Holding Deposit
When your application has been successfully selected by the landlord, you will be required to pay one week’s rent as a holding deposit to reserve the property. Your property will only be reserved for 7 days upon receipt of payment, so you will need to deal with your application promptly.
The holding deposit will go towards the balance of the first month’s rent when you move in.Note: It could be that any holding deposit paid may be kept but only for the following reasons: providing false or misleading information; failing a right to rent check; failing to sign the tenancy agreement within 15 calendar days (or alternative Deadline for Agreement as agreed in writing) or withdrawing from the property (unless the landlord has acted in such a way that the tenant couldn't reasonably be expected to wish to proceed with the tenancy). If none of these circumstances applies but the landlord decides not to proceed with the tenancy, your holding deposit will be refunded.
Security Deposit
The security deposit is set at five week’s rent. This deposit covers damages or defaults on the part of the tenant during the tenancy.
Late Payment
If the rent is late or unpaid, interest will be set at 3% above the Bank of England base rate from the Rent Due Date until paid in order to pursue non-payment of rent. Interest will not be levied until the rent is more than 14 days in arrears.
Replacement locks or keys
Tenants are liable for the actual cost of replacing any lost key(s) or other security devices. 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 to replace lost key(s) or other security device(s).
Variation of Contract (Tenant’s request) – per agreed variation
There will be a £50 (inc. VAT) charge per agreed change to the tenancy agreement. To cover the costs associated as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant’s request) – per replacement tenant or any reasonable costs incurred if higher.
There will be a £50 (inc. VAT) charge 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 of new legal documents.
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.
Please ask a member of our team if you have any questions about these charges.
How do we ensure our tenants are protected?
We are a registered member of the SafeAgent Client Money Protection Scheme. This is a client money protection scheme to ensure your money is handled in the correct manner. Download a copy of our SafeAgent Client Money Protection Certificate here.