When you rent a property, there are certain sums you need to have paid at least five days before your tenancy commences:
Holding Deposit
To proceed with a tenancy, subject to contract and checks, you are required to make a holding deposit payment so that we can stop marketing the property. This holding deposit equates to 1 week of rent; your annual rent divided by 52. Should you pull out of the tenancy having had your offer accepted, this holding deposit is returned as a means of compensation. It will also be retained if you fail to provide reference checks before tenancy. If the landlord withdraws from the tenancy agreement, your holding deposit will be fully returned.
Security Deposit
This deposit equates to 1 week of your annual rental figure. If the annual rent is over £50,000, the security deposit equates to 6 weeks of your yearly rental figure.
First Month’s Rent
You must pay your first month’s rent in advance at least five days before the commencement of the tenancy.
Additions and Amendments
If there are any additions or amendments to the tenancy agreement, such as a Deed of Variation or Assignment, there should be a charge of £50 plus VAT for each variation.
Early Termination Fee
If you terminate the tenancy agreement early, you are liable for all rental costs incurred, including monthly rent, after the point of a new tenant agreement. In such cases, these costs are calculated from the moment you terminate the tenancy.
Loss of Keys
If you lose the keys to the property or other security device relating to Said property, you’re liable for the cost of replacement keys. If a locksmith is required to gain access to the property, you are responsible for these costs also.
Responsibility for Services
You are responsible for all services, including utilities, telecommunications, phone lines, broadband, council tax, etc.
Late Rent Payments
Any rental payments not received or received more than 14 days after the due date or liable to a 3% fee on top of the Bank of England base rate.
TV Licence
You are responsible for ensuring a valid TV licence for the property to cover the period of your tenancy agreement.
