The Costs Involved for Tenants
Tenant Fees (Assured Shorthold Tenancy Agreements)
You can see all of the money and fees you’ll need to pay for Housing Act Tenancies (AST) listed below.
All our fees and charges are shown including VAT.
| Description | Charge |
| General fees and charges | |
| Holding deposit |
Equivalent of one weeks rent, which will be put towards your first rent due on completion of the tenancy. If you decide you don’t want to go ahead for any reason, or if the tenancy can’t proceed because of any of the following the landlord, or we, can keep all of the holding deposit: •Your application includes false or misleading information, which would affect the landlord’s decision to rent their property to you, unless you can prove that it was given in error. •You change your mind about going ahead with the tenancy and withdraw your application. •You, any guarantors or anyone acting on your behalf cause any delays to the tenancy being completed. •You, any guarantors or anyone acting on your behalf fail to take all reasonable steps to enter into the tenancy for example; you don’t provide information requested to support your application. •You fail any Right to Rent checks. |
| Any tenancy agreement specially negotiated clauses agreed after the tenancy agreement has been signed | Up to £50, or for any reasonable costs incurred if these are higher than £50 |
| Traditional deposit: annual rent less than £50,000 | Equivalent to five weeks’ rent |
| Traditional deposit: annual rent £50,000 or more | Equivalent to six weeks’ rent |
| Change of sharer | Up to £50 for one new reference and providing a new tenancy agreement, or for any reasonable costs incurred if these are higher than £50. |
| Early termination (at landlord's discretion) | All costs, fees and charges incurred by the landlord for allowing early termination including the agent’s existing or re-letting fees. |
| Stamp Duty Land Tax | Payable on tenancies where the rent (for the whole time a tenant stays in the property) exceeds £125,000. |
| Bank Charges | There is no charge for payments to UK bank accounts, if you ask us to pay an overseas account we’ll charge £30 per payment. |
| Default fees and charges | |
| Late, unpaid, returned rent payments | 3% above the base rate of Bank of England per annum, calculated daily. |
| Lost keys | Any cost for the replacement of keys, fobs, security devices or associated items which have been lost, damaged or broken. |
These charges are in line with Government regulations. If you have any queries the lettings team will be able to help you.
Client Money Protection is a legal requirement for all letting agents who deal with client money from 1st April 2019. Under current legislation, the Consumer Rights Act 2015 made it a legal requirement for every lettings agent in England to display whether or not they are a member of a Client Money Protection scheme.
Reads Property Consultancy is a member of Safe Agent Client Money Protection scheme our accreditation number is : A8089
