The Costs Involved for Tenants
When renting a property, the fees are very similar from agent to agent. Here is an overview of the costs involved that you need to be aware of:
Fees & Deposits
Holding Deposit
One weeks rent per property
Security Deposit
Equivalent of 6 weeks rent per property.
Alterations after creation of contract
£50 +VAT (£60 inclusive of VAT)
Tenancy Extension / Renewal Fee
£60 +VAT (£72 inclusive of VAT) per property
Late Rental Payment Letter
£25 +VAT (£30 inclusive of VAT)
Early Exit Fee
£62.50 +VAT (£75 inclusive of VAT)
Your Responsibilities
- Monthly rent payments for the property to be paid by standing order.
- Utilities Bills (Gas, electricity, water and telephone). Please advise your Landlord/Agent of any changes that you have made to the supply of gas/electricity at the property.
- Council Tax
- Television Licence
- Subscriptions to cable/satellite TV supplier and/or internet provider.
- Contents Insurance for your belongings
- Stamp Duty Land Tax on rents that exceed £125,000 cumulatively.
- Moving costs should be taken into account like removal van hire etc.
- Professional cleaning fees before check out.
An Explanation of The Costs
Holding Deposit
Once you have put forward an offer to rent a property and it has been accepted, we will ask you for a £500 holding deposit per property to confirm your intent to proceed with the tenancy. This money will be put towards your tenancy deposit or first month’s rent.
Should the tenancy not proceed because you decide to withdraw or your references prove to be unsatisfactory, the reservation fee is non-refundable. If the landlord withdraws prior to commencement of the tenancy you will receive a refund of your holding deposit less actual charges incurred by us.
If alterations after creation of tenancy agreement are required a charge of £50 +VAT (£60 inclusive of VAT) is payable. This charge covers our costs, including time taken to draft the amendments and recirculate to the relevant parties.
Security Deposit
Equivalent of 6 weeks rent.
Tenancy Extension /Renewal Fee
A charge of £60 +VAT (£72 inclusive of VAT) per property is payable. This charge covers the cost of preparing a document that confirms the details of renewal where the basic terms, other than any rental increase, remain unchanged.
Renewal Tenancy Agreements
A charge of £50 +VAT payable. This covers the cost of preparing a more extensive renewal document in order to accommodate any substantial changes to the terms of any renewal agreed.
Change of Tenant Charge (shared tenancies)
A charge of £300 +VAT (£360 inclusive of VAT) is payable per tenant. This charge is made when you wish to replace a named tenant with another tenant part way through your tenancy and your landlord has agreed to the change.
The charge covers the cost of preparing all the documentation relating to the change including amended tenancy agreement. This charge is payable in advance. Please note that our accepting payment does not confirm the granting of a tenancy. The replacement tenant will be charged separately for referencing in the sum of £50 +VAT (£60 inclusive of VAT).
Deed of Surrender
A charge of £62.50 +VAT (£75 inclusive of VAT) is payable where, at your request and with the landlords agreement, you are released from your tenancy early. This covers the preparation of necessary documentation.
Initial Monies
You should allow for the following additional funds prior to commencement of your tenancy: One month’s rent in advance.
Security deposit equivalent of 6 weeks rent. Note - if pets are allowed this will usually be registered with the dispute service (TDS).
Potential Charges
You will be liable for a late payment fee of £25 +VAT (£30 inclusive of VAT) on each occasion that your rent is late by more than 5 working days. This charge covers the cost of our contacting you by either telephone or in writing in order to chase overdue payments.
Contract Alterations
If you require an alteration to the contract after creation and your landlord agrees to the alteration, you will be charged £50 +VAT (£60 inclusive of VAT). This covers our costs in re-drafting the contract.
Stamp Duty Land Tax
Tax is payable on tenancies where the rent exceeds £125,000 per annum. For further information please make contact direct with Her Majesty’s Revenue and Customs (HMRC).
Credit Card Charges
1.5% of any payment made via credit card will be added to each transaction. There is no charge for payments by debit card or bank transfer. Cash is not acceptable.
