Permitted payments for Assured Shorthold Tenancies:
In accordance with the Tenant Fees Act 2019 the following are permitted payments for AST tenancies:
• Holding deposit to reserve a property - A maximum of one week's rent. This will be witheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail 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 - Five weeks' rent, rising to six week's rent when the annual rent is in excess of £50,000.
• Rent and Utility bills - Payable as outlined in the Tenancy Agreement
• Unpaid rent - Interest at 3% above the Bank of England base rate, as outlined in the Tenancy Agreement
• Lost Keys - Tenants are liable for the cost of replacing any lost keys or security device. 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 replacing lost key(s) or other security device(s).
• Payment of £50 including VAT on a variation, assignment or novation of a tenancy. This cost may be higher where we assist with accompanied viewings.
• Early Surrender of the AST at Tenant's Request - 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. However, the tenant will still need to cover the Landlord's costs in surrendering the tenancy and re-letting the property.
For Non Housing Act Tenancies including Company Lets the following fees may apply:
For any individual tenant not renting a property under an Assured Shorthold Tenancy the following charges are also payable:
• Tenancy Administration charge - £150 per tenancy
• Reference charge - £50 per tenant or guarantor
For all tenancies there are other costs that must be covered on top of the rent throughout the tenancy and at the end of a tenancy. These might include:
Insurance (for your personal and own contents)
Cleaning to a professional standard
Inventory check out (paid at the end of a Non Housing Act tenancy including company lets)
Late payment of rent interest charged at 3% above Bank of England based rate.