Holding Deposit: A refundable holding deposit (to reserve a property) equivalent to one week’s rent. This will be withheld if the applicant (or the guarantor) provide false or misleading information, fail a right to rent check, withdraw from the proposed agreement or fail to take all reasonable steps to enter an agreement (i.e. responding to reasonable requests for information required to progress the agreement) before the ‘deadline for agreement’. The ‘deadline for agreement’ for both parties is usually 15 days after a holding deposit has been received (unless otherwise agreed in writing).
Deposit: A tenancy deposit is used as security for the performance of any obligations, or the discharge of any liability arising under or in connection with the tenancy. A refundable tenancy deposit is capped at no more than five weeks’ rent. This will be held in the Tenancy Deposit Scheme (TDS) Custodial.
Changes to the Tenancy / Variation to the Contract : If a tenant requests a variation from the signed contract, the fee is capped at £50. If a tenant wishes to leave before the end of the tenancy, they will be charged to cover any financial loss that the landlord has suffered in permitting, or reasonable costs that have been incurred by the agent in arranging for the tenant to leave early, and for the rent they would have received before the tenancy reaches its end.
Late Rent Payment: If rent is late by a minimum of 14 days, an interest charge of 3% above the Bank of England Base Rate will be incurred on the outstanding balance, calculated on a daily basis until the balance is cleared.
Lost Keys or Other Security Devices: Tenants will be charged the actual cost of replacing any lost key(s) or any other security devices at the property. Reasonable costs that have been incurred as a result of having to replace the key or security device will be charged to the tenant. If the loss results in the locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys required by relevant parties will be charged to the tenant.
Change of Sharer: £50 per replacement tenant or any reasonable costs incurred if higher, to cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Payments for utilities: The tenant is responsible for payment of/in connection with the provision of a utility if the tenancy agreement requires the payment to be made. NB: In the Tenant Fees Act, utility, means electricity, gas or other fuel, water or sewage, although not limited to these.