We may find a property for you within a matter of days, so you need to understand the rental process before you start looking.
To protect both tenant and landlord rights you will have to go through a series of checks, referencing and sign tenancy agreements. We always want you to rent through us, so we don't just organise viewings; we help you at every stage of the complex rental process, including making and agreeing an offer.
You will have been given our applicant guide when you came to your first viewing, as soon as you make an offer, we'll send you our detailed tenant guide so you understand the whole rental journey.
· your rental payment
· your chosen letting agents' costs
· the bills you have to pay on top of the rent
· the deposit which is usually the equivalent of between 5 to 6 weeks rent
We've detailed everything below to give you an idea of what to expect.
FULL BREAKDOWN OF TENANT FEES
AGREED AFTER THE 1ST JUNE:
PERMITTED CHARGES IN ACCORDANCE WITH THE TENANT FEE ACT 2019
Under the terms of the Tenant Fee Act if you enter into an ASSURED SHORTHOLD TENANCY, payments which may apply will be as follows:
FIRST MONTHS RENT:In advanceTENANCY DEPOSIT:
(Annual rent less than £50,000)Equivalent to five weeks' rentTENANCY DEPOSIT:
(Annual rent of £50,000 or more)Equivalent to six weeks' rentHOLDING DEPOSIT:Equivalent of one weeks rentEARLY TERMINATION WHEN REQUESTED BY THE TENANT:A charge not exceeding the financial loss experienced by the landlordUTILITIES, COMMUNICATION SERVICES, TV LICENCE AND COUNCIL TAX:To be covered by the tenants from the start of the tenancyDEFAULT CHARGE FOR LATE PAYMENT OF RENT:Limited to interest charge at 3 percent above Bank of England base rate, when rent is more than 14 days lateDEFAULT CHARGE FOR REPLACEMENT OF LOST KEY OR SECURITY DEVICE:Equivalent to cost incurredCHANGING THE TENANCY DOCUMENTS AFTER THE COMMENCEMENT OF TENANCY:Up to £50 for one new reference and providing a new tenancy agreement or for drawing up a variation document at the request of a tenant, or for any reasonable costs incurred if these are higher than £50
NON-HOUSING ACT TENANCIES (NHA)
· A Non-Housing Act Tenancy is formed when one of the following criteria is in place:
The annual rent exceeds £100,000
· The property is occupied by an entity (Company let) rather that an individual
· The property is not used as a main or primary home
· There is a Resident Landlord
If you are in any doubt as to the type of tenancy which will apply to you, please speak to our branch staff
PRE-TENANCY APPLICATION CHARGE (PTAC):PRE-TENANCY APPLICATION CHARGE (PTAC):TENANCY PAPERWORK:£300 per tenancy for contract negotiation and arranging the tenancyDEED OF GUARANTEE:£100 per deedCOMPANY REFERENCE CHECKS:£75 per referenceDEPOSIT:Usually equivalent to six weeks rent or if you have a pet this will usually be equivalent to eight weeks.WITHDRAWING FROM THE TENANCY:Private tenancies - minimum of 2 weeks rent Company tenancies - minimum of 2 weeks rentCALL OUT SERVICES:
(INC OUT OF HOURS)£75 per hour and/or you'll have to pay the contractors invoice where your actions or lack of actions result in us or a contractor attending the property to remedy the situation.LAST MINUTE CANCELLATION OR NO CANCELLATION OF PRE-ARRANGE VISITS:£75 per visit and any contractor invoice. If you cancel an appointment less than 24 hours before, or we have arranged to visit your property and we can't gain access.HOURLY RATE:£75 plus any replacement costs if we or the landlord have to replace any damaged or broken items, or return any fixtures or fittings to their original position, as per the inventory.ANY OVERSEAS PAYMENT CHARGES:£18 per payment. Unless you ask us to pay monies to a UK bank account instead.LATE/UNPAID/RETURNED RENT PAYMENTS:£100 late payment charge and 3 percent above the base rate of Bank of England per annum, calculated daily.CHANGE OF SHARER:£100ADDITIONAL SHARER:£100 if they change at the same time as the aboveRENEWAL NEGOTIATION:£150 for each renewal. If additional referencing is required, we'll also charge you £45 per reference.ANY TENANCY AGREEMENT SPECIALLY NEGOTIATED CLAUSES AGREED AFTER THE TENANCY AGREEMENT HAS BEEN SIGNED:£75 each time a change is requested and agreed by the landlordEARLY TERMINATION:All costs, fees and charges incurred by the landlord for allowing early termination including the agent's existing or re-letting fees.STAMP DUTY LAND TAX:This tax is payable on tenancies where the rent exceeds £125,000
FULL BREAKDOWN OF TENANT FEES
AGREED BEFORE THE 1ST JUNE:
(Inclusive of VAT)
Fees for drawing up and the tenancy agreement£200.00 per tenancyREFERENCING FEE:
References include employer's reference and previous landlord if applicable the price vary on the time needed for the referencing (1hr, 24hr, 48hr)£50.00 - £100.00 per tenantDEPOSITper tenantINVENTORY / CHECK IN / CHECK OUT:
Dependent on the size and level of furnishings£72.00 - £216.00LANDLORD REFERENCING FEE:£25RIGHT TO RENT CHARGE:£25CHANGE OF TENANT FEE:£120.00RENEWAL TENANCY AGREEMENT:£90.00LATE OR
RENT CHARGE:£25.00LOST KEYS FEE:
Dependent on the type of lock for the property£50 - £300ABORTED CALL-OUT CHARGES:
For Fraser and Co Managed properties£150.00
This charge covers the cost of preliminary paperwork, including preparation of the tenancy agreement. It is payable in full prior to negotiations commencing with our client and is charged on a per property basis - not per person. In the event that negotiations are unsuccessful and your offer is not accepted by our client it will be refunded in full.
This charge is payable by each person or company named as tenant on the final tenancy agreement to cover the cost of referencing. Referencing is carried out by an independent referencing agency including establishing the right to rent in the UK. The charge will not be refunded if negotiations are unsuccessful and references have been undertaken. The price varies on the time need for the
re referring. Please see below the breakdown:
· 1 Hour = £100.00
· 24 Hour = £75.00
· 48 Hour = £50.00
Deposit - Equivalent to 6 weeks rent - amount will vary according to rental amount
The deposit is held to protect your landlord from you not meeting your obligations under the terms of the tenancy. Whilst you should check the tenancy agreement for details specific to your tenancy, it will be held in a government-backed Tenancy Deposit Protection Scheme (TDP). This means that no deductions can be made until you and the landlord have reached an agreement or there is a judgement by the courts or a TDP scheme.
Inventory Check / Check In / Check Out
This charge relates to an independent inventory clerk meeting you at the property to establish its condition. You will usually be responsible for the cost of checking the inventory at the beginning of your tenancy and your landlord at the end (please refer to the Agreement for confirmation). Inventory checks are to your mutual benefit as they are used to establish if your deposit can be returned in full or whether a claim against it needs to be made. The actual cost of the check is dependant of the size of property and the clerk instructed. We will give you a price applicable to the property you wish to rent in good time.
Right to Rent Charge
This charge is payable for everyone aged 18 years or over living at the property who is not a named tenant. It is not in addition to the Referencing Charge for named tenants outlined above. It covers the cost of us establishing the individual's right to rent in the UK which includes checks on document authenticity by an independent agency. The charge will not be refunded if negotiations are unsuccessful and the check has been undertaken.
Change of Tenant Fee
This charge applies when you wish to replace a named tenant with another tenant part way through your tenancy and your landlord has agreed to the change. It includes preparing all the documentation relating to the change including an amended tenancy agreement. Payment of this charge does not constitute the granting of a tenancy. Please note that the replacement tenant will be charged separately for referencing in the sum of £120 Inc. VAT each.
Renewal Tenancy Agreement Charge
This charge covers the cost of preparing a more extensive renewal document where substantial changes to the terms of any renewal are required.
Late or Unpaid Rent Charge
This charge is payable on each occasion that an individual rental instalment is overdue by five working days
Lost Keys Fee
This charge will variety property to property due to the lock / key itself. Some of our properties in question have extremely expensive locks and key fobs whereas others will have less expensive locks.
Abortive call-out Charges
This is only available to Fraser and Co Managed properties. This price can vary as it will depend on the issue in subject.
Stamp Duty Land Tax
This tax is payable on tenancies where the rent exceeds £125,000. Please contact HMRC for further information.
For more information regarding the lettings process, please visit the Lettings Advice for Tenants page.