Tenant Fees & Deposits
A tenancy cannot proceed to signature before the deposit, equivalent to 5 weeks rent, has been provided by the applicant in cleared funds prior to signature. Further to signature by both the tenant and landlord (or landlord’s representative), the tenant must then provide one month’s rent in cleared funds, prior to access to the property, as enshrined in the tenancy agreement. These are known as the initial funds
The initial funds associated with renting a specific property will be advised to an applicant in spreadsheet format immediately the decision is made to proceed with a property and prior to proceeding with an application to rent.
All applicants will be required to complete a formal application form which will be made available online. Hard copy format will also be available should you prefer.
However, please be aware that under the legislation that came into effect on the 1st June 2019 the holding deposit (equivalent to one week’s rent) can be retained by the agent under the following limited circumstances:
- If the tenant pulls out
- If the tenant fails referencing
- If the tenant fails the Right to Rent check
- Is listed on the UK government's official financial sanctions lists
- If the tenant knowingly provides false or misleading statements
- If the agreement deadline of 15 calendar days, or other agreed deadline, from receipt of holding deposit to signing of the agreement is caused by delay by the tenant (which may include delayed response by an employment referee)
There may also be reasonable costs payable by the tenant during the period of any tenancy such as replacement of keys lost by the tenant or a maintenance call and/or repair caused by the tenant’s negligence or lack of care, or failure to meet an agreed appointment.
Call on 020 8761 1828 / 07922 422478
Text 07710190316