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Guidance Notes & Fees for Tenants

Before you Move In:

All tenancy applications are subject to satisfactory references and Landlords approval.

Initial Set up Fee £450 (inc VAT) - for up to two tenants, this is to cover the referencing, identity, immigration and visa confirmation in order to ensure the governments ‘Right to Rent’ policy is met under the Immigration Act 2016, financial credit checks as well as obtaining references from current or previous employers / landlords and any other relevant information to assess affordability. All pre contract negotiations including amending and agreeing terms and arranging the tenancy and agreement. This fee is non-refundable.

Additional Tenant Fee £108 (inc VAT) - processing the application, associated paperwork and referencing.

Guarantor Fee £108 (inc VAT) - covering credit referencing and preparing a Deed of Guarantee as part of the Tenancy Agreement.

Check-In Fee from £144 (inc VAT) - dependent on size and if furnished or unfurnished. Preparation of an Inventory and Schedule of Condition of the property, taking meter readings for utilities and services. Exact fee will be given prior to tenancy application being submitted.

Rent - first months’ rent to be paid in advance.

Security Deposit - equal to 1½ months rent, a sum of money which is held throughout the duration of the tenancy to cover dilapidations and/or outstanding accounts which may occur at the termination of the tenancy. This sum is returned at the conclusion of the tenancy once dilapidation charges/outstanding amounts have been agreed and deducted, if necessary.

Following legislation introduced in April 2007 all security deposits are required to be held in a government approved scheme. Nicholsons Property Services use the Deposit Protection Service (DPS). Should you require information on this scheme please visit their website:
www.depositprotection.com

During your Tenancy:

Rental payments - All rental payments must be paid by standing order and must leave the tenants bank account 3 days prior to the rent due date in order to allow for necessary bank/building society clearance times.

In addition, you are liable for all bills at the property including the Council Tax. You should also arrange insurance to cover your contents in your new home.

Amendment Fee £120 (inc VAT) - Contract negotiation, amending terms and updating your tenancy agreement during your tenancy.

Occupancy Change Fee £294 (inc VAT) - this is to cover the referencing, associated checks and preparation of agreement.

Renewal Fee £72 (inc VAT) – this is to cover contract negotiation, amending and updating terms and arranging a further tenancy and agreement.

Landlord Reference Fee £36 (inc VAT) - per reference request collating information and preparing a reference for a future landlord or letting agent.

Early tenancy release Fee £300 (inc VAT) - Only by agreement with all parties.

Other Fees and Charges:

Out of Hours Services £96 per hour (inc VAT) plus any actual costs incurred, where actions of the tenant results in the agent (or nominated contractor) attending the property, time to remedy the situation is charged at the hourly rate.

Unpaid Rent, interest is charged at 8% above Bank of England Base Rate from date due.

Administering the return of overpaid rent due to the failure of canceling the Standing Order Mandate £36 (inc VAT).

Cancellation or Change to an Inventory appointment with 48 hours of the due appointment £60 (inc VAT).