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.
Client Money Protection & Redress Scheme
Baillie White Property Management is a member of the MoneyShield Client Money Protection (CMP) scheme, and the Property Redress Scheme (PRS).
You can view the MoneyShield Client Money Protection (CMP) certificate here,