If you entered into a tenancy prior to June 2019 which continues on a periodic basis the agreement may refer to fees that are payable in certain circumstances, please note that since 1st June 2020 these fees will no longer be enforceable apart from ones detailed below in our up to date fees guide as below. If you do wish any further clarification or would like to enter into a new agreement with the new terms then please feel free to contact the team here at Northwood to be given the advice or have a new agreement drawn up. Please note if a new agreement is to be drawn up then the landlords permission will need to be sought prior to executing the documentation.
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 a Holding Fee 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.
You will initially be offered a virtual viewing of the property and any fees will be explained to you 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, you will then have an opportunity to apply for the property, on successful referencing and acceptance by the landlord a physical viewing will be made available.
We will not ask you to pay an administration fee to cover the costs of referencing and initial checks, and a contribution towards the preparation of the tenancy agreement and inventory, this will be covered by the landlord of the property. On completion of the application form we will 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 you will be asked to pay a holding fee to show your commitment to the property, this is detailed below. The balance of the funds, first month’s rent and deposit will be payable, prior to the commencement of your tenancy these funds must be cleared by your bank .
Northwood may process multiple applications for a property, you will be made aware if other applications are being considered by the landlord, marketing of the property will continue until the landlord has accepted an application and the Holding Fee paid.
The Holding Fee is non-refundable if you or your guarantor (if required) give fraudulent information on yours or their application, fail Right to Rent checks, it is also non-refundable if you withdraw from the application or are unable to proceed with the tenancy. If the landlord refuses your application then your Holding Fee will be returned.
Holding Fee / Deposit
Northwood may ask you to pay a holding fee or reservation, the amount of this payment will be a maximum of one weeks rent and can form part of the deposit if your application is successful. (Rent £550 per month x 12 months = £6,600 / 52 weeks = £126.92)
On receipt of cleared funds for the Holding 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, 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 be a maximum of 5 weeks rent (Rent £550 per month x 12 months = £6,600 / 52 weeks = £126.92 x 5 weeks = £634.60).
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 or credit card, we do accept debit card or electronic bank transfer.
* 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. The amount of the deposit is not necessarily the limit of any claim subject to the detail of your agreement.
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 UK 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 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 which will not be unduly withheld, if acceptable an addendum to your Tenancy Agreement will be issued, pets are not allowed in properties without this permission and Addendum. A Guarantor will be required where a pet is allowed in a property.
Tenancies are normally renewed every six or twelve months however the majority of tenancies will continue on a periodic basis subject to your and your landlords needs, no fee is payable by the tenant.
Late Payment of Rent
We reserve the right to charge a fee equal to 3% over the Bank of England Base Rate for any rental payment more than 14 days overdue, your tenancy may be at risk if rents are not paid in the manner prescribed.
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 £348.
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.
We do not charge a fee for the check out appointment.
Please note that rent is payable until the day you move out of the property and surrender the keys or the end of the tenancy whichever is the latter.
During the tenancy there may be issues arising such as you losing a key to the property, any charge made for the replacement key or locks will be charged at the rate charged by the instructed contractor.
Overpayment of rent
We do not have the authority to cancel your Standing Order at the end of the tenancy, this is your responsibility.
Variation of Agreement
If during your tenancy you wish to change the detail of your tenancy by either adding or removing a tenant there will be a fee of £50 payable and new agreements will be drawn up.
Our tenant fees are as follows:
|Charge (inclusive of VAT where applicable)|
|Equivalent to one weeks rent for the tenancy|
|Early Release from Tenancy||£348|
|Pet Fee if allowed in property||0|
|Abandoned Check Out||0|
|Minimum Arrangement Fee||0|
|Late Payment Fee||3% above BoE Base Rate|
|Overpayment of Rent||0|
|Variation of Tenancy||£50|
We hold Client Money Protection through Safeagent trading as Safeagent (Membership number A3028). To view our certificate, please see below. We are also a member of the redress scheme operated by The Property Ombudsman.