The Costs Explained
You should allow for the following additional funds prior to commencement of your tenancy:
One week’s rent in advance.
Remaining proportion of one month’s rent in advance minus the one week already paid.
5 week’s rent or 6 week’s rent if the total annual rent exceeds £50,000 per annum.
Late Payment Of Rent
Where the rent is overdue by 14 days or more, the Agent/Landlord reserves the right to charge interest of up to 3% per day until the rent payments are brought up-to-date. The interest can be backdated to the first missed rent payment if the account is not settled within the 14 day period.
Loss / Replacement Of Keys / Security Devices
Should any key or security device need to be replaced during or at the end of the Tenancy, the Tenant is responsible for all reasonable costs incurred by the Agent/Landlord for a replacement key/security device.
Changes To The Tenancy Agreement
If you require an alteration to the contract after creation and your landlord agrees to the alteration, you will be charged £41.67 + VAT (£50 inclusive of VAT).
Change Of Sharer (Tenant’s Request)
If you wish to change a Tenant on the Tenancy Agreement and the Landlord agrees to this, subject to referencing, a charge of £41.67 + VAT (£50 inclusive of VAT) per change of Tenant will be applicable for amending the Tenancy Agreement.
Early Termination (Ending A Tenancy Early)
Where written agreement has been given by the Landlord and subject to rent being paid until a new Tenant is secured or until the natural end of the Tenancy, whichever is sooner, early release can be granted. The Tenant must also pay £230 + VAT (£276 inclusive of VAT) which is the administration costs incurred by the Landlord to enter into a new Tenancy.
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).
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