Permitted Payments under an Assured Shorthold
Refundable Holding Deposit
A holding deposit will be required in order to secure the property. By paying this holding deposit you give your consent for this said holding deposit to be held on account until your first month’s rent becomes due. (Typically within 90 days). The holding deposit will paid towards your first month’s rent. The holding deposit will be collected as soon as you have completed the referencing application form at which point the property will be removed from the market. Equivalent to one week’s rent rounded down to the nearest £10. e.g if your rent is £750 pcm then the holding deposit will be £170.
We may retain your holding deposit if: · You provide misleading information on your application form · You fail a Right to Rent Check · You change your mind about the property and withdraw your application · You have failed to take reasonable steps to enter into the tenancy Refundable Tenancy Deposit This is your Security Deposit. Your Deposit will be registered with the Deposit Protection Service for the duration of your Tenancy.
Refundable Tenancy Deposit
This is your Security Deposit. Your Deposit will be registered with the Deposit Protection Service for the duration of your Tenancy. The Team will contact you to advise when all payments are required, the deposit amount is equivalent to 5 week’s rent
Where permission is given for a pet to reside at the property, the rent per month is increased to include a pet rent. Due as part of your monthly rental payments. The Amount is £30 additional rent per month (Applies to cats and dogs only).
First Month’s Rent
Your first month’s rent is due in advance. The Team will contact you to advise when all payments are required. The Amount is 1 month’s rent (less any holding deposit that has been collected).
Tenants may also be charged the following fees for services provided during the tenancy:
A payment that is required in the event of a default by the tenant: • Lost key • Lost security device giving access to the housing. Payable on request by the Team. The amount will be a reasonable cost that has been incurred by the Landlord.
Late Payment Fee
Fee will be added to the Tenant’s account when rent falls overdue (by 14 days or more). Payable when rent falls overdue. The Amount of any fee charged must be no more than 3% above the Bank of England Base Rate (this is only applicable to the late payment fee not a Default Fee).
Variation of Tenancy Fee
Payments on assignment, variation or novation of a tenancy at the tenant’s request. Payable on request by the Team following the tenant request. Amount capped at £50 or the reasonable costs incurred if greater.
Early Termination Fee
Payments in respect of early termination of a tenancy agreement at the tenant’s request. Payable on request by the Team following the tenant request. Capped at Landlords loss of rent.
Any payment is inclusive of VAT. Unless stated otherwise, all payments are non-refundable.
Tenants may be expected to pay additional amounts for services incurred during your tenancy such as: Council Tax, Energy and Utilities, Television Licences, Phone and Internet services. These are not included with your rent or payments to the landlord. It is the responsibility of the tenant to arrange for payment for these services where applicable.
Client Money Protect Member CMP002349
PRS Redress Scheme Member PRS008336