Good news for renters! The 2019 Tenant Fees Act banned letting fees paid by tenants in the private rented sector. However there are still a few valid charges, in addition to the rent, that you should be aware of.
You can find more information about the Tenant Fees Act 2019 here.
Holding Deposit (per tenancy) – One week’s rent. This is a fully refundable deposit, deducted from the first month’s rent, and is paid to reserve a property.
Please Note: This deposit 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 the Deadline for Agreement as mutually agreed in writing.
Security Deposit (per tenancy. Rent under £50,000 per year) – Up to 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) - Up to six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
Services - payments in respect of utilities, communication services, TV licence, and council tax, per the agreement set out in the Tenancy Agreement.
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 for the actual cost of replacing any lost keys or other security devices. 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 keys or other security devices.
Variation of Contract (Tenant’s Request) – £75 (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.
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 and / or 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.