Tenancy Set Up Fee and Home Visit
This fee will include your employment checks, credit checks, previous Landlords’ feedback and sometimes, usually where pets are involved, a home visit to your current home address. Further checks are also conducted to ensure that all applicants have the right to rent in accordance with the provisions of the Immigration Act 2014. Should the applicant’s earnings or the credit check not meet the criteria we will work with the tenant to explore a Guarantor option to keep the application on track if at all possible. In addition, our fee covers your share of the costs to prepare the tenancy agreement.
Tenant Fee: £132 incl VAT per applicant
Guarantor Fee: (if required) £60 incl VAT for each guarantor
Permitted Occupier Fee: £60 incl VAT for each permitted occupier
Inventory, Rent and Rent Deposit Costs
Before we issue your tenancy agreement for your signature we require your rent deposit and first month’s rent in advance. This must be cleared funds into our bank account three clear working days before your planned move-in date. Alternatively you may arrange to bring in a bankers’ draft on the day of sign up / move in. The deposit is held in bond to cover any dilapidations caused to the property by the tenant. It cannot be used by the tenant as a rent payment or part payment of any outstanding rent due to the Landlord.
The inventory records what items may be in the property and the condition of the property. (Sometimes referred to as the schedule of condition.) This is prepared immediately prior to the start of the tenancy. The inventory is then checked at the end of the tenancy.
Costs vary on the size and type of property and also if the property is furnished or unfurnished. Full fee schedule available here.
Rent Deposit Costs
This is normally equivalent in value to six week’s rent, but may vary. The deposit is held in one of the approved government schemes but is likely to be bonded with the Deposit Protection Scheme, (DPS) ensuring your deposit is completely safe.
First Month’s Rental Payment
This is simply the first month’s advance rental payment for the property, paid on or before the first day of the rental agreement.
Rent is payable monthly in advance by standing order to the Regent Lettings’ client account. In the case of a non-managed property the rental payments will be made directly to your Landlord. When budgeting, please remember you are responsible for Council Tax, Water Rates, Gas, Electricity and Telephone/Media costs, too.
Unpaid Rent and Returned Payments
Where the rent is unpaid or a payment is returned, then the following fee applies.
Fee: Interest chargeable at 4% above Bank of England Base Rate from the rent due date.
Contract Amendment/Renewal Fees – Tenant Proportion
This covers negotiation, amendment and updating of the contract and re-issue which usually takes the form of a tenancy renewal at the end of the initial term. For tenants in a managed home their share of the cost is:
Fee: £60 incl VAT
For tenants in a non-managed home the Landlord and tenant negotiate any amendments to be made to the new contract and the tenants share of the cost for us to then prepare the Renewal and to oversee the signing is:
Fee: £90 incl VAT
If consent is provided to a tenant to keep a pet in the property a Landlord may ask, depending on the pet, for an additional deposit against the increased risk of dilapidation or damage caused by the pet. This will also be held securely in the DPS scheme.
Fee: Variable but typically £300 (VAT does not apply)
Out Of Hours Support – Tenant Causation
Where an emergency situation has occurred out of office hours requiring immediate attention to minimise risk to the occupiers/tenants and or to limit damage to the property as a direct result of tenant abuse or neglect. Then the following costs will apply.
Fee: £54 incl VAT per hour, plus costs of labour and materials to make safe/good
Optional Accompanied Check-In
Using the Schedule of Condition to assist with the move in process of the tenant by: Meeting at the property at the point of first occupation and explaining the issues around utility services, telephony, council tax, how to set up or use appliances, heaters or boilers, including on and off peak tariffs, lighting the pilot light, use and testing of alarms etc.
Fee: £54 incl VAT