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Before the tenancy starts:
|Holding Deposit:||Equivalent to a maximum of 1 weeks rent|
|Rent:||Equivalent to a minimum of 1 months rent|
|Deposit:||5 weeks rent (or in the case of rental income of more than £50,000 per annum 6 weeks rent)|
Circumstances under which your application will fail and your holding deposit will not be returned can include but are not limited to:-
You withhold relevant information or provide information that is untruthful
If you require a guarantor this will only be possible with the landlord`s consent. The guarantor will be referenced using the same criteria as the tenant with the exception that their income must be at least 3 times the annual rent or the application will fail and the holding deposit will not be refunded.
Rent: Regular payments of rent as specified in the contract
Rent arrears: Should tenants fall into rent arrears, 3% above current bank of England interest rate will be charged after 14 days has elapsed
Changes to tenancy: If tenants request to alter the tenancy i.e. by substituting one tenant with another, the new tenant(s) will need to be referenced and there will be an administration charge of £120.00.
Payments to other third parties: The tenant is liable for all utilities including Council Tax, Water, TV and TV licence, Phone, Broadband and gas etc.
Lost keys: The tenant must pay the agent reasonable costs in procuring replacement keys. If the tenant has locked themselves out of the property and requires the agent to attend to let them in there will be a call out fee of £60.00 up to 10pm. After 10pm the call out fee will be £96.00.
Early Surrender: Early surrender of tenancy will be subject to landlord agreement. Equal to the loss suffered by the landlord as a result of the early termination and a fair portion of the remarketing and re letting costs. You will still be liable for the rent until a replacement tenant moves in, even if you have left the property.
The Landlord would normally be responsible for significant repairs to the property, i.e. boiler breakdown but you are expected to act in a `tenant like manner` and carry out certain day to day repairs, such as changing light bulbs, smoke alarm batteries, fuses, unblocking the drains etc. You are also liable for any damage caused by your negligence or carelessness. All repairs should be reported to the agent immediately.
The Landlord or agent will want to carry out inspections during the tenancy but you will receive a minimum of 24hrs written notice before any inspection. This will usually be only 2 or 3 times per year.
Your agent/landlord must provide you with details of the scheme under which the deposit is protected within 30 days of you paying the deposit to the agent. Some landlords will accept the zero deposit scheme.
This will depend on what the landlord instructs us to do. In the event of a Let Only service, you will be provided with the landlord’s details when you move in and will then deal with them directly. However, if we are fully managing the property then you will deal with us alone and not the landlord. In fact you are asked to refrain from contacting the landlord directly as this can cause confusion. Although our client is the landlord we will try to be fair to all parties.
Did you know, we can now boost or repair your Credit Scores just by verifying your rental payments? Yes, it’s true, and it’s as simple as paying your rent on-time each month…
We have teamed up with MyCreditBooster to help you boost your credit scores, simply by paying your rent. Your biggest monthly commitment is your rent so why not make it pay?
By verifying your rental payments, you can:
We can verify your payments each month to the main credit agencies, Experian and Equifax, who will boost your credit ratings significantly.
Only by reporting to both agencies will boost both your credit score and your borrowing power. We are all affected financially during these difficult times, and unfortunately, it will become more difficult in the future to obtain credit or loans.
Maybe you aim to buy a home, in which case reporting your rental payments may help you qualify for a mortgage.
This service costs just £5 per month, or £45 per year (@£3.75 per month).
If you would like to start building your credit power, please click here to apply now and find out more.