Plymouth fees

Tenant Fees

When you decide to rent a home, you need to budget not just for the monthly rent and household bills, but also the initial costs. We will ask you to pay a deposit and an administration charge in addition to the first months’ rent. A full breakdown of our fees can be found further down this page.

All fees include VAT where applicable.

Administration Fee

At your viewing you will be told the fees involved in letting a property through Northwood, and we are happy to explain these at the point you enquire about the property or refer to the detail below.

We will ask you to pay an administration fee of £240.00 inclusive of VAT for a single applicant to cover the costs of referencing and initial checks, and a contribution towards the preparation of the tenancy agreement, this is payable at the point you make your application to rent the property. An additional £120 administration fee is payable per additional applicant or guarantor. Please note that we do not accept cash in the office. On completion of the application form we will also be required to see 2 forms of I.D. usually either a driving licence or passport and a bank statement. Northwood will then complete the referencing, usually within 3 working days and then present the application to the landlord for their decision, on acceptance, the balance of the funds, first month's rent and deposit will be payable, these funds must be cleared by your bank prior to the commencement of your tenancy.

Northwood may process multiple applications for a property, the administration fee will be as above, you will be made aware if other applications are being considered, if you are unsuccessful then you will be refunded your administration fee.

The administration fee is non-refundable if you or your guarantor (if required) give fraudulent information on yours or their application, it is also non-refundable if you withdraw from the application. If the landlord refuses your application then your administration fee will be returned. 

Holding Fee / Reservation

Northwood may ask you to pay a holding fee or reservation, the amount of this payment will form all or part of the total deposit if your application is successful.

A holding fee or reservation would only be requested where your tenancy start date is not within a week of the acceptance of your application, on receipt of this deposit the property will be taken off the market between the point of acceptance and the date you start the tenancy at your property.

This payment will not be refunded to you if you decide not to progress with the tenancy, depending on the time that has passed between you being accepted for the tenancy and your withdrawal. It will be returned to you in the event the landlord is unable to proceed.

Prior to your tenancy starting, you will be asked to pay the balance of the deposit+ less any holding fee or reservation paid already. The value of the deposit may vary depending on your personal circumstances, but will normally be equal to at least one month's rent + £100 (i.e. Rent £600 per calendar month, deposit £700).

This payment must be in cleared funds prior to the start of your tenancy Northwood will advise on clearing times for your chosen payment method, please note we do not accept cash.

* Should you not proceed with the tenancy we reserve the right to retain your holding fee or reservation to meet any reasonable costs or loss of rent whilst the property was withdrawn from the market. This may apply whether you withdraw from the tenancy or are unable to proceed.

+ A deposit is a sum of money taken to be held as security for the performance of the agreement and can be used against any costs or damages at the end of your tenancy as detailed in your agreement, this deposit will be held correctly and securely in one of the government approved deposit protection schemes, you will be advised which scheme is being used prior to the commencement of your tenancy however if required at any point prior to the commencement of your tenancy we are happy to give this detail. 

Renewal Charge

Tenancies are normally renewed every six months. We do not charge for renewing tenancy agreements.

Late Payment of Rent

We reserve the right to charge a fee for chasing any rents that are received more than three days late from the due date.

Early release from tenancy

If you want to leave the property before the end of the tenancy, the landlord may agree to this, but may ask you to continue to pay the rent and all household bills until the date a new tenant moves in or your tenancy comes to a natural end, whichever is the sooner. You may also be asked to pay reasonable costs in re-letting the property.

Mortgage/Landlord references

We are normally pleased to provide a reference for the above purpose at no charge. 

Check out

We may charge a fee for the Check Out appointment.

If we are unable to complete the agreed Check Out appointment due to unreasonable delays by you on the day of the appointment, you may also be charged to cover our reasonable costs. Please also note that rent is payable until the day you move out of the property and surrender the keys.

Arrangement Fee

If we need to arrange for any work at the end of the tenancy because of damage to the property caused by you, we will charge you an arrangement fee of 10% of the cost of the work. This is subject to a minimum charge.

Overpayment of rent

We do not have the authority to cancel your Standing Order at the end of the tenancy and this is your responsibility. If we need to refund you rent because you have not done this, we may charge you an arrangement fee to cover the cost of administration.

Please note: at times we may accept payment for some of these fees by credit card. Should this be the case, there will be a charge added to reflect the amount that we will have to pay for the transaction. We will always tell you if we have to make any charges when accepting payments.

Our tenant fees are as follows:

  Charge (inclusive of VAT where applicable)
Administration Charge - Single Person £240.00
Administration Charge - Couple £360.00
Administration Charge - Additional Applicant £120.00

 

  Charge (inclusive of VAT where applicable)
Guarantor £120.00
Renewal Charge No charge
Inventory contribution fee £60.00 mimimum depending upon size of property but this will be advised
Late Payment of Rent £30.00
Early Release from Tenancy £480.00
Mortgage/Landlord References No charge
Check Out Charge No charge
Abandoned Check Out £30.00
Minimum Arrangement Fee £30.00
Overpayment of Rent £30.00

Landlord Fees

All our fees are shown inclusive of VAT where applicable.

Guaranteed Rent

If you are renting your property to us on the Guaranteed Rent Service, we will not charge you any fees at all. We will need to conduct a market appraisal of the property in order to establish if the property meets our criteria. If the property meets the criteria for this service then a fixed and guaranteed monthly rent will be offered for a minimum period of one year and terms and conditions apply.

Charges will apply for our other services, please see the table below for details of these.

Set Up Fee for Fully Managed and Rent Collection

When you first instruct us on either of these schemes you will have to pay a Set Up Fee. This fee covers all the cost of advertising, finding a tenant, compiling the inventory and drawing up agreements etc. The Set Up Fee is payable each time you instruct us to find a new tenant for your property.

A fee for protecting the tenant’s deposit may be charged separately to cover our costs.

Commission for Fully Managed and Rent Collection

We charge a monthly commission for the ongoing management of your property, which will depend on the level of service you require.

Renewal Fee for Fully Managed and Rent Collection

If you are happy to renew the tenancy we may charge you a Renewal Fee, payable prior to the tenant signing a new agreement.

Tenant Find Charges

If you simply want us to find a tenant for your property, we will charge you a one off fee. This fee covers all the cost of advertising, finding a tenant, compiling the inventory and drawing up agreements etc.

Renewal Fee for Tenant Find

If you are happy to renew the tenancy we may charge you a Renewal Fee, payable prior to the tenant signing a new agreement.

Our Fees

  Charge (inclusive of VAT where applicable)
Standard Set Up Fee - Fully Managed £480.00
Standard Monthly Commission – Fully Managed 12.00%
Standard Set Up Fee – Rent Collection £480.00
Standard Monthly Commission – Rent Collection 7.2%
Standard Tenant Find Commission £480.00
Any percentage fees shown are calculated based on the monthly rent

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