LETTING FEES FOR TENANTS WHEN RENTING A PROPERTY THROUGH ABSOLUTE PROPERTY
2. LETTING FEES WHEN RENTING A PROPERTY THROUGH ABSOLUTE PROPERTY FOR COMPANY LETS AND NON HOUSING ACT TENANCIES »
New Assured Shorthold Tenancies (ASTs) Signed On Or After 1st June 2019
Holding Deposit (per tenancy) — One week’s rent.
This is to reserve a property. Please Note: This will be withheld 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 (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.
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 replacing lost key(s) or other security device(s).
Variation of Contract (Tenant’s Request) — £50 (inc. VAT) per agreed variation.
To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant’s Request) — £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher.
To cover the costs associated with taking 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 (Tenant’s Request)
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.
LETTING FEES WHEN RENTING A PROPERTY THROUGH ABSOLUTE PROPERTY FOR COMPANY LETS AND NON HOUSING ACT TENANCIES
All charges shown are inclusive of VAT
Administration & Reference Charges
There is an administration charge of £240.00 inclusive of VAT. This is the cost of considering the Application and preparing documentation relating to the Tenancy. The reference charge is £30.00 per Tenant and Guarantor. The administration and reference charges are non-returnable in the event that references prove unsatisfactory or the Tenant withdraws the application before completion.
A Reservation Fee equivalent to at least two weeks rent, in addition to the administration charge and reference charge(s) plus a debit or credit card charge where appropriate will be taken once an offer has been accepted in principle. This Reservation Fee is non-refundable if you change the main terms of the agreed deal, change your mind about taking the property or if your references are not satisfactory. If however the Landlord withdraws from the Tenancy your deposit will be refunded.
A Deposit equivalent to at least six weeks’ rent, will be held either in a non-interest bearing account or with The Deposit Protection Scheme (DPS) for the duration of the tenancy to offset any costs required to remedy the failure of the Tenant to fulfil the conditions of the Tenancy Agreement.
If a pet has been permitted at the property by the Landlord, the amount of the deposit will be higher. The amount will be equivalent to at least eight weeks’ rent but the amount may vary depending on the individual Landlord’s requirements and the number of pets.
Check-in, Check-out costs
Before the tenancy starts, an independent inventory company will draw up an Inventory and Schedule of Condition, which will list the property’s contents and condition. The Inventory is a very important document because it protects both Tenant and Landlord from disagreements about these matters at the end of the tenancy.
Costs for the preparation of the Inventory and Schedule of Condition are borne by the Landlord. The cost of checking the inventory at the start of the tenancy is usually paid by the Landlord as well.
The Tenant is responsible for the cost of checking the inventory at the end of the tenancy. If you elect to appoint your own Inventory Company you will be responsible for their costs. if you choose not to be present at the Check-in, the Inventory Clerk will sign the Inventory and Schedule of Condition on your behalf.
The costs of a check in and check out will vary depending upon the size of the property you will be renting.
The first rental Instalment, Deposit and Check-in costs must be received in cleared funds no later than our receipt of the signed Tenancy Agreement. If payment of the initial costs is to be made by cheque, a period of ten working days prior to commencement of the tenancy is required to guarantee clearance of the cheque. Any cheque which has to be re-presented is subject to a charge of £60.00. Payment by Bank Transfer to us or Debit Card is preferable and is essential in instances where an Agreement has to be completed within a short period of time.
If any of the above payments are made by Credit or Debit Card the Credit/Debit Card Company’s administration charge will be added to the total.
Subsequent Rental Payments
After the Initial payment, rent must be paid by Standing Order and the appropriate form will be given to you to complete. The rent must be received by us in cleared funds by the rent due date and we therefore you should ensure that your bank is instructed to make your payment at least three working days before the rent is due.
Payments required during the term of the tenancy
Renewal of Tenancy
If, at the end of your period of tenancy you wish to extend the Agreement and if, after negotiation, the Landlord agrees to the extension we shall draw up appropriate Renewal Documents for which you will be charged £120.00.
Sharers or Tenant changes during a Tenancy
In the event that the Landlord agrees to a change of one or more of the Tenants during the term of the tenancy and new documentation has to be drawn up and references taken. An administration cost of £240.00 will have to be made for considering the new Application, taking up References and preparing documentation relating to the tenancy. The reference charges are £30.00 per tenant and guarantor will also apply.
If you wish to terminate a fixed term tenancy earlier than the ending date of the agreement currently in operation and if, at his discretion, the Landlord agrees to an early release, the following terms will apply:-
- The Tenant or Guarantor remains fully responsible under the terms of the Tenancy Agreement until such time as the property is re-let or the ending date passes, whichever is the earlier.
- If the rent achieved for the new Tenancy is less than that being paid by the outgoing Tenant, the outgoing Tenant or Guarantor must pay the difference in rent up until the original date agreed to end the Tenancy.
- If a new Tenant is found prior to the Tenancy Ending Date, the outgoing Tenant or Guarantor shall pay to us the sum equivalent to three weeks rent , plus the Landlord’s costs for setting up the new tenancy. These sums become payable as soon as contracts for the new Tenancy are exchanged.