Permitted Payments, Default Fees and Damages Payments which may apply to your tenancy as defined by the Tenant Fees Act 2019:
Holding Deposit (which will be offset against your first rent payment at the point of moving in. By signing this agreement you confirm your agreement to this)
Once you have been provisionally accepted by the landlord (subject to references and contract) the Holding Deposit becomes payable. It will not be returned should you provide false or misleading information, fail a Right to Rent check, unilaterally withdraw your application or fail to take all reasonable steps to enter into a tenancy agreement within the agreed timescale. The Holding Deposit will be ONE WEEK’S RENT.
Late payment of rent
The Agent/ Landlord is entitled to charge interest at 3% above the Bank of England’s base rate for each day that a rent payment is outstanding. This charge will be applied once the rent has been outstanding for 14 days or more and will then be backdated to the rent due date. Payment of interest must be made at the same time as the rent is brought up to date.
Replacement or additional keys or entry/ security devices
The Agent/ Landlord is entitled to be fully reimbursed for all reasonable costs incurred in replacing existing or providing additional keys and security/ entry devices immediately upon production of a receipt/ invoice. The Agent’s time in doing so will be charged at £15.00 per hour including vat.
Changes to a Tenancy
Should the tenant make a reasonable request to alter the tenancy agreement after the commencement date, the Agent is entitled to make a charge of £50.00 including vat. Such examples include a request for pets to be kept in the property, a change of sharer in a joint tenancy, permission to add a new occupier, working from home/ running a business from the property or any other amendment which alters the obligations of the agreement. In cases where a change of sharer is particularly complex, the Agent reserves the right to charge in excess of £50.00 but this will be agreed with the tenant(s) in advance. All such requests remain subject to the Landlord’s approval.
Early Termination Fees
Should the tenant request early termination of their tenancy, and the Landlord agrees to said request, the Landlord/ Agent will be entitled to recover the Landlord’s Letting Fee as detailed in the Terms of Business between the Landlord and Agent, from the Tenant. This is currently £354 (£295+vat). The tenant will also be responsible for the rent up until the day a new tenant takes over responsibility or until the date the tenancy or tenant’s notice period runs out, whichever is soonest. This procedure is always subject to landlord’s consent, contract and references.
A fee of £600.00 (£500+ VAT) will be made to cover costs in respect of taking up references and preparation of tenancy agreements. You will be asked to pay a minimum of £200 of the deposit when the application proceeds, in order to secure the property subject to references. . If after the expiry of a fixed term both parties wish to extend the tenancy, a fee of £120 (£100+vat) will be payable for renewing or extending the tenancy agreement on each occasion, irrespective of the length of the extended period or the type of agreement. The full cost of any extension is £240 (£200+vat), however you share this cost with the landlord.