Administration Fee - £350.00 + VAT (£420.00) - single occupancy
Administration Fee - £450.00 + VAT (£540.00) for two people
Additional Adults or if a Guarantor is required - £150.00 + VAT (£180.00) per person
Company Lets £550 + VAT (£660.00)
1. Once you have found a suitable property, in order to proceed, each tenant (any person over 18 who will be living at the property) must complete an application form and provide two forms of identification, one with a photo e.g. driving license or passport and one with your name confirming your current address. At this point the administration fee is payable in order to start the referencing process. Please note THIS FEE IS NON REFUNDABLE. If you have not been living at the same address for more than 6 months, working in same company for more than 6 months, or if you are a student, going to your first job or in a job with low earnings, you may possibly need a guarantor
A guarantor must usually be a homeowner that does not fail a credit inquiry and is therefore probably in regular employment. Please ensure that your guarantor knows exactly what is he or she is agreeing to which is:
- If you the tenant defaults in the payment of rent laid down as per the tenancy agreement, the guarantor will pay the landlord.
- If you the tenant does not observe his/her obligations as set out in the agreement, the guarantor will pay all losses, damages, expenses and costs that are incurred as a result of the tenant's default.
2. The deposit is equal to one and a half months rent and it will be held in a designated client account with Lets Rent,as agents, acting as stakeholders. The tenant will not be entitled to any interest which accrues on the deposit. We are members of the Dispute Service Tenancy Deposit scheme.
3. Rent is paid monthly, in advance and subsequent rental payments will be made by standing order set up to come out of your bank account two working days before the rental due date.
4. There is a check in fee per property payable by the tenant (subject to the size of the property and whether it is Furnished or Unfurnished). An independent company will meet you at the property and will go through the Inventory in detail with you, take meter readings and give you the keys.
5. Please inform us if you have are a smoker, have pets or are intending to share a property. We can then clarify the Landlords restrictions before a viewing is arranged. If you have pets then in all cases a non refundable £150 pet bond is payable at the beginning of the tenancy. This pays for a one off treatments of all the property after check out to ensure there are no pests left in the property.
6. Unless otherwise stated properties are taken as seen. If there are issues about the property that you are not happy about please clarify these prior to paying the administration fee. We can then negotiate with the landlord on your behalf before agreeing the let. We are unable to address these issues once you have moved in.
7. Once references have been approved we will confirm a mutually convenient tenancy commencement date and send an offer letter, subject to contract, setting out details of the tenancy and a breakdown of monies due. If your move in date is more than 7 days in advance then a further £300 holding fee is payable which is NON REFUNDABLE should you not move into the property. This amount will be deducted from final monies due before check in. This is to secure the let on behalf of the landlord as we will have taken the property off the market and if the let falls through then the landlord will be paid this £300 as compensation for lost marketing time and possibly lost rent.
8. All monies must be paid to LETS RENT in cleared funds prior to your moving in date. These can be paid either by bank transfer, bankers draft, building society cheque or by debit or credit card. (There is a charge made for the use of credit cards which is 3% of the value of the transaction). Please allow time for bank transfers and if remitting money this way and please put a reference on the transfer so we can identify it with our bankers, your surname and/or a reference to the property address is sufficient. Personal and company cheques need at least seven working days to clear.
9. All tenancies will be for a minimum of 6 months and a maximum of 12 months. If tenants wish to stay on in the property beyond their initial contract then we would have to liaise with Landlord and tenant to agree terms and/or any changes in the rent and then issue the necessary extension memorandum. The charge for this is £100 + VAT (£120.00). (Please note our standard tenancy agreements still give both landlord and tenant the option of giving two months notice after four months)
10. Your tenancy agreement may be subject to Stamp Duty (Land Tax). The liability for payment of the duty and submitting the relevant declaration form to the Inland Revenue now falls with the tenant. This will be discussed in more detail with you once we have agreed the terms of the tenancy.
11. Please make sure you have adequate insurance for your personal possessions. You cannot claim on your landlords insurance for loss. We recommend this cover includes accidental damage to landlord’s property and once a let is agreed we can provide information and put you in contact with Letsure who can advise you on specialist insurance policies covering Buildings, Contents, Rent and Legal protection, tailored to the Lettings industry.
12. Tenants are responsible for all utilities including gas, electric, water, TV license, telephone and council tax at a property, unless otherwise stated. We will advise all utility companies that you have moved in with the exception of TV and telephone.
13. All arrangements and representations made are subject to a formal, written tenancy agreement being signed by both the Landlord and The Tenant.
14. Lost Keys – if you lose or misplace your front door key and wish Lets Rent to provide a duplicate key, the cost for this service will be £35 plus VAT.
15. It is your (the tenants) responsibility to ensure that you cancel your standing order for the rent after the last full rental payment due has been paid when you are due to vacate the property. If this is not done and any payments go through that need to be refunded there will be a charge of £35 + VAT made.
16. If we are requested to provide a reference for you regarding your tenancy then there will be a charge of £35 + VAT made for this.
17. Should for any reason your circumstances change and you feel you need to vacate the property before the term of the agreement has finished then we will do our best to liaise with the Landlord regarding finding a new tenant to take over the property. Should the Landlord agree to this then you will be liable for Landlords charges and an administration fee which total £450 + Vat (£540.00). You will still be liable for the rent and bills for the property until the new tenant moves in or until the end of your tenancy term, whichever is sooner. This is all subject to contract and a new tenant taking over and your Landlord must not be left financially out of pocket or loose any rental income whatsoever.