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. With the exception of the holding deposit, any other cash payments will be subjected to a £20 handling fee to cover bank charges and other adminstartive costs.
When you find a property that you like, you wil be asked to pay a holding deposit in order to process your application. The amount of this payment will form part of the first month rent and/or 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. Similarly, if there is a significant delay in sending your tenancy application or documents, causing un-toward delay in the tenancy start, you may lose your deposit/reservation fee. It will be returned to you in the event the landlord is unable to proceed.
Before the tenancy starts, you will be asked to pay the balance of the first month rent and deposit**, etc less any holding deposit or reservation paid already. The value of the deposit may vary depending on your personal circumstances, but will be equal to at least one month's rent.
Cleared funds must be received by us normally 3 days prior to commencement of the tenancy.
* Should you not proceed with the tenancy we reserve the right to retain your holding deposit or reservation to meet any reasonable costs or loss of rent whilst the property was withdrawn from the market.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 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, inventory preparation and check-in and correspondence with gas and electricity providers and council authorities.
* This is a non-refundable payment.
If you are a student, are unemployed or on a low income, you will need a guarantor. We also reserved the right to request a guarantor under other circumstanes. 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 must be UK home owner and 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.
We will 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.
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. Similary banks charge us a cash handling fee, so if you your rent in cash we will make a charge to reflect this and time for lodgning the funds. 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 fee - Single person
|Administartion fee - Couples/sharers
|| £200 per person
|Early release from tenancy
|| Landlord re-let costs (usually equivalent to 1 month rent plus an administration charge of £150)
|Late payment of rent
|| £48 plus interest on outstanding amount
|Abandoned call-out visit of a contractor
|| £36 plus contractor call-out fee
|Change of contract after tenancy start
|| £240 (will require landlord consent)
|Minimum Arrangement Fee (cleaning/repairs after check-out)
|Overpayment of Rent
Guaranteed Rental Income Service
If you are renting your property to us on the Guaranteed Rent Service, we will not charge you any fees at all. There are no management fees, no inventory fees, no renewal fees, no post-tenancy disputes, no check-in or check-out fees, no risk of void periods, no risk of late rent and no legal costs should the resident tenants default. So you get complete peace of mind with your investment. Please contact us on 01923 250900 to arrange a free, no obligation, assessment.
Charges will apply for our other services. These services can be tailored to suit and range from Tenant Find (also called Introduction), Rent Collection and Full Management. Detailed description of advantages of each service is shown under the table.
|Commissions, fees and charges
inclusive VAT, where applicable
|Tenant Find Service - paid at start of tenancy
|| Equal to 1 month rent subject to a minimum of £600
|Rent Collection Service - paid monthly
|| 7.2% of the monthly rent
|Fully Managed Service - paid monthly
|| 10.2% of the monthly rent
|Inventory, contracts, check-in, as well as check-out report
|Deposit registration and ongoing compliance forms
|| £240 - only payable if new contracts are issued
|Guaranteed Rental Income Service
|| No fees
Tenant Find Service
If you simply want us to find a tenant for your property, we will charge you a fixed fee of £600 (£500+VAT) at every tenancy change over. This fee covers the cost of advertising, viewings, finding tenants, referencing them and drawing up agreements.
Other fees payable everytime new tenants moves in cover the following:
- compiling an inventory - written and photographic
- checking tenants into the property, reading of gas and electricity meters and informing providers
- informing the Council of tenant details
- registering the deposit with a Government Approved Scheme
- performing check-out at the end of tenancy and prepare a report
- taking meter readings for gas and electricity and inform providers
If the tenants wish to renew their contract, and you are happy with this, a renewal fee of £240 (£200+VAT) is payable prior to the tenant signing a new agreement.
During the tenancy you will be responsible for rent collection, property inspections and organisation/overseeing of maintenance and repairs.
Rent Collection Service
You will enjoy all the benefits of our Tenant Find Service described above, PLUS the following:
- collection of rent every month and transfer to your account via BACS
- negotiation of rent increases within current legal framework
- ensuring all tenancy extensions are carried out with appropriate legal notices
- contacting tenants by email, phone and, if necessary, by visiting them at the property in the event of late rental payments by 4 days or more
- sending formal/legal notices, indicating addition of late payment charges in the event of late rental payments by 10 days or more
The monthly fee is 7.2% (6%+VAT) deducted from the monthly rent.
If the tenants wish to renew their contract, and you are happy with this, we may charge you a renewal fee, payable prior to the tenant signing a new agreement.
During the tenancy you will be responsible for property inspections and organisation/overseeing of maintenance and repairs.
Fully Managed Service
You will enjoy all the benefits of our Tenant Find and Rent Collection Services PLUS the following:
- regular inspection of the property, upto 4 times per annum
- preparation of inspection reports and, if necessary, follow up with tenants to request compliance with any findings
- acting as first point of contact for all tenant enquiries including repairs or maintenance
- organising for upto two quotes per maintenance issue
- arranging for maintenance or repair works based on discussions of the quotes with you
- providing yearly, or monthly, statements as required
- negotiating on your behalf with the tenant and, if necessary, deposit dispute resolution at the end of tenancy
- providing assistance and advice on completing legal/Court forms should there be a need to take legal action against the tenants
As well as the Tenant Find fees described, there is a monthly fee of 10.2 (8.5%+VAT) deducted from the monthly rent.
Additional services are available. These are not ongoing charges, so you wil be charged on a "pay-as-you-go" basis:
|| inclusive VAT, where applicable
(if you withdraw from a proposed tenancy after we receive a deposit)
|Change of contract after tenancy start
|Shopping (if you instruct us to order items for your property)
|| £60 per visit
|Annual statements (non-managed properties only)
|Arranging quotes for works (non-managed properties only)
|| £60 per quote
|Property inspections and reports (non-managed properties only)
|| £60 per visit
|Issuing legal notices to vacate
|End of tenancy negotiations (non-managed properties only)
Fees valid from 1 August 2017 for all new landlord instructions and are subject to change.