You can download a copy of our tenant fees HERE for your records, or simply continue reading below.
You will be required to pay a reservation fee of up to the equivalent of 1 weeks rent. This will reserve the property whilst references and credit checks are undertaken. The holding deposit can be used as part of the initial rent due.
The holding deposit can be retained by the landlord or agent if any of the below apply:
1. failure of Right to Rent checks - the landlord is prohibited by section 22 of the Immigration Act 2014 (persons disqualified by immigration status) from granting a tenancy of the housing to the tenant and the landlord (or letting agent acting for the landlord) did not know, and could not reasonably have been expected to know, the prohibition applied before the deposit was accepted, or
2. if the tenant provides false or misleading information to the landlord or letting agent and the landlord is reasonably entitled to take into account the difference between the information provided by the tenant and the correct information in deciding whether to grant a tenancy to the tenant, or the landlord is reasonably entitled to take the tenant’s action in providing false or misleading information into account in deciding whether to grant such a tenancy.
3. if the tenant does not complete an application and supply all documents required and enter into an agreement within 15 days of applying for the property.
4. if the tenant withdraws from the application.
If the Landlord withdraws you will receive a full refund.
If the Landlord does not enter into an agreement with a tenant who has passed all referencing and Right to Rent checks within 15 days the deposit will be refunded to the tenant unless the tenant and landlord agree to extend the 15 day rule.
The deposit is calculated as the equivalent of five weeks' rent (or six weeks’ rent if the annual rent is over £50,000) and is payable prior to the commencement of the tenancy. Deposits are lodged within a custodial scheme within 30 days of payment with the Deposit Protection Service (the DPS).
THE DPS: All deposits are held by the Deposit Protection Service (in a government protected scheme) for the period you occupy the property. The deposit is refundable at the end of the tenancy subject to damages or defaults by the tenants during the tenancy. Interest is not payable upon this deposit. For full details and terms see: http://www.depositprotection.com/documents/terms-and-conditions-custodial.pdf
From 1st June 2019 for all new tenancies it is prohibited to charge tenants administration fees, tenancy agreement fees, addendum fees, referencing fees and inventory fees.
Interest of 3% above Bank of England base rate from the rent due date until the rent is paid in full shall be charged on all arrears of 14 days and over.
Lost keys & security devices (ie. alarm fobs, entry fobs) - tenants are liable for the actual cost of replacing any lost keys or security devices. In the event that the locks need to be changed the actual costs of the locksmith, new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant. Call-outs for the agent to unlock a property for a tenant (out of hours) may be charged at £15 per hour for time and travel costs.
Variation of Contract (at tenants request) - a charge of £50 may apply per variation.
Change of named tenant - a charge of £50 will apply or any reasonable costs incurred if higher. Reasonable costs may include tenant referencing, right to rent checks and the preparation and execution of new tenancy documents.
Early Termination (at tenants request) - in the event tenants wish to end their contract early, the tenants shall be liable for the costs of the landlord in finding new tenants and the rental and bills due for the property up until a new tenancy commences. The total of all costs shall be no greater than the total of maximum rent outstanding on the tenancy.
Breach of terms of tenancy / bringing property back to standard it was let - it will be a requirement for the tenants to indemnify the landlord for any damage caused to the property or the cost of breach of terms of the tenancy.
TENANCY FEES SCHEDULE - for AST tenancies entered into prior to 1st June 2019:
Tenancy Agreement: Administration fee of £100 for drawing up the tenancy agreement.
Referencing Costs: £45 per applicant (or guarantor). References and credit checks are carried out by Homelet.
Right to Rent : From 1st February Landlords need to check that tenants have a right to reside in the UK. Checks will be carried out by Homelet Verify.
Inventory & Check-in: Costs vary on size of property from around £100 for a one bedroom property up to around £350 for a five bedroom property.
Renewals: A fee of £50 is chargeable to tenants for all renewals until 31st May 2020.
SECURITY DEPOSIT: For all tenancies entered into prior to 1st June 2019 a deposit of up to the equivalent of 6 weeks rental (or equivalent of 2 months rental for tenants with pets) will have been charged. All deposits are held in a custodial scheme with the DPS. Upon renewal after 1st June 2019 any security deposit held above the equivalent of 5 weeks' of the new rent shall be refunded to the tenant within 28 days of signing the tenancy renewal.
PETS: In the event of tenants have permitted (or unpermitted) pets at a property, at renewal the Landlord may wish to charge a higher rental. Existing tenants will be notified prior to any renewals being offered. Advertised properties may have a second higher advertised rental for those landlords who are willing to accept pets. Tenants who apply without pets will always pay the lower rental, should they wish to have a pet at a later date they may be required to pay the higher rental.
*COMPANY TENANCY AGREEMENTS (non assured shorthold):
Company tenants will be required to pay a holding fee of up to £500.
Company tenants will be required to pay a minimum of £500 for tenancy application, referencing costs, tenancy agreements fee and part costs of inventory make and full costs of inventory check-in. Any costs in excess of £500 will be notified at the time of applying for the property.
Security Deposits of the equivalent of 6 weeks' rental will be charged for properties let to tenants without pets. For tenants with pets or properties that are furnished security deposit of the equivalent of two months rental will be charged. Security deposit will be held by Regency Lettings & Property Management as the Stakeholder in a clients deposit account. No interest will be payable upon deposits.
Regency Lettings & Property Management are members of Client Money Protect membership no. CMP003730