Samuel and Co would like to provide clarity of the fees that may become payable during a tenancy you are looking to enter into. You should also understand these before you make any decision about a property or before you decide to view a property.
Please note the credit checks, employment checks, previous landlord checks and Right to rent checks will be done before you enter the tenancy.Once you have viewed the property and decided to apply for renting it you will be asked to reserve it by leaving a reservation deposit which is equal to one weeks rent to indicate your good faith and serious intentions to proceed with renting the property. This is initially to process your application and hold the property for a period of 3 working days.
You are required to provide your application forms and copies of identification and requested documentation along with Your application. Samuel and co will then take the property off the market.
Should the reference checks come back unsatisfactory You will be informed within 5-7 days. This Holding deposit is non-refundable should you fail your references or decide not to proceed once the referencing procedure has begun. If the landlord declines to grant the tenancy, it will be refunded. However, the holding deposit will be forfeited if you decide not to proceed for any reason, or if you fail to provide complete and accurate information in your application.
Tenant deposit from 1 June 2019 landlords in England are limited to the equivalent of 5 weeks rent for new and renewed tenancies (or 6 weeks if the annual rent is £50,000 or more). This is calculated by dividing the annual rent by 52 and multiplying by 5 (or 6 if rent is £50,000 or more) and will be required to be paid at the start of the tenancy.
Tenant Fees Act 2019 permits certain fees / charges to be made under the following circumstances:
Fee £ Inc. VAT Explanation
Company application fee £500.00 £500 including VAT
Default fee for late payment of rent Chargeable from 14 days arrears calculated on the interest at 3% above Bank of England base rate on the late payment of rent for each day that the payment is outstanding.
Loss of a key or other security device Landlords and letting agents can charge a tenant a fee to cover the cost of replacing the lost key or security device (e.g. fob, electronic device for garage doors / security gates).
Payment on termination of a tenancy Landlords and letting agents can require a tenant to make a payment for an early termination (surrender) of the tenancy agreement at the tenant's request.
Payment on variation, assignment or novation of a tenancy £50.00 When a tenant has requested it, landlords and letting agents can charge to vary, assign or replace a tenancy. Fee charge £50 (including VAT).
We are members of Safe Agent License no S5392
We are members of NALS License no A5173
Please note that lettings agents are required by law to publish on their websites information for potential tenants about relevant fees, redress schemes and client money protection schemes (including the names of those schemes). Relevant fees must also be published on third party websites, such as Rightmove. For properties to rent in England and Wales, details of the agent's membership of any redress scheme and client money protection scheme must also be published with their fees on Rightmove. It is the agent's responsibility to ensure that all relevant information is provided to Rightmove and is up to date and accurate. If the relevant information does not appear here, the agent may have included it within the property description.