Prior to moving in you will be required to pay the following pre-tenancy payments:
Holding Deposit - Equivalent to one week's rent (rounded down to the nearest pound), following successful referencing this will go towards your Tenancy Deposit.
* You may forfeit your Holding Deposit 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;
- You fail to pay your check-in fund and sign the Tenancy Agreement on time/as agreed - usually within 15 days of paying the Holding Deposit unless otherwise agreed.
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 (maximum 5 week's rent). The Tenancy Deposit must be paid before the Tenancy begins and is registered with the Tenancy Deposit Scheme or other approved scheme.
Please note any balance due must be paid in full in cleared funds prior to the commencement of the Tenancy, this should be bank transfer.
Example - Mr X views a one bedroom property on 20th June and wishes to start a Tenancy on 1st July. He makes a payment of £144 as his Holding Deposit. 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 28th June Mr X transfers the balance of the first month's and Tenancy Deposit and then comes to Tennants office to sign the Tenancy Agreements on 1st July and goes to the property afterwards to complete the check-in at the property accompanied by one of our team.
1st months rent - £ 625
Balance of Tenancy Deposit - £481
TOTAL PAYABLE PRIOR TO CHECK-IN - £1106 (+£144 Holding Deposit paid previously)
The following fees apply during your tenancy as appropriate:
Unpaid Rent - Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s) - Tenants are liable for the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of tenancy (Tenants Request) - £50 (inc. VAT) per agreed variation or any reasonable costs incurred if higher. To cover the costs associated with taking landlords instructions as well as the preparation and execution of new legal documents, in the case of change of tenant(s), new tenant referencing, Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents. Early Termination (Tenants Request) - Should the tenant wish to leave their contract early, they shall be liable for the landlords costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.