Prior to moving in you will be required to pay the following pre-tenancy payments fees: Initially you will be required to pay the agency Fees.
*Reference Fee - £120 including VAT per applicant. This covers our processing of your application and preparation of the Tenancy Agreement, which will normally include check-in and utility notifications.
*Guarantor Fee - £48 including VAT. A Guarantor (who is resident and owns a home in the UK) may be required for prospective tenants without a good track record in rented property, those with adverse credit, or if proof of income suggests affordability issues.
*Inventory Fee -This covers the cost of the compilation of a comprehensive inventory/schedule of condition by an independent inventory provider. Studio/1 and 2 bedroom flats = £102; 2 bedroom house = £114, 3 bedroom house = £126, 4 bedroom house £138. For larger properties a maximum of £240 will be charged as advised by the inventory provider. All prices include VAT.
* You may forfeit your Fee(s) if: You fail to return completed referencing paperwork within 48 hours; Your application is unsuccessful due to false information; You withdraw your application more than 48 hours after reserving the property and paying the above fees as applicable.
1st Months Rent - unless specifically agreed otherwise the rent is payable calendar monthly in advance. The 1st months rent must be paid before the start of the Tenancy. Please note the balance of the 1st months rent will be payable 2 weeks after the date of the reservation payment when the Tenancy is due to start 4 weeks or more after this date.
Tenancy Deposit - equivalent to one months rent unless otherwise stated. The Tenancy Deposit must be paid before the Tenancy begins and is registered with the Tenancy Deposit Scheme. Please note any balance due must be paid in full in cleared funds prior to the commencement of the Tenancy, this should be paid by cash, debit card or by bank transfer (by prior arrangement).
Example - Mr X views a one bedroom flat on 8th June and wishes to start a Tenancy on 1st July. He makes a payment of £270 covering the Reference, Guarantor and Inventory Fees. He then completes referencing paperwork. He has not rented a property before so his mother acts as his Guarantor. His credit check and references are satisfactory as are his Guarantors and the landlord approves his proposed Tenancy. On 1st July Mr X comes to Tennants office to sign the Tenancy Agreement and make his pre-tenancy payment by debit card. He pays the outstanding £1250, calculated as follows:
Balance of 1st months rent - £650
Tenancy Deposit - £650
TOTAL - £1250
Renewal fee - £30 including VAT. Contract negotiation and administration relating to the tenancy
Change of tenant(s) - £62 including VAT + Individual Reference Fee(s) Covers new agreements, re-registration of tenancy deposit
Early termination fee - £360 including VAT + Landlords Agreement Fee £30 including VAT. To cover landlords and/or agents costs to re-market the property and secure a replacement tenancy.
Lost key/locked out emergency call-outs - £60 (inc VAT)
Late rent 14 day letter - £30 (inc VAT)
Unpaid rent interest - charged daily at 5% above Bank of England Base Rate