What is it?
The tenancy application fee is the set-up cost to proposed tenants; this includes the cost of referencing - which will cover checking your credit status, previous employer, current or past landlords, and taking into account any other information to help assess the affordability of your tenancy application. The fee also includes providing a Tenancy Agreement and protecting your security deposit with an accredited scheme. The landlord also pays a share to set up the tenancy.
When is it payable?
It is payable once you've viewed the property and have decided to apply to rent it, we will provide you with a Tenancy Application form that you complete this lists the services we provide and the fees that are payable. You will then be asked for your tenancy set up fee.
Any additional fees that may be applicable to you, for example a guarantor fee, will be collected when this need is established i.e on the recommendation of the referencing company but before you sign your tenancy agreement and prior to paying your move in deposit and initial months rent. This fee is non refundable in the event of you changing your mind or Perry Bishop and Chambers receiving an unsatisfactory reference.
Other fees that may be applicable before or during a tenancy
Additional tenant fee
This covers the cost of processing the application and associated paperwork for any additional applicants. For each additional applicant there will be a fee.
Depending on the outcome from your application from the referencing company, your earnings or overall financial position may require you to provide a Guarantor. This is not uncommon, and means you have someone on your behalf that undergoes credit referencing - to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent. This fee is payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
This covers the added risk of property damage from the pet. It will be protected with your security deposit in a Government-authorised scheme and will be returned at the end of the tenancy as long as there are no dilapidations/damage costs to be claimed from it.
May be applicable if a change to the tenancy is required once terms have been agreed or mid-term. This may be due to a change in personal circumstances and / or a request to leave the tenancy early is agreed prior to the end of the tenancy agreement (this is subject to landlord consent).
Renewal fee (tenant's share)
This is the cost of preparing a new Tenancy Agreement and negotiating with your landlord for a further fixed term tenancy. Extending your tenancy, if agreed by your landlord, gives an assurance of staying in the property for a further fixed period, and avoids the uncertainty of a landlord serving notice at any given time. The landlord also pays a share for renewing the tenancy.
Check out fee (tenant's share)
Inventories/Schedule of Condition Reports are produced at the start of the tenancy, at the end of the tenancy a check out report is then created. The check out report forms an important part of how the return of your security deposit is arranged. A comparison of the two reports are produced and from that any claim from the deposit is made. Only differences beyond that of fair, wear and tear can be claimed.
- Tenant Application Fee Cost
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Set-up Fee (tenant's share)
- £300.00 (inc VAT) Set-up Fee inclusive of referencing for x 2 applicants
- £195.00 (inc VAT) Set-up Fee inclusive of referencing for x 1 applicant
- £120.00 (inc VAT) Additional applicant
- £120.00 (inc VAT) Guarantor Referencing per person (if applicable)
- £380.00 (inc VAT) for company let applications
- £100.00 per pet additional deposit - This is to cover the added risk of damage to the property and will be protected within your security deposit held with the Deposit Protection Service and may be returned at the end of your tenancy subject to a satisfactory checkout.
- £75.00 (inc VAT) Check Out Fee
Applicable fees during a tenancy
- Amendment Fee: £60.00 (inc VAT)
Amending any terms and/or updating your tenancy agreement during your tenancy
- Renewal Fee (tenants share): £60.00 (inc VAT)
To negotiate with the landlord and arrange a further tenancy agreement for signature.
Arrears/Complaints against tenant
- £15.00 (inc VAT) returned cheque/standing order
- £15.00 (inc VAT) telephone call
- £20.00 (inc VAT) letter
- £30.00 (inc VAT) visit
Lost key call out £120.00 (inc VAT)
Subject to the office holding a key and being available. If we do not, then a locksmith will need to be called at the tenant's expense.
Early release/remarketing fee: Equivalent to one month's rent (inc VAT)
This is subject to the Landlord's written approval and dependent on individual circumstances.
- Applicants Guide to Referencing
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As part of your rental application process, Perry Bishop and Chambers will ask the Lettings Hub to carry out certain references.
There are various parts to this process:
1. Credit Check
We check for bad credit, IVA's, Bankruptcy order and CCJ's. If you have any adverse credit it is important that you declare this and make us aware of it. Fees are NON-REFUNDABLE if you fail referencing as a result of a bad credit check or you subsequently withdraw from the property.
2. Current Landlord Reference
We will contact the landlord or agent who you are renting from presently and obtain a reference from them.
3. Verification of Earnings
We need to verify that you can meet the rental obligations and to do this we will check what income you have at present.
The property should be affordable and annual income must be a minimum of 2.5x the monthly rent either jointly or individually.
We will take a reference from your current employers. It is important to give the name of your line manager or indicate that we need to contact the HR or Payroll department if this is the case. We can provide a letter of authority for you if necessary.
If you are employed by your own company, please complete the Accountants Reference section of the application as well since we classify this as self-employment for referencing purposes.
We will need to obtain a reference from your accountant or have sight of the following:
Your last 2 year's accounts
Your last two to three years' worth of SA302's / SA100's / CIS Vouchers
We may also request bank statements to support your application.
Unemployed / Student
Unemployed applicant's and students always require a guarantor. We do recommend that you provide to your letting agent copies of any student loan paperwork which you have received.
If your income is in the form of independent means, then we will require your last 6 month's bank statements and may take a reference from your accountant if you have one. Independent means can include savings, pensions and investments. Please submit to your agent or to us copies of documentation which you feel supports your application. This could include: Savings statements, Premium bonds certificates, Investment statements, Bank statements, Accountant details.
We will require either your annual pension statement or a reference from your pension provider. Please submit a copy of your most recent pension statement with your application.
If you have any additional income, please make this clear when you apply. Additional income could include:
- Tax credits - please provide a copy of this year's tax credits statement to your agent
- Savings - please provide bank statements
- Additional job - please provide details of who we may contact for a reference or provide copies of 6 months' payslips
RIGHT TO RENT CHECKS
You will go through Right to Rent checks that are a mandatory requirement for all applicants under the Immigration Act 2016. We will need Proof of Residency and Proof of Identity.