In accordance with the Tenant Fee Act, there are some permissible fees that are chargeable to tenants under certain circumstances. These are listed below:
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)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Rent – As agreed in term of the tenancy agreement.
Utilities and council tax – As per the terms of the tenancy agreement.
Security Deposit (per tenancy. 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. 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 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) – £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.
Additional Services & Options –
Guarantor Insurance is available through our partners Guarantor Insure or OnlyMyShare.
Non-Housing Act Tenancies & Company Let Agreements - Fees
Application/Referencing Fee - £360
Tenancy Renewal Fee - £180
Customer Information - Client Money Protection & Redress Scheme
MRKT Property Experts is a member of ARLA Propertymark, and the Propertymark Client Money Protection (CMP) Scheme, you can find the Propertymark Conduct and Membership Rules here: https://www.propertymark.co.uk/working-in-the-industry/member-requirements/.
Our membership certificate can be downloaded here.
MRKT Property Experts is also a member of the Property Redress Scheme (PRS) - Registration Number - PRS001655.