TENANT FEES AND COSTS (“PERMITTED PAYMENTS”)
The information below refers to all Assured Shorthold Tenancies (AST) executed on or after 1st June 2019 (including renewals) when the new Tenant Fees Act came into effect.
Holding Deposit (per tenancy)
One week’s rent. This is to reserve a property. Please note: this will be withheld if any relevant person (including any guarantor(s)) withdraws from the tenancy; fails a Right-to-Rent check; provides materially significant false or misleading information; or fails to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit (per tenancy for rent under £50,000 per year)
Five weeks’ rent.
This covers damages or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy for rent of £50,000 or over per year)
Six weeks’ rent.
This covers damages or defaults on the part of the tenant during the tenancy.
Unpaid Rent
Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please note: this will not be levied until the rent is more than 14 days in arrears.
Lost key(s) or other security device(s)
Tenants are liable to 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 or any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of contract (Tenant’s request)
£50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of sharer (Tenant’s request and subject to the landlords’ approval )
£50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early termination (Tenant’s request)
Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
Client Money Protection
Finlay Brewer Lettings Ltd holds all protected deposits in a client account bonded by Propertymark.
Independent Redress
Finlay Brewer Lettings Ltd are members of The Property Ombudsman.
When renting a property through Finlay Brewer Estate Agents, the following is required from all tenants:
– Deposit: as above.
– One month’s rent in advance: The rent is worked out per calendar month (pcm), not x 4 weeks. Take your weekly rent, multiply by 52 (weeks) and divide by 12 (months). The rent payment must be paid in clear funds (CASH OR ONLINE TRANSFER) before the tenancy commences. Please note that a cheque or company cheque is not acceptable.
– Referee details: You will be required to supply names & addresses of previous landlord and employer. You will also need to supply full bank details.
– Proof of address: You will need to provide us with a utility bill or bank statement addressed to you at your current address between 3 and 6 months ago. This is required for the credit search.
– Photo ID: UK and EU nationals will need to provide photo ID.
– Passport: Overseas applicants will need to bring your passport, clearly showing UK right of residence, into the office for identification purposes. We would like as much time as possible to carry out references and draw up the agreement – ideally between 3 to 5 working days.
A tenancy agreement is a legally binding document between you and the landlord, applicable only to you and the property you are renting. This states the amount of rent, the length of the tenancy, your rights and responsibilities. The length will usually be agreed between both parties as part of your offer. The tenants are responsible for all utility bills, which can include, but not limited to, gas, electricity, water, council tax etc. It is suggested that tenants should insure their own possessions with contents insurance. The landlord is responsible for inventories drawn up at the start of your tenancy and at the end of your tenancy.
We wish you the best of luck in your search and if you have any further questions, please contact our lettings department on 020 7371 4071 or lettings@finlaybrewer.co.uk.
