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Tips for finding a builder

13th Aug, 2021

Embarking on a construction project, whether large or small, can be daunting if you don't have a trusted builder to carry out the work. This...

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BRRRR STRATEGY IN 400 WORDS

31st May, 2021

BRRRR is a strategy used by many professional property investors and stands for:Buy Refurbish ...

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How to Avoid Down Valuations

23rd Mar, 2021

Whether remortgaging or selling the last thing you need is a down valuation!Down valuations happen when a lender's surveyor decides the property...

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How virtual property tours will become the most powerful marketing tool in a...

17th May, 2020

Day 52. Landlords and agents are permitted to carry out physical viewings for the first time since lockdown restrictions to reduce the spread of...

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How to keep to a routine

6th Apr, 2020

The idea of working or studying from home has always been something of a dream for many people, but now that so many of us are forced to live this...

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7 DAYS OF PROPERTY NEWS 2 APRIL 2020

2nd Apr, 2020

There's been a lot of property talk this week, much of which has been sensationalized by the national press.We thought it would be beneficial for...

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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)
Garden maintenance
Cleaning to a professional standard
Inventory check out (paid at the end of a Non Housing Act tenancy including company lets)
Dilapidations
Late payment of rent interest charged at 3% above Bank of England based rate.

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7 DAYS OF PROPERTY NEWS 2 APRIL 2020

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