Stoke on Trent 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 given a card detailing the fees involved in letting a property through Northwood, 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 £210.00 to cover the costs of referencing and initial checks, and a contribution towards the preparation of the tenancy agreement and inventory, this is payable at the point you make your application to rent the property, we do not accept cash in the office, if paid via a debit card there is no additional cost to you however if you use a credit card a 2% transaction charge is payable (£210 + 2% = £214.20). On completion of the application form we will also be required to see the following documents: 2 forms of I.D. usually either a driving licence or passport and an itemised bank statement, Proof of Income, last 3 payslips, pension statement or Benefits Statement and proof of Right to Rent. 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 reservation fee 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 acceted 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. Northwood are SAFEagent registered having full client money handling procedures in place.

Guarantor*

If you are a student, are unemployed or on a low income, have a low credit score the landlord may still consider your application, you will need a guarantor, your guarantor must be a home owner and in a secure financial position to guarantee your tenancy. We will need to carry out reference checks on your guarantor, if required there will be no additional charge for this referencing.

The guarantor will be asked to read your tenancy agreement and sign a guarantor agreement before the tenancy starts.

Pets in Rental Property

Your landlord may allow pets in their property, this is always subject to their permission, a fee may be payable and an addendum to your Tenancy Agreemewnt will be issued, pets are not allowed in properties without this permission and Addendum. The fee will normally be dependent on the size of the property, 1/2 bedroom property £200, 3 bedroom property £250, 4 bedroom property £300 and 5 bedroom or more £350, this will cover the clean and fumigation of the carpets at the end of your tenancy.

Renewal Charge

Tenancies are normally renewed every six months. Each time you decide to renew the tenancy for a further fixed term, a charge of £25 will be made, this amount is payable in advance and must be received prior to a new contract being signed. If your landlord is in agreement you may wish to continue your tenancy via a periodic tenancy, if you wish to continue via a periodic tenancy then there will be no renewal charge made.

Late Payment of Rent

We reserve the right to charge a fee of £50 for chasing any rents that are received more than three days late from the due date, this will be charged for each and every late payment.

Early Release from Tenancy

If you want to leave the property before the end of the tenancy, the landlord may agree to this, but will 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 will be asked to pay reasonable costs in re-letting the property, currently £252.

Mortgage/Landlord References

We are normally pleased to provide a reference for the above purpose, no charge is made for this service, please note that all rents must be up to date.

Check Out

We do not 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 will be charged £25 per hour to cover our reasonable costs, this fee is not chargeable if a new check out time or date has been previously agreed. Please 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 £25.00 charge.

Overpayment of rent

We do not have the authority to cancel your Standing Order at the end of the tenancy, this is your responsibility. If we need to refund you rent because you have not cancelled your standing order, we will charge you an arrangement fee of £25.00 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 of 2% 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 £210.00
Administration Charge - Couple £210.00
Administration Charge - Additional Applicant £00.00

 

    Charge (inclusive of VAT where applicable)
 

Holding fee/Reservation

Equivalent to the deposit payable for the tenancy
  Renewal Charge £25.00
  Early Release from Tenancy £252.00
  Pet Fee if allowed in property Maximum £350 see above.
  Abandoned Check Out £25.00 per hour
  Minimum Arrangement Fee £25.00
  Late Payment Fee £50.00
  Overpayment of Rent £25.00

Landlord Fees

All our fees are shown inclusive of VAT where applicable.

Guaranteed Rent

If you are renting your property via the Guaranteed Rent Service, we will not charge you any fees at all.

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. This fee is £210 + VAT and is normally taken from the first month's rent received.

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, please see the table below.

Renewal Fee for Fully Managed and Rent Collection

If you are happy to renew the tenancy with the existing tenants we do not charge you a Renewal Fee.

 

Tenant Find Charges

If you simply want us to find a tenant for your property, we will charge you a one off feeequivalent to 10% of the annual rent or one month's rent + VAT (Rent £600 per month, £7200 per annum, fee £720). 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 would like us to find a new tenant via the Tenant Find scheme at the end of this tenancy then a 20% discount will be offered.

 

Our Fees

  Charge (inclusive of VAT where applicable)
Set Up Fee - Fully Managed £252 (£210 + VAT)
Monthly Commission – Fully Managed 16.8% (14% + VAT)
Set Up Fee – Rent Collection £252 (£210 + VAT)
Monthly Commission – Rent Collection 10.8% (9% + VAT)
Tenant Find Commission 10% of annual rent
   
Any percentage fees shown are calculated based on the monthly rent unless detailed otherwise.
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