LETTING AGENCY FEES
A ‘holding deposit’ (equivalent to 1 week’s rent) will be payable upon applying for a property and is used towards the deposit when you move in. An additional 4 weeks’ rent will be due 2 days prior to move in date, the total deposit is therefore equivalent to 5 weeks’ rent. The holding deposit is used to secure a property subject to references and does NOT guarantee that you will get the tenancy.
The Holding Deposit relates to an agreement to set up a tenancy from a future date. That agreement is subject to:
- Satisfactory references/credit status being established.
- The property still being available for the Landlord to let, for example not damaged by fire or flood etc
- ny current occupants moving out before the anticipated commencement date.
- All relevant occupiers passing Right to Rent checks under the Immigration Act 2014.
In consideration of the Landlord agreeing to process the application and stop advertising the property for the Prospective Tenant, the Prospective Tenant agrees to pay a Holding Deposit equivalent to 1 week’s rent.
Should the Prospective Tenant:
- Withdraw from this contract before entering into the tenancy agreement,
- Provide false information for referencing,
- Fail to act reasonably to enter into the tenancy before the deadline for agreement,
- Fail Right to Rent checks, they will be liable for the reasonable costs incurred by the Landlord and his Agent up to the value of the Holding Deposit.
The following costs will be deducted from the Holding Deposit. Any surplus of the Holding Deposit will be returned to the Relevant Person, without interest, as soon as possible. The costs that may be deducted from the Holding Deposit can include, but are not limited to, the following:
- Costs of any references or credit checks sought
- Costs of any administration undertaken to prepare for the tenancy
- Costs of re-advertising the property to let
- Costs of any guarantor agreements
- Costs, in lieu of rent, of keeping the property empty for the tenant
During the tenancy (payable to the Agent)
Payment of up to £50 if the tenant wishes to change the tenancy agreement.
Payment of interest for the late payment of rent at a rate of 3% over the Bank of England Base Rate
Payment of £2.50 – £30.00, depending on key type, and up to £50 for any remote control (receipts will be provided for the costs incurred for the loss of keys/security devices)
Other permitted payments
Any other permitted payments, not included above, under the relevant legislation including contractual damages
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