The Costs Involved
Although the process of renting a property may differ slightly from agent to agent, the costs involved largely remain the same. Here is an overview of the costs you need to be aware of:
Fees & Deposits
||£500 per property.|
||£250 +VAT (£300 inclusive of VAT) per property for the first applicant. An additional administration fee of £75 +VAT (£90 inclusive of VAT) per additional tenant.|
||£75 +VAT (£90 inclusive of VAT) per applicant.|
||Equivalent of 1.5 months rent or 2 months rent if pets allowed.|
||£50 +VAT (£60 inclusive of VAT)|
||£60 +VAT (£72 inclusive of VAT) per property.|
||£25 +VAT (£30 inclusive of VAT)|
||The checkout inventory cost is variable, dependent on property size|
||£62.50 +VAT (£75 inclusive of VAT)|
An Explanation Of The Costs
Once you have put forward an offer to rent a property and it has been accepted, we will ask you for a £500 reservation fee per property to confirm your intent to proceed with the tenancy. This money will be used to cover the cost of initial charges set out below, with any balance being put towards your tenancy deposit or first month’s rent.
Should the tenancy not proceed because you decide to withdraw or your references prove to be unsatisfactory, the reservation fee is non-refundable. If the landlord withdraws prior to commencement of the tenancy you will receive a refund of your reservation fee less actual charges incurred by us, the costs of which are set out below, including reference charge, right to rent charge and any guarantor charges if applicable.
A Preliminary Charge of £250 +VAT (£300 inclusive of VAT) per property is charged for the first tenant. An additional Preliminary Charge of £75 +VAT (£90 inclusive of VAT) is payable per additional tenant. This charge covers the cost of referencing which is carried out by an independent referencing agency and preparation of the tenancy agreement. It also includes the cost of us establishing an individual’s right to rent in the UK, which includes checks on document authenticity by an independent agency.
Guarantor Fee (if applicable)
If a guarantor is required, to support your tenancy, a charge of £75 +VAT (£90 inclusive of VAT) is payable per tenant. This covers the costs of our obtaining references for the guarantor via an independent agency and also includes our charge for amending our tenancy agreement to include the provision of a guarantor.
If alterations after creation of tenancy agreement are required a charge of £50 +VAT (£60 inclusive of VAT) is payable. This charge covers our costs, including time taken to draft the amendments and recirculate to the relevant parties.
Equivalent of 1.5 months rent or 2 months rent if pets allowed.
Tenancy Extension /Renewal Fee
A charge of £60 +VAT (£72 inclusive of VAT) per property is payable. This charge covers the cost of preparing a document that confirms the details of renewal where the basic terms, other than any rental increase, remain unchanged.
Renewal Tenancy Agreements
A charge of £125 +VAT (£150 inclusive of VAT) payable. This covers the cost of preparing a more extensive renewal document in order to accommodate any substantial changes to the terms of any renewal agreed.
Change of Tenant Charge (shared tenancies)
A charge of £300 +VAT (£360 inclusive of VAT) is payable per tenant. This charge is made when you wish to replace a named tenant with another tenant part way through your tenancy and your landlord has agreed to the change.
The charge covers the cost of preparing all the documentation relating to the change including amended tenancy agreement. This charge is payable in advance. Please note that our accepting payment does not confirm the granting of a tenancy. The replacement tenant will be charged separately for referencing in the sum of £50 +VAT (£60 inclusive of VAT).
Inventory Check Out
This is payable at the end of the tenancy. An estimate can be provided upon request and varies on property size.
Deed Of Surrender
A charge of £62.50 +VAT (£75 inclusive of VAT) is payable where, at your request and with the landlords agreement, you are released from your tenancy early. This covers the preparation of necessary documentation.
You should allow for the following additional funds prior to commencement of your tenancy: One month’s rent in advance.
Security deposit equivalent of 6 weeks rent or 8 weeks if pets are allowed within the tenancy. Note - if pets are allowed this will usually be registered with the dispute service (TDS).
You will be liable for a late payment fee of £25 +VAT (£30 inclusive of VAT) on each occasion that your rent is late by more than 5 working days. This charge covers the cost of our contacting you by either telephone or in writing in order to chase overdue payments.
If you require an alteration to the contract after creation and your landlord agrees to the alteration, you will be charged £50 +VAT (£60 inclusive of VAT). This covers our costs in re-drafting the contract.
Stamp Duty Land Tax
Tax is payable on tenancies where the rent exceeds £125,000 per annum. For further information please make contact direct with Her Majesty’s Revenue and Customs (HMRC).
Credit Card Charges
1.5% of any payment made via credit card will be added to each transaction. There is no charge for payments by debit card or bank transfer. Cash is not acceptable.