At Fraser & Co., we believe in making the renting process as clear and straightforward as possible. Understanding your tenancy agreement, associated costs and responsibilities is an important part of renting a property with confidence. From holding deposits and tenancy charges to check-in procedures and client money protection, this guide provides essential information to help you understand what to expect throughout your tenancy.
A holding deposit of one week’s rent to reserve a property and will then contribute towards the first month’s rent. The security deposit, equivalent to five weeks rent, rising to six weeks rent when the annual rent is in excess of ÂŁ50,000. The rent and utility bills as outlined in the Tenancy Agreement.
Unpaid rent will potentially incur interest at 3% above the Bank of England base rate, as outlined in the Tenancy Agreement. Tenants are liable for the cost of replacing any lost keys or security device, including a change of lock or replacement of device if required.
Amendments of Tenancy Agreement at the tenant’s request is a minimum of £50 per change which could increase depending on the level of work required to carry out the amendment.
Should a tenant need to surrender the tenancy early and the Landlord agrees to re-let the property, the liability for the payment of rent will end once a new tenant is found and takes up occupation, or once a valid notice has expired. However, the tenant will still need to cover the Landlord’s costs for re-letting the property if they vacate prior to the expiration of the notice.
In addition to the above, the below will be applicable:
A one-off upfront payment of ÂŁ180 per tenancy which is a contribution towards processing the application, drawing up the Tenancy Agreement and registering the deposit. Tenant reference charge (ÂŁ60 per tenant) covers collecting and verifying references from employer/accountant and previous Landlord reference as well as carrying out a credit check and collecting a copy of passport, proof of residency, bank statements and a recent payslip. Guarantor charge (ÂŁ60 per guarantor if required) covers credit referencing and preparing a Letter of Guarantee as part of the Tenancy Agreement.
Professional check-in fee (ÂŁ156) enables us to arrange a date and time with the tenant to be checked in at the start of the tenancy and checked out at the end of the tenancy, instruct inventory providers, agree the terms of the security deposit disbursement between Landlord and tenant, return deposit as agreed with the Landlord and tenant to relevant parties, remit any disputed amount to the Tenancy Deposit Scheme for final adjudication, unprotect security deposit, instruct contractors and obtain quotes, organise repairs/replacements/cost of any broken or missing items.
If a tenant decides to rent a property through Dexters in the name of a business or company the tenancy administration and reference charge will be £480 for a new tenancy and £240 for every renewal. Should a tenant need to surrender the tenancy early and the Landlord agrees to re-let the property, the liability for the payment of rent will end once a new tenant is found and takes up occupation, or once a valid Notice to Quit has expired. However, the tenant will still need to cover the Landlord’s costs for re-letting the property if they vacate prior to the expiration of the Notice to Quit.
All prices are inclusive of VAT.
As a member of The Property Ombudsman (TPO) for sales and lettings we subscribe to TPO’s Codes of Practice. This Government approved independent redress scheme gives consumers additional protection beyond that required by law. Our clients have peace of mind that there is free and fair redress available in the unlikely event of an unresolved dispute involving our agency. As members of Safeagent this means that any client monies we hold are insured. This gives our clients peace of mind and financial protection that their money will always be safe in our hands under the Safeagent Client Money Protection Scheme.
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