Tenant Fees
All fees are inclusive of VAT
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Refundable Holding deposit |
Capped at 1 weeks rent |
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Security Deposit |
Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000 |
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Rent |
The agreed monthly rent |
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Changes to tenancy |
Capped at £50 inc VAT |
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Early termination charge |
Not exceeding the landlord’s financial losses |
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Late payment of rent |
Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue |
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Replacement keys |
Reasonable costs or give the tenant the option to purchase themselves. |
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Utilities, council tax, communication services, TV Licence etc |
Tenants own responsibility unless otherwise stated in contract |
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Client Money Protection Scheme Membership details |
The UKALA is below |
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Property Redress Scheme Membership details |
Membership N0 T00022 Membership 178361 Above is Ombudsmen and UKALA |
We also can add the 0% Deposit scheme – please ask in branch for details.
Notes
- The Rent . You must not charge more in the early part of the tenancy than over the rest of the tenancy, however you may vary the rent during the first year if agreed by the tenant, once the tenancy has started, or if the tenancy is subject to a rent review clause that allows both increases and decreases in rent.
- A refundable tenancy deposit . This will be capped at 5 weeks rent where the annual rental income is under £50,000, or 6 weeks rent where the annual rental income exceeds £50,000. The deposit must be registered in a government backed deposit scheme.
- A refundable holding deposit . This is capped at one weeks rent and must be either returned or offset against the refundable tenancy deposit within 7 days or up to a maximum of 15 days – this is called the deadline for agreement if a tenancy has not yet been entered into. You may ONLY retain the holding deposit if the tenant provides false or deceptive information which affects your decision to rent the property to them, if they fail a right to rent check, or if the tenant withdraws from the agreement. If you have a case to withhold the holding deposit you must inform the tenant in writing within 7 days of deciding not to enter into an agreement or the deadline for agreement.
- Default Fee - changes to the tenancy . Any charges to make changes to a tenancy agreement must be capped at £50 ( or reasonable costs if these are higher).
- Default Fee - early termination of tenancies . You may charge early termination fees, as long as this does not exceed the financial loss that the landlord will suffer in permitting the early termination, or the reasonable costs incurred by the agent for arranging an early termination of a tenancy.
- Default Fee - late payment of rent . You may only charge tenants a default fee of interest on rent that is 14 days or more overdue. The fee must not exceed interest of 3% above Bank of England’s base rate for each day that the payment is outstanding. You may not charge fees for sending reminder letters.
- Replacement of keys or other security devices if this has been written into the tenancy agreement, and the costs must be reasonable, or you may give the tenant the option of purchasing the replacement keys or fobs themselves.
- Payments for utilities, communication services, TV licence and council tax. Tenants are still responsible for payment of their utilities, communication, TV Licences and council tax themselves.
For further information please read the government Guidance for Landlords and Agents at:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/791273/TFA_Guidance_for_LandlordsAgents.pdf