When you rent a property, there are a number of costs to consider; which may vary depending on the area and the type of let you are looking at.
These costs will include stand alone and ongoing items:
- Rent – one month’s advance rent when you move in and on-going monthly rent throughout the tenancy, unless a different frequency has been agreed.
- Security deposit – for assured shorthold tenancies (ASTs) this will be equal to five weeks’ rent if the rent is under £50,000 per annum or equal to six weeks’ rent if the rent is over £50,000 per annum. For non-Housing Act tenancies deposits are generally equal to six weeks’ rent.
- Agent fees – reference checks, inventory check in, tenancy agreement fee are applicable for non Housing Act tenancies only. There is no charge to the tenant if the tenancy is to be an AST.
- Moving costs – removal company or vehicle hire, storage costs
- Household bills – electricity, gas, water, council tax, telephone and internet, TV licence, insurance for personal belongings
- Rent increases if this has been agreed and included within the tenancy agreement
You should allow for the following payments when making an offer to rent a property:
- For Assured Shorthold Tenancies (ASTs)
Equal to one week’s rent*
An AST tenancy is where:
- The tenant is an individual(s)
- The rent is less than £100,000 per annum
- The property is the tenant’s principle home
- The landlord is not a resident landlord
For all other non-AST tenancies
Equal to one week’s rent*Preparation of tenancy agreement (when using a PGL agreement, this may vary if a landlord uses their own agreement) £300 per tenancy Referencing – individual applicant, guarantor or company (including ‘Right to Rent’ check) £66 per person / company ‘Right to Rent’ check – additional adult occupant £6 per person Inventory check-in £130 per tenancy
All offers are subject to contract.
*If your offer is accepted then this amount will be offset against the initial rental payment, so you are not making this payment twice. Please be aware that if you make an offer which you later withdraw or if the tenancy application cannot proceed because you have given misleading or incorrect information, then you may lose all or some of the above. Please ask to see the conditions on the holding deposit receipt form for full details.
References and Right to Rent
All applicant references (where applicable) are undertaken by an independent specialist referencing company. You will be asked to complete their online application form.
You will need to provide us with proof of your right to rent a property in England, in line with the Immigration Acts 2014 and 2016 and to prove your current address (such as an original bank statement, credit card, utility bill, council tax demand, etc. dated within the last three months). We will take a photocopy and return the originals to you. We cannot accept photocopies, faxes or scanned copies from you.
Offer accepted stage
If your offer is accepted (subject to contract) then before the tenancy starts you will need to make the following payments to us by cleared funds, which are usually:
Advance rent (less the holding deposit already taken as above)
1 x month’s rent Security deposit for ASTs where annual rent is under £50,000 Equivalent of 5 x weeks’ rent Security deposit for ASTs where annual rent is above £50,000 Equivalent of 6 weeks’ rent All other tenancies, as agreed between parties Variable
Further rents will be taken by direct debit from one nominated UK bank account.
All deposits held by us for Assured Shorthold Tenancies will be protected by the Tenancy Deposit Scheme (TDS).
Preparation of renewal tenancy agreement for non ASTs
£300 per tenancy Further Right to Rent ID verification (if necessary) for non ASTs £6 per adult occupant
If you require a reference for a tenancy or mortgage etc., for non ASTs
£42 per reference
- Amendments or changes to the tenancy terms
Change or amendment to terms during tenancy, requested by tenant (ASTs) £50 or reasonable costs Change or amendment to terms during tenancy, requested by tenant (all other tenancies) £120
If, for any reason, you request your landlord to agree to ending the tenancy earlier than the end date set out in the tenancy agreement (or in line with any break clause included in the tenancy agreement) then he/she does not have to agree to this. However should your landlord agree, then he/she can ask you to reimburse him/her for any financial loss he/she might suffer as a result. This may include:
The equivalent of the letting fee already paid by your landlord to us from the date you wish to end the tenancy until the date you could contractually end the tenancy (calculated as a daily rate)
Variable The landlord’s cost of the preparation of a new agreement £450 The cost of an inventory check-out £130
Your landlord does not have to agree to you changing any of the named tenants during the tenancy term. However he/she may agree to do so subject to you reimbursing him/her for any financial loss he/she might suffer as a result of ending one tenancy early and creating a new tenancy. This may include:
The cost of the preparation of a new agreement £50 or reasonable costs
For all other tenancies
The cost of the preparation of a new agreement
£450 The cost of an inventory check-out £130 Referencing proposed new tenant(s)/guarantor(s) £66 per person Re-referencing current tenant(s)/guarantor(s) (at landlord’s request) £66 per person Further Right to Rent ID verification (if necessary ) £6 per adult occupant Tenancy deposit protection administration charge £60
Payable once rent is 14 days or more overdue and levied from the first day of rent arrears period 3% above Bank of England Base Rate
- Lost keys or security devices
The cost of replacing lost keys or security devices Actual cost of replacement (lost keys or lock changes may incur a £15 per hour administration charge, depending on the circumstances)
Lock change or repair Locksmith’s charge