We’ve created a guide to tenancy agency fees to help you navigate all the different costs associated with renting, and help you understand what to expect. We believe in transparency and honesty, so you always know where you are with our rental fees.
- Holding Deposit (per tenancy) - One week’s rent. This is to reserve a property. The holding deposit will be withheld if any relevant person (including any guarantor(s)) withdraws from the tenancy, fails a Right-to-Rent check, provides materially significant false or misleading information, or fails to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
- Security Deposit (per tenancy. Rent under £50,000 per year) - Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
- Security Deposit (per tenancy. Rent of £50,000 or over per year) - Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
- Unpaid Rent - Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please note this will not be levied until the rent is more than 14 days in arrears.
- Lost Key(s) or other Security Device(s) - Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred, there will be a charge of £15 per hour (inc. VAT) for the time taken to replace lost key(s) or other security device(s).
- Variation of contract (if requested by the tenant) - £75 (inc. VAT) per agreed variation. To cover the costs associated with taking the landlord’s instructions as well as the preparation and execution of new legal documents.
- Change of sharer - £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking the landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration, as well as the preparation and execution of new legal documents.
- Early Termination (if requested by the tenant) - Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy. If the tenant leaves the property early, the agency fees will be paid through the tenant deposit.
If you need to ask anything about these terms, please contact a member of our Lettings Team.