The Process Before a Tenancy Starts
Holding Deposit – a refundable holding deposit (to reserve a property) capped at no more than one week’s rent
In order to reserve a property you will be asked to make a cash payment, card payment or bank transfer of a maximum of 1 week’s rent. This payment is a token of good faith only and does not oblige the Landlord to let the property to you.
The Holding Deposit will be refunded when the Tenant enters into the Tenancy or if the Landlord decides not to rent the property or if an agreement is not reached before the ‘deadline for agreement’ through no fault of the tenant.
The Holding Deposit will be retained if the Tenant provides false or misleading information, if they fail a Right to Rent check, if they withdraw from the agreement or if they fail to take reasonable steps to enter an agreement
Referencing – identity check, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers / Landlords and any other relevant information to assess affordability) If you are in doubt as to your credit status and do not wish to proceed to full referencing without this knowledge a credit check can be carried out.
Guarantor (if required) – identity check, financial credit checks, obtaining references from current or previous employers and other relevant information to assess affordability and drawing up a Guarantor Agreement. Once referencing has been completed the Guarantor Agreement will be sent to out digitally.
Tenancy Agreement – once referencing has been completed the Tenancy Agreement will be sent to all parties digitally. This means you can sign on your PC, laptop, phone or tablet anywhere in the world with internet connection. Simples 🙂
Moving-in Monies – depending on the terms of the Tenancy the rent (usually 1 month in advance) and 5 week deposit (unless zero deposit scheme taken up) will be due before move-in.
Inventory & Check-in – an inventory clerk will check the Tenant into the property on move-in day using the inventory and schedule of condition. Meter readings taken and the Agent to notify utilities of Tenancy status.
Unless a zero deposit scheme is requested by the Tenant and in place it is quite likely the Landlord will require a premium on the rent if pets are required to be permitted during the Tenancy. This is to off-set the likelihood of higher wear and tear to the property as well as the cost of fumigation once the Tenancy has ended.
Tenant Fees During a Tenancy
Tenant arrears letter – a default fee for late payment of rent will be charged provided it does not exceed interest at more than 3% above the Bank of England base rate for each day the payment is outstanding, and the rent has been outstanding for 14 days.
New Tenancy Changeover:
Administration fee – £50.00 inc VAT
Where one or more Tenant(s) wish to leave the Tenancy and/or one or more Tenant(s) wish to join the Tenancy this fee is for the work involved in amending the Tenancy Agreement or the amount of Bishop Sullivan’s ‘reasonable costs’ if they are higher than £50.00 inc VAT
Property entrance Lost keys – £5.00 per standard key
To replace property keys lost by Tenant. Variable if security key
Building entrance lost key – £5.00 per standard key
To replace block main door keys lost by Tenant. Variable if security key
Drawing up an Addendum to change the terms of the Tenancy – £36.00 inc VAT
Contract negotiation, amending terms and updating your Tenancy Agreement during your Tenancy.
Fixed Term Early Release fee – Variable
Fees will vary depending on circumstances and can be provided upon request. If the tenant wishes to be released early from a fixed term contract and the Landlord agrees, subject to finding a replacement Tenant, the Early Release fee would include reasonable costs involved in re-advertising the property, instigating the vacating procedure.
Rent – Quarterly
Deposit – One quarters rent