Costs & Charges
Tenants cannot be charged fees as part of a tenancy application or a tenancy renewal but there are other expenses that will need to be budgeted for:
Holding Deposit
(1 week’s rent per tenancy)
A holding deposit reserves a property for you once you have viewed either in person or via a Video Tour.
We can only accept one holding deposit for one property at any one time by law, thus once we have received yours, the property will no longer be advertised as available “To Let” and we will not seek alternative tenants while we process your applications.
If your application is successful: The holding deposit will go towards the total Tenancy Deposit sum set out below.
If the landlord decides not to proceed with the letting: The holding deposit will be refunded to you in full providing:
- You complete the application form and return it to us in a timely manner with photo ID, proof of current address and 3 months’ recent bank statements for each applicant. Normally we ask that you do this within 3 working days of you paying the holding deposit and being provided with an application form, to enable your application to be processed
- You do not give any false or misleading information on your application form
- None of the applicants fail a Right to Rent check
If you decide not to progress your application: The holding deposit will be non-refundable.
It is also non-refundable if you withdraw from the letting or fail to take all reasonable steps to respond within 15 calendar days to reasonable requests for information required to enable your application to be processed.
Tenancy Deposit
(5 weeks’ rent per tenancy)
This is payable on signing the tenancy agreement or before and is held for the duration of the tenancy to cover any damages, dilapidations & defaults on the part of the tenant during the tenancy.
Full details including tenancy deposit protection information will be set out in the tenancy agreement that we will provide to you in advance of your sign-up date.
The tenancy deposit is required to be registered and protected with one of the government-approved Tenancy Deposit Protection Schemes within 30 days of commencement of the tenancy and a certificate will be issued confirming that this has been done.
Move-in Monies
Once a tenancy has been approved, the balance of the Tenancy Deposit (i.e. the remaining 4 week’s rent) plus the first month’s rent in-advance will need to be paid 2 days prior to the start date.
Other Possible Charges:
Non-payment of Rent
Interest for the late payment of rent at 3% above Bank of England base rate.
Lost Keys or other Security Devices
Tenants will be liable for the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord & any other persons requiring keys will be charged to the tenant.
If extra costs are incurred there will be a charge of £15.00 per hour (inc VAT) if appropriate for the time taken replacing any lost keys or security devices.
Variation of Contract (at Tenant’s Request and if agreed by Landlord)
£50 (inc VAT) – to cover agent’s costs in contacting landlord, taking landlord instructions, preparation of new contracts (if required) and system adjustments.
Change of Sharer (at Tenant’s Request and if agreed by Landlord)
£50 (inc VAT) – per replacement tenancy or any reasonable costs incurred if higher to cover the costs associated with taking landlord’s instructions, new tenant referencing, Right to Rent checks, deposit registration and preparation of new legal documents.
Early Release from Tenancy
If authorisation is given by the landlord to allow you to move out of the property early, you may be liable for the following:
- Rent up to the date on which the property is re-let or the expiration of the tenancy agreement, whichever is the sooner
- Council tax, water rates, gas and electricity charges along with any other bills which are your responsibility under the tenancy agreement up to the date the premises are re-let, or the expiration of the tenancy agreement, whichever is the sooner
- There will be a charge, if appropriate, for the landlord’s costs for re letting the property
- These costs will be no more than the maximum amount of rent outstanding
Utilities, Council Tax & Communications
If permitted and applicable (e.g. included in the rent) amounts may be charged for:
- Utilities – gas, electricity, water and sewerage
- Council Tax
- Communications – telephone and broadband
- Installation of cable/satellite
- Subscription to cable/satellite supplier
- Television licence
Breach of Contract
Fees and charges not included above may be made for breaches of contract and/or items which are defined as “Permitted Payments” under relevant legislation including contractual damages.
Please note: Should you report a maintenance issue with the property and a contractor is called out and their investigations find that the fault has been caused by the tenant/s or an associate of the tenant/s, or alternatively no fault exists, any cost for this call out will be the responsibility of the tenant/s. Northwood reserve the right to deduct any unpaid monies from the deposit.
Referral Fees
Northwood may introduce appropriate insurance services to you in connection with your tenancy if you request that we do so on your Tenancy Application Form or later during your tenancy. If you decide to proceed with a quote provided through us (and there is no obligation on you to do so), Northwood may receive a referral commission up to a maximum of 15% and this would be included in the overall premium e.g. if the premium quoted were £100pa, the referral fee to Northwood would be a maximum of £13.04 within that amount.
