Lincoln 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. Your agent will normally 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.
When you find a property that you like, the agent may ask you to pay a holding deposit in order to process your application. The amount of this payment will form part of the total deposit if your application is successful.
This payment may not be refunded to you if you decide not to progress with the tenancy application*, depending on the time that has passed between you submitting your application and withdrawal. It will be returned to you in the event the landlord is unable to proceed.
When the tenancy starts, you will be asked to pay the balance of the deposit+ less any holding deposit paid already. The value of the deposit may vary depending on your personal circumstances, but will be equal to at least one and a half month's rent.
This payment must be in cleared funds to enable the tenancy to commence.
* Should you not proceed with the tenancy we reserve the right to retain your holding deposit to meet any reasonable costs or loss of rent whilst the property was withdrawn from the market.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 due to adverse references.
+ 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.
We will ask you to pay an administration charge to cover the costs of referencing and initial checks, and a contribution towards the preparation of the tenancy agreement and inventory.
* This is a non-refundable payment. Please note that the administration charge may be payable in instalments, however, the total amount will not exceed the amount shown above.
If you are a student, are unemployed or on a low income, you will need a guarantor. We will need to carry out reference checks on the guarantor and charge a fee for this and the administrative work we do.
The guarantor will be asked to read your tenancy agreement and sign a guarantor agreement before the tenancy starts.
* This is a non-refundable payment.
Tenancies are normally renewed every six months. Each time you decide to renew the tenancy for a further fixed term, a charge will be made. This amount is payable in advance, and must be received prior to a new contract being signed.
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.
We are normally pleased to provide a reference for the above purpose. To cover our costs in administration we may charge a fee for this service.
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.
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
|Administration Charge - Couple
|Administration Charge - Additional Applicant
We hold Clients Money Protection insurance provided by NALS
(inclusive of VAT where applicable)
|Early Release from Tenancy
|Abandoned Check Out