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 week's 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 an England-based guarantor and at least 6 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. OpenArch covers the cost of preparing this Tenancy Agreement. 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 depending 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 on 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 with 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

Please note that rent and deposit charges are separate from the fees outlined above and vary depending on the 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 which tenancy type applies to you please call us for clarification.

What is an Assured Shorthold Tenancies (AST)

An AST is the most common type of tenancy if you rent from a private landlord or letting agent.

You usually have an AST if:

• you don’t share any accommodation with your landlord and they live elsewhere

• the rent is less than £100,000 a year

• the tenant is an individual and is using the property as their main home

What is a Common Law Tenancies (Non-Housing Act Tenancy)

A tenancy would be created as a Non-Housing Act Tenancy if the rent is over £100,000 a year, or if it is not the tenant’s main home.

Company tenancies are also Non-Housing Act Tenancies.

A company let is when a company takes on a residential tenancy agreement as the tenant, rather than an individual. The tenancy will be in the company name and the company employee will live in the property.