Fee Information

We have produced this guide to inform tenants of the procedures and requirements relating to a typical tenancy. We aim to be as transparent as possible when disclosing our services, procedures and fees (where applicable) however please do speak to a Property Manager for an accurate assessment of your rental requirements. All fees listed are inclusive of VAT. 

Application and Referencing process

When you have found a suitable property to rent, all intended tenants will be asked to complete an application form. At this point you will be required to pay either a holding fee, equivalent to 1 weeks rent of your chosen property or, for Non- Housing Act tenancies, an application fee to indicate your commitment. We will then take the property off the market whilst we take up references, which may include a bank reference (for which your bank may charge a separate fee), credit reference, employers reference and previous landlord reference. For Assured Shorthold Tenancies, this holding fee payment will then form part of your tenancy deposit upon commencement of the tenancy.  For Non-Housing Act tenancies, the application fee is non- refundable. Please note that this payment does not constitute a tenancy or offer of a tenancy. For AST’s, the fee may be retained by us if the tenancy does not go ahead or terms are not agreed by the ‘deadline for agreement’ (see below) due to you providing false or misleading information, if you fail a right to rent check, if you withdraw from the property once a let has been agreed or if you fail to take all reasonable steps to enter into a tenancy agreement within an agreed timeframe. You will also be asked to provide a copy of your driving licence and/or passport (a valid visa will be required if you are applying from a Non EU country). We also require a copy of a utility bill and bank/credit card statement to show your current address and your last three months’ payslips or, if you are self- employed, your last 3 years accounts or VAT returns. 

Deadline for Agreement

The ‘deadline for agreement’ (ie: the latest date on which referencing should be completed and agreement for all terms of the tenancy can be reached) is usually 15 days after a holding payment has been received unless otherwise agreed.

Overseas Applicants

Please be aware that if you have no credit history within the UK we will be unable to complete a credit check. In this instance it is our standard procedure to request a UK based guarantor and at least 3 months rent to be paid in advance. Please speak to the residential team if you require any clarification on this before submitting your application.

Tenancy Agreement

Before commencing the Tenancy, you will sign a Tenancy Agreement which sets out the obligations of both the Landlord and Tenant. The cost of preparing this Tenancy Agreement is covered by OpenArch. Once this Agreement has been executed, it is legally binding.

Deposit

Before your Tenancy commences you are required to pay a security deposit, this deposit varies dependant on the property however it will be a MAXIMUM of 5 weeks rent and, for AST’s, your holding fee will form part of this payment once referencing has been completed. This deposit is held by us as stakeholders and is held for the duration of the Tenancy against any damages and/or expenses arising during your tenancy for which you are liable. This deposit (for AST’s) is protected using a Government authorised Deposit scheme. Within 30 days of paying your deposit you will receive details outlining how your deposit is protected, including details of the relevant scheme and what to do if there is a dispute at the end of the tenancy. 

Rent Payments

The majority of rent payments are due on the 1st of the month. If you take occupation mid-month, your first payment will be pro-rated to reflect this. An exact figure will be provided once your Tenancy commencement date has been agreed. If you experience any financial difficulties during your tenancy please contact us immediately. 

General Information

Once acceptable references have been received we will agree a date for the commencement of the Tenancy. We will provide you with details of the initial payment required and this must be received in cleared funds prior to the commencement date.

You will receive an inventory and schedule of condition of the property, the furniture, fixtures and fittings. This inventory will form the basis of any claims for damages at the end of the Tenancy so it is important that you agree it at this stage by signing and returning a copy to us. If you fail to return an amended copy it will be assumed that you are in agreement with the document provided.   

It is the tenant’s responsibility to pay council tax (where due) directly to the local authority. 

Affordability Guide

As a general guide, your rent should be no more than 35% of your recurring gross income (this is income that is contractual and/or guaranteed). As an example, a rent of £800pcm means your income would need to be £28,000 per annum or higher (this is 800 x 35 = 28000). Please note that this is an approximate guide only and we will review every application based on all relevant factors.

Permitted charges in accordance with the Tenant Fee Act 2019

 

PROFESSIONAL

Holding Fee for Assured Shorthold Tenancies

One weeks rent

Application Fee for Non Housing Act tenancies

£350

Renewal/extension fee for Non Housing Act tenancies (for negotiating and drafting an extension to the fixed term if required)

£125

Guarantor Application Fee (if required)

£NIL

Interest on late rent (more than 14 days overdue)

3% OVER The Bank of England base rate

Default Fee for replacment of key/security device

£25

Tenancy Agreement update during the term (ie: if any party is added/removed or a new clause is negotoiated) 

£50

 

Please note that rent and deposit charges are separate to the fees outlined above and vary dependent upon each property. The fees shown above are the MAXIMUM fees that will be applied depending on your circumstances and the number of tenants and include VAT where applicable.  If you have any queries please call the office and speak to one of the Residential Team. A draft copy of a Tenancy Agreement is available upon request should this be required.  If you are unsure whcih tenancy type applies to you please call us for clarification.


Any questions? Drop us a message and one of our team will be happy to help...