will be charged at the same rate. The guarantor will need to be a UK resident and will have to provide similar references to those required for the proposed tenant. The references will be forwarded to our client (the landlord) for their approval. If the references are acceptable we will draw up the tenancy agreement. In other cases it may be appropriate to ask that all the rent is paid upfront in advance at the start of the tenancy.
Deposit
A deposit equivalent to one months rent plus £200, (the additional £200 is non refundable in the event of the tenant pulling out of the deal and is to be paid as a reservation fee at the time the reference payment is made) the deposit will be held in a client account with our management department as part of the tenancy deposit scheme, for the duration of the tenancy to offset any costs to remedy any breach of the tenancy agreement. The deposit can not be used as the last months rental payment.
Tenancy agreements
We have different forms of tenancy agreement, which specifically cater for both the landlord and tenants needs. It is important that you read your tenancy agreement carefully and make sure you understand all the clauses in it. Anything you do not understand can be explained by our Lettings Manager. Please note that unlike many of our competitors, we do not charge either tenant or landlord for tenancy agreements.
Share of tenancy renewal
A fee of £90 (includes VAT at 20%) is payable. We will discuss the length of the new term, draw up a new contract and ask you and the landlord to sign.
Initial month's payment
The first rental instalment plus deposit must be received in cleared funds before the date the tenancy commences.
Inventory and check-out fees
Before the tenancy commences an Inventory clerk will draw up an Inventory to provide a detailed schedule of condition of the property together with its contents. The Inventory is a form of protection against disagreements at the end of the tenancy. Preparation of the Inventory is charged to the landlord. There may be a check out fee payable by you depending on what arrangements the landlord makes.
Tenant fee schedule
To make things clearer for you, please find below a schedule outlining the costs involved:
Pre-tenancy
Non-refundable holding deposit* £200 per property
Administration/referencing fee: £150 per applicant (includes VAT at £20%)
Guarantor referencing (if required): £150 per guarantor (includes VAT at 20%)
Tenancy agreement and administration: No charge
Security deposit*: Equal to one month's rent, plus £200. For example, if the monthly rent is £1,000 pcm, the security deposit will be £1,200. The non-refundable holding deposit paid initially will form part of the security deposit.
First month's rent: payable in advance of the tenancy start date.
During your tenancy
Share of tenancy renewal: £90 per tenancy (includes VAT at 20%)
End of tenancy
Check-out fee: £96 to £114 per tenancy (includes VAT at 20%). Inventory prices are based on the number of bedrooms in a property and the furnished or unfurnished status. Please ask for exact prices for a particular property.
*The above listed figures are our standard fee and deposit amounts. On some properties our landlords may ask for a larger security deposit and/or for us to collect a larger holding deposit. If there is a specific property you are interested in, please ask us to confirm the figures for you.
If there's anything else you would like to know, please contact us.
