Reades is a member of The Property Ombudsman (TPOS) and Propertymark (which includes their Client Money Protection Scheme).
The information given below is provided to ensure you are fully informed of any fees and costs involved in renting a property through Reades.
What you see is what you pay, our fees include the VAT.
1. Holding deposit (per tenancy)
An amount equivalent to one week's rent.
Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fails referencing, fails a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
2. Security Deposit
The security deposit held, per tenancy:
a. where Rent of less than £50,000 payable per year - an amount equivalent to five weeks' rent, or;
b. where Rent of £50,000 or over payable per year - an amount equivalent to six weeks' rent.
The security deposit covers damages or defaults on the part of the tenant during the tenancy.
Unpaid Rent - Interest will be charged at 3% above the Bank of England Base Rate from the date rent was due until it is paid.
Please note: This will not be levied until the rent is more than 14 days in arrears.
3. Lost Key(s) or other Security Device(s)
Tenants are liable to 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 for the time taken replacing lost key(s) or other security device(s).
4. Additional charges
a. Variation of contract (tenant's request) - £50 per agreed variation, to cover the costs associated with taking landlord's instructions as well as the preparation and execution of new legal documents.
b. Change of sharer (tenant's request) - £50 per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord's instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution.
c. Early Termination (tenant's request) - should the tenant wish to leave their contract early, they shall be liable to the landlord's 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.